Purchasing power parity: the choice of price index

Looking closely at the PPP argument, it states that the currencies purchasing power should not change when comparing the same basket goods across countries, and these goods should all be tradable. Hence, if PPP is valid at all, it should be captured by the relative price indices that best Öts these two features. We ran a horse race among six di§erent price indices available from the IMF database to see which one would yield higher PPP evidence, and, therefore, better Öt the two features. We used RER proxies measured as the ratio of export unit values, wholesale prices, value added deáators, unit labor costs, normalized unit labor costs and consumer prices, for a sample of 16 industrial countries, with quarterly data from 1975 to 2002. PPP was tested using both the ADF and the DFGLS unit root test of the RER series. The RER measured as WPI ratios was the one for which PPP evidence was found for the larger number of countries: six out of sixteen when we use DF-GLS test with demeaned series. The worst measure of all was the RER based on the ratio of foreign CPIs and domestic WPI. No evidence of PPP at all was found for this measure.

Os preços administrados e a condução de política monetária no Brasil

Esta dissertação trata da questão dos preços administrados no Brasil sob a argumentação de que os mesmos apresentam uma persistência mais acentuada do que os demais preços da economia. Para alcançar este objetivo foram verificados alguns testes de persistência inflacionária. Em seguida, utilizou-se a metodologia dos Vetores de Correção de Erro (VEC) para estudar a relação dos preços administrados com as variáveis mais importantes da economia brasileira, tais como, produto, taxa de câmbio, preços livres e taxa de juros Selic. Por fim, utilizou-se do instrumental de Mankiw e Reis (2003) para verificar qual o índice de preços seria mais adequado para manter a atividade econômica brasileira mais próxima de seu nível potencial. Os resultados encontrados foram os seguintes: 1) observou-se persistência do IPCA representada pelos preços administrados; 2) a autoridade monetária responde a choques dos preços monitorados com maior veemência do que a choques nos preços livres; 3) o exercício de Mankiw e Reis (2003) apontou que a porcentagem dos preços monitorados deve ser menor que a atual do IPCA em um índice de preços estabilizador. Desta forma, mostra-se que a presença dos preços administrados dificulta pronunciadamente a condução de política monetária no Brasil.

Desenvolvimento de índices de preços para infraestrutura no Brasil

Essa dissertação apresenta um conjunto de índices de preços de infraestrutura desenvolvidos com o propósito de fornecer indicadores específicos para este setor de atividades no Brasil. Foi realizado um levantamento dos principais índices dessa natureza produzidos no Brasil e no mundo. As principais referências internacionais foram os países membros da Organização para a Cooperação e Desenvolvimento Econômico – OCDE e da União Europeia. A partir dessa análise, foram identificadas três questões fundamentais para o desenvolvimento do trabalho: i) qual é o conjunto de obras de infraestrutura a ser representado pelos índices e como delimitar esse conjunto?; ii) os índices de preços produzidos atualmente no Brasil representam parcial ou totalmente esse conjunto?; e iii) como desenvolver um conjunto de índices, construídos sobre a mesma base metodológica, de abrangência nacional, capazes de representar adequadamente tal conjunto de obras? Como resultado do trabalho, foi desenvolvido um conjunto dez índices de preços de infraestrutura, que contempla todos os requisitos listados acima. Além da base metodológica para construção dos índices, foram calculadas suas respectivas séries históricas para o período de dezembro/2000 (base = 100) a fevereiro/2015, a partir das quais os índices são analisados sob diversos aspectos como, por exemplo, através de análise comparativa dos dez índices entre si e análise do comportamento dos índices ao longo do tempo, considerando o contexto macroeconômico através da observação de indicadores selecionados.

Static load modelling and voltage stability indices

This paper analyzes the performance of some of the widely used voltage stability indices, namely, singular value, eigenvalue, and loading margin with different static load models. Well-known ZIP model is used to represent loads having components with different power to voltage sensitivities. Studies are carried out on a 10-bus power system and the New England 39-bus power system models. The effects of variation of load model on the performance of the voltage stability indices are discussed. The choice of voltage stability index in the context of load modelling is also suggested in this paper.

The development and validation of Australian indices of child development - Part II : validity support

The two outcome indices described in a companion paper (Sanson et al., Child Indicators Research, 2009) were developed using data from the Longitudinal Study of Australian Children (LSAC). These indices, one for infants and the other for 4 year to 5 year old children, were designed to fill the need for parsimonious measures of children’s developmental status to be used in analyses by a broad range of data users and to guide government policy and interventions to support young children’s optimal development. This paper presents evidence from Wave 1data from LSAC to support the validity of these indices and their three domain scores of Physical, Social/Emotional, and Learning. Relationships between the indices and child, maternal, family, and neighborhood factors which are known to relate concurrently to child outcomes were examined. Meaningful associations were found with the selected variables, thereby demonstrating the usefulness of the outcome indices as tools for understanding children’s development in their family and socio-cultural contexts. It is concluded that the outcome indices are valuable tools for increasing understanding of influences on children’s development, and for guiding policy and practice to optimize children’s life chances.

