Asymmetries in Business Cycles

Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de la inversión fue removido, y el modelo canónico RBC fue reformulado suponiendo que des-invertir es más costoso que invertir una unidad de capital físico. En el segundo capítulo, la contribución más importante de esta disertación es presentada: la construcción de una función de utilidad general que anida aversión a la pérdida, aversión al riesgo y formación de hábitos, por medio de una función de transición suave. La razón para hacerlo así es el hecho de que los individuos son aversos a la pérdidad en recesiones, y son aversos al riesgo en auges. En el tercer capítulo, las asimetrías en los ciclos económicos son analizadas junto con ajuste asimétrico en precios y salarios en un contexto neokeynesiano, con el fin de encontrar una explicación teórica de la bien documentada asimetría presente en la Curva de Phillips.

Business cycle asymmentries: An investment cost approach

In this paper, investment cost asymmetry is introduced in order to test wheter this kind of asymmetry can account for asymmetries in business cycles. By using a smooth transition function, asymmetric investment cost is modeled and introduced in a canonical RBC model. Simulations of the model with Perturbations Method (PM) are very close to simulations through Parameterized Expectations Algorithm (PEA), which allows the use of the former for the sake of time reduction and computational costs. Both symmetric and asymmetric models were simulated and compared. Deterministic and stochastic impulse-response excersices revealed that it is possible to adequately reproduce asymmetric business cycles by modeling asymmetric investment costs. Simulations also showed that higher order moments are insu_cient to detect asymmetries. Instead, methods such as Generalized Impulse Response Analysis (GIRA) and Nonlinear Econometrics prove to be more e_cient diagnostic tools.

Business cycle asymmetries: Loss aversion, sticky prices, and wages

In this chapter, the Smets-Wouters (2003) New Kenesian model is reformulated by introducing the loss aversion utility function developed in chapter two. The purpose of this is to understand how asymmetric real business cycles are linked to asymmetric behavior of agents in a price and wage rigidities set up. The simulations of the model reveal not only that the loss aversion in consumption and leisure is a good mechanism channel for explaining business cycle asymmetries, but also is a good mechanism channel for explaining asymmetric adjustment of prices and wages. Therefore the existence of asymmetries in Phillips Curve. Moreover, loss aversion makes downward rigidities in prices and wages stronger and also reproduces a more severe and persistent fall of the employment. All in all, this model generates asymmetrical real business cycles, asymmetric price and wage adjustment as well as hysteresis.

A DSGE model with loss aversion in consumption and leisure: an explanation for business cycles asymmetries

In this chapter, an asymmetric DSGE model is built in order to account for asymmetries in business cycles. One of the most important contributions of this work is the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The main idea behind this asymmetric utility function is that under recession the agents over-smooth consumption and leisure choices in order to prevent a huge deviation of them from the reference level of the utility; while under boom, the agents simply smooth consumption and leisure, but trying to be as far as possible from the reference level of utility. The simulations of this model by means of Perturbations Method show that it is possible to reproduce asymmetrical business cycles where recession (on shock) are stronger than booms and booms are more long-lasting than recession. One additional and unexpected result is a downward stickiness displayed by real wages. As a consequence of this, there is a more persistent fall in employment in recession than in boom. Thus, the model reproduces not only asymmetrical business cycles but also real stickiness and hysteresis.

Viabilidade técnica e econômica da substituição de fontes convencionais de energia por biogás em assentamento rural do Estado de São Paulo

O objetivo deste estudo foi avaliar a viabilidade econômica da implantação de dois biodigestores com uso de dejetos animais em área do Assentamento de Trabalhadores Rurais no município de Itaberá - SP, no ano de 2005; um deles para o fornecimento de energia para os domicílios e outro para as atividades produtivas. Foram avaliados os benefícios referentes ao fornecimento de energia elétrica e térmica, a partir do biogás, para cinco domicílios da agrovila do assentamento e para as atividades produtivas, comparativamente aos custos de construção e operação para produção de biogás. Os resultados mostraram a viabilidade econômica da produção de gás em ambos os biodigestores. Foram gerados benefícios no valor de R$ 3.698,00 por ano e R$ 9.080,57 por ano, nos biodigestores para os domicílios e produção, respectivamente; bem como o equivalente a R$ 1.478,28 por ano referentes à produção de biofertilizante. O custo anual do processo é de R$ 1.218,50 em cada biodigestor. O prazo de recuperação do investimento é de 2,5 anos e 11 meses, para a produção de biogás nos domicílios e na produção, respectivamente. Os resultados podem ser utilizados para subsidiar políticas públicas direcionadas ao aproveitamento de biomassa para a produção de energia a baixos custos no segmento da agricultura familiar.

Global gene expression under nitrogen starvation in Xylella fastidiosa: contribution of the sigma(54) regulon

Background: Xylella fastidiosa, a Gram-negative fastidious bacterium, grows in the xylem of several plants causing diseases such as citrus variegated chlorosis. As the xylem sap contains low concentrations of amino acids and other compounds, X. fastidiosa needs to cope with nitrogen limitation in its natural habitat. Results: In this work, we performed a whole-genome microarray analysis of the X. fastidiosa nitrogen starvation response. A time course experiment (2, 8 and 12 hours) of cultures grown in defined medium under nitrogen starvation revealed many differentially expressed genes, such as those related to transport, nitrogen assimilation, amino acid biosynthesis, transcriptional regulation, and many genes encoding hypothetical proteins. In addition, a decrease in the expression levels of many genes involved in carbon metabolism and energy generation pathways was also observed. Comparison of gene expression profiles between the wild type strain and the rpoN null mutant allowed the identification of genes directly or indirectly induced by nitrogen starvation in a sigma(54)-dependent manner. A more complete picture of the sigma(54) regulon was achieved by combining the transcriptome data with an in silico search for potential sigma(54)-dependent promoters, using a position weight matrix approach. One of these sigma(54)-predicted binding sites, located upstream of the glnA gene (encoding glutamine synthetase), was validated by primer extension assays, confirming that this gene has a sigma(54)-dependent promoter. Conclusions: Together, these results show that nitrogen starvation causes intense changes in the X. fastidiosa transcriptome and some of these differentially expressed genes belong to the sigma(54) regulon.