The development and validation of Australian Indices of Child Development — Part I: conceptualisation and development

The Longitudinal Study of Australian Children (LSAC) is a major national study examining the lives of Australian children, using a cross-sequential cohort design and data from parents, children, and teachers for 5,107 infants (3–19 months) and 4,983 children (4–5 years). Its data are publicly accessible and are used by researchers from many disciplinary backgrounds. It contains multiple measures of children’s developmental outcomes as well as a broad range of information on the contexts of their lives. This paper reports on the development of summary outcome indices of child development using the LSAC data. The indices were developed to fill the need for indicators suitable for use by diverse data users in order to guide government policy and interventions which support young children’s optimal development. The concepts underpinning the indices and the methods of their development are presented. Two outcome indices (infant and child) were developed, each consisting of three domains—health and physical development, social and emotional functioning, and learning competency. A total of 16 measures are used to make up these three domains in the Outcome Index for the Child Cohort and six measures for the Infant Cohort. These measures are described and evidence supporting the structure of the domains and their underlying latent constructs is provided for both cohorts. The factorial structure of the Outcome Index is adequate for both cohorts, but was stronger for the child than infant cohort. It is concluded that the LSAC Outcome Index is a parsimonious measure representing the major components of development which is suitable for non-specialist data users. A companion paper (Sanson et al. 2010) presents evidence of the validity of the Index.

Power system stability analysis based on descriptive study of electrical indices

In a power network, when a propagation energy wave caused by a disturbance hits a weak link, a reflection is appeared and some of energy is transferred across the link. In this work, an analytical descriptive methodology is proposed to study the dynamical stability of a large scale power system. For this purpose, the measured electrical indices (angle, or voltage/frequency) following a fault in different points among the network are used, and the behaviors of the propagated waves through the lines, nodes and buses are studied. This work addresses a new tool for power system stability analysis based on a descriptive study of electrical measurements. The proposed methodology is also useful to detect the contingency condition and synthesis of an effective emergency control scheme.

Multifractal analysis of geomagnetic storm and solar flare indices and their class dependence

The multifractal properties of two indices of geomagnetic activity, D st (representative of low latitudes) and a p (representative of the global geomagnetic activity), with the solar X-ray brightness, X l , during the period from 1 March 1995 to 17 June 2003 are examined using multifractal detrended fluctuation analysis (MF-DFA). The h(q) curves of D st and a p in the MF-DFA are similar to each other, but they are different from that of X l , indicating that the scaling properties of X l are different from those of D st and a p . Hence, one should not predict the magnitude of magnetic storms directly from solar X-ray observations. However, a strong relationship exists between the classes of the solar X-ray irradiance (the classes being chosen to separate solar flares of class X-M, class C, and class B or less, including no flares) in hourly measurements and the geomagnetic disturbances (large to moderate, small, or quiet) seen in D st and a p during the active period. Each time series was converted into a symbolic sequence using three classes. The frequency, yielding the measure representations, of the substrings in the symbolic sequences then characterizes the pattern of space weather events. Using the MF-DFA method and traditional multifractal analysis, we calculate the h(q), D(q), and τ (q) curves of the measure representations. The τ (q) curves indicate that the measure representations of these three indices are multifractal. On the basis of this three-class clustering, we find that the h(q), D(q), and τ (q) curves of the measure representations of these three indices are similar to each other for positive values of q. Hence, a positive flare storm class dependence is reflected in the scaling exponents h(q) in the MF-DFA and the multifractal exponents D(q) and τ (q). This finding indicates that the use of the solar flare classes could improve the prediction of the D st classes.

Effects of whole-body cryotherapy (-110 degrees C) on proprioception and indices of muscle damage

The purpose of this study was to investigate the effects of whole-body cryotherapy (WBC) on proprioceptive function, muscle force recovery following eccentric muscle contractions and tympanic temperature (TTY). Thirty-six subjects were randomly assigned to a group receiving two 3-min treatments of −110 ± 3 °C or 15 ± 3 °C. Knee joint position sense (JPS), maximal voluntary isometric contraction (MVIC) of the knee extensors, force proprioception and TTY were recorded before, immediately after the exposure and again 15 min later. A convenience sample of 18 subjects also underwent an eccentric exercise protocol on their contralateral left leg 24 h before exposure. MVIC (left knee), peak power output (PPO) during a repeated sprint on a cycle ergometer and muscles soreness were measured pre-, 24, 48 and 72 h post-treatment. WBC reduced TTY, by 0.3 °C, when compared with the control group (P<0.001). However, JPS, MVIC or force proprioception was not affected. Similarly, WBC did not effect MVIC, PPO or muscle soreness following eccentric exercise. WBC, administered 24 h after eccentric exercise, is ineffective in alleviating muscle soreness or enhancing muscle force recovery. The results of this study also indicate no increased risk of proprioceptive-related injury following WBC.