Evaluation of proximal caries in images resulting from different modes of radiographic digitalization

Objective: The aim of this study was to evaluate the performances of observers in diagnosing proximal caries in digital images obtained from digital bitewing radiographs using two scanners and four digital cameras in Joint Photographic Experts Group (JPEG) and tagged image file format (TIFF) files, and comparing them with the original conventional radiographs. Method: In total, 56 extracted teeth were radiographed with Kodak Insight film (Eastman Kodak, Rochester, NY) in a Kaycor Yoshida X-ray device (Kaycor X-707;Yoshida Dental Manufacturing Co., Tokyo, Japan) operating at 70 kV and 7 mA with an exposure time of 0.40 s. The radiographs were obtained and scanned by CanonScan D646U (Canon USA Inc., Newport News, VA) and Genius ColorPage HR7X (KYE Systems Corp. America, Doral, FL) scanners, and by Canon Powershot G2 (Canon USA Inc.), Canon RebelXT (Canon USA Inc.), Nikon Coolpix 8700 (Nikon Inc., Melville, NY), and Nikon D70s (Nikon Inc.) digital cameras in JPEG and TIFF formats. Three observers evaluated the images. The teeth were then observed under the microscope in polarized light for the verification of the presence and depth of the carious lesions. Results: The probability of no diagnosis ranged from 1.34% (Insight film) to 52.83% (CanonScan/JPEG). The sensitivity ranged from 0.24 (Canon RebelXT/JPEG) to 0.53 (Insight film), the specificity ranged from 0.93 (Nikon Coolpix/JPEG, Canon Powershot/TIFF, Canon RebelXT/JPEG and TIFF) to 0.97 (CanonScan/TIFF and JPEG) and the accuracy ranged from 0.82 (Canon RebelXT/JPEG) to 0.91 (CanonScan/JPEG). Conclusion: The carious lesion diagnosis did not change in either of the file formats (JPEG and TIFF) in which the images were saved for any of the equipment used. Only the CanonScan scanner did not have adequate performance in radiography digitalization for caries diagnosis and it is not recommended for this purpose. Dentomaxillofacial Radiology (2011) 40, 338-343. doi: 10.1259/dmfr/67185962

Severe manifestation of oral pemphigus

This article describes a case of pemphigus vulgaris in a relatively young patient with exacerbated characteristics, widespread lesions, and rapid evolution. A 40-year-old woman sought treatment, complaining about severe oral pain and dysphagia. Intraoral inspection revealed ulcerated lesions on the lips, buccal mucosa, and floor of the mouth. The number of lesions quickly increased and resembled erythema multiforme. She also presented blistering lesions on the back, abdomen, neck, and eyes. Incisional oral biopsy revealed pemphigus vulgaris. This report emphasizes the importance of early diagnosis of an oral biopsy in systemic diseases and the management of the lesions. (C) 2011 Elsevier Inc. All rights reserved.

Resolu????o simplificadora de formalidades e procedimentos relativos aos atos de que trata o art. 54 da Lei n?? 8.884 de 11 de junho 1994

O controle de ag??ncias de defesa da concorr??ncia sobre a estrutura dos mercados constitui pr??tica comum em pa??ses maduros e vem ganhando import??ncia crescente em economias emergentes. Tal atividade envolve exame de atos de concentra????o econ??mica tais como fus??es, aquisi????es, joint ventures ou incorpora????es. No Brasil este tipo de controle ?? recente, tendo sido institu??do pela Lei n?? 8.884, de junho de 1994. Desde ent??o, o Conselho Administrativo de Defesa da Concorr??ncia - CADE julgou 29 (vinte e nove) atos de concentra????o, em contraste com a experi??ncia secular de pa??ses como EUA, Canad?? e Austr??lia e de v??rias d??cadas nas na????es europ??ias depois da Segunda Guerra. A exemplo de v??rias outras ??reas de pol??tica p??blica, tornou-se imperativo agilizar os ??rg??os de defesa da concorr??ncia. Isto decorre, entre outros fatores, do intenso processo de reestrutura????o produtiva em curso no pa??s associados ?? desestatiza????o e abertura da economia. Diante das circunst??ncias descritas, ?? preciso assegurar agilidade, transpar??ncia, excel??ncia t??cnica no processo decis??rio e estabilidade de regras, todos ingredientes indispens??veis para gerar seguran??a jur??dica. Esta ??ltima, por seu turno, diminui o risco do investimento, estimulando invers??es, produ????o e emprego. Nesse sentido, o CADE promoveu mudan??as importantes no procedimento de an??lise de atos de concentra????o em colabora????o com a Secretaria de Direito Econ??mico do Minist??rio da Justi??a (SDE) e a Secretaria de Acompanhamento Econ??mico do Minist??rio da Fazenda (SEAE) mediante a edi????o da Resolu????o 5, de 28 de agosto de 1996

Unesp Informa, 2014, número 54

Boletim elaborado pela Assessoria de Comunicação e Imprensa da Reitoria da UNESP

Unesp Ciência, 2014, ano 5, número 54

Revista elaborada pela Assessoria de Comunicação e Imprensa da Reitoria da UNESP