Aspectos fundamentais da experiência da vida

A tese que de seguida se esboça assenta sobre uma inquietação fundamental: o facto de cada um dar por si atirado na vida, de, quando cada um dá por si, dar por si a ser vida, etc. Acontece que, logo que se tenta focar mais precisamente de que é de que se trata quando se trata da “vida”, nota-se que esse fenómeno tem habitualmente a forma de um acontecimento anónimo: não se sabe bem a que é que corresponde, que conteúdos tem, que estruturas fundamentais a suportam, etc. Isto é: somos levados pela vida (passamos pela vida, atravessamo-la, estamos expostos a ela, etc.) sem saber exactamente a que é que estamos expostos, o que é que nos leva, sobre que pilares assenta a nossa vivência e a nossa compreensão dela, etc. A tese que se segue não tem a pretensão de deixar definitivamente respondidas estas perguntas; tudo o que faz, na verdade, é meramente proceder a um breve levantamento ou a um registo de algumas das estruturas fundamentais da vida a partir do ângulo da experiência da vida. E, como se espera deixar claro, procurar a resposta a partir do ângulo da experiência (do ângulo da experiência da vida) não é algo acidental ou fortuito. O que se procurará apurar é se não haverá tais laços de afinidade entre “vida” e “experiência” que todas as operações próprias da experiência têm lugar numa vinculação e estão subordinadas às estruturas fundamentais da vida (estruturas que ultrapassam o âmbito da “experiência”) e que, assim também, a vida tenha, de raiz, no modo como nela somos levados e conduzidos, a estrutura ou a forma da “experiência”.

Asymmetric effects of monetary policy in the US: Positive vs. negative or big vs. small?

This paper reconsiders the empirical evidence on the asymmetricoutput effects of monetary policy. Asymmetric effects is a common feature ofmany theoretical models, and there are many different versions of suchasymmetries. We concentrate on the distinctions between positive andnegative money-supply changes, big and small changes in money-supply, andpossible combinations of the two asymmetries. Earlier research has foundempirical evidence in favor of the former of these in US data. Using M1 asthe monetary variable we find evidence in favor of neutrality of big shocksand non-neutrality of small shocks. The results may, however, be affected bystructual instability of M1 demand. Thus, we substitute M1 with the federalfunds rate. In these data we find that only small negative shocks affectreal aggregate activity. The results are interpreted in terms of menu-costmodels.

Uma contribuição ao debate em torno da eficácia da política monetária e algumas implicações para o caso do Brasil

A contribution to the debate on the efficacy of monetary policy and some implications in the case of Brazil. The main opposition between Keynesian and Classic monetary theories is defined by the former's proposition of money non-neutrality in the long period. According to Keynes, it is not possible to describe a monetary economy's long period position without first specifying the monetary policy it is adopting. The policy is described by the choice of the short-term interest rate which exerts an important determining influence on the long term rate and, therefore, on real investment decisions. Based on this reasoning, inflation target monetary policy regimes are criticized, in particular the one adopted in post-1999 balance of payments crisis Brazil because of its deleterious impact on investment and growth.

Notas críticas sobre a macroeconomia novo-Keynesiana

This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from "ad hoc" hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent.

A new distribution on the simplex containing the Dirichlet family

The Dirichlet family owes its privileged status within simplex distributions to easyness of interpretation and good mathematical properties. In particular, we recall fundamental properties for the analysis of compositional data such as closure under amalgamation and subcomposition. From a probabilistic point of view, it is characterised (uniquely) by a variety of independence relationships which makes it indisputably the reference model for expressing the non trivial idea of substantial independence for compositions. Indeed, its well known inadequacy as a general model for compositional data stems from such an independence structure together with the poorness of its parametrisation. In this paper a new class of distributions (called Flexible Dirichlet) capable of handling various dependence structures and containing the Dirichlet as a special case is presented. The new model exhibits a considerably richer parametrisation which, for example, allows to model the means and (part of) the variance-covariance matrix separately. Moreover, such a model preserves some good mathematical properties of the Dirichlet, i.e. closure under amalgamation and subcomposition with new parameters simply related to the parent composition parameters. Furthermore, the joint and conditional distributions of subcompositions and relative totals can be expressed as simple mixtures of two Flexible Dirichlet distributions. The basis generating the Flexible Dirichlet, though keeping compositional invariance, shows a dependence structure which allows various forms of partitional dependence to be contemplated by the model (e.g. non-neutrality, subcompositional dependence and subcompositional non-invariance), independence cases being identified by suitable parameter configurations. In particular, within this model substantial independence among subsets of components of the composition naturally occurs when the subsets have a Dirichlet distribution

The macroeconomics of price adjustments under information frictions and menu costs

Esta tese se dedica ao estudo de modelos de fixação de preços e suas implicações macroeconômicas. Nos primeiros dois capítulos analiso modelos em que as decisões das firmas sobre seus preços praticados levam em conta custos de menu e de informação. No Capítulo 1 eu estimo tais modelos empregando estatísticas de variações de preços dos Estados Unidos, e concluo que: os custos de informação são significativamente maiores que os custos de menu; os dados claramente favorecem o modelo em que informações sobre condições agregadas são custosas enquanto que as idiossincráticas têm custo zero. No Capítulo 2 investigo as consequências de choques monetários e anúncios de desinflação usando os modelos previamente estimados. Mostro que o grau de não-neutralidade monetária é maior no modelo em que parte da informação é grátis. O Capítulo 3 é um artigo em conjunto com Carlos Carvalho (PUC-Rio) e Antonella Tutino (Federal Reserve Bank of Dallas). No artigo examinamos um modelo de fixação de preços em que firmas estão sujeitas a uma restrição de fluxo de informação do tipo Shannon. Calibramos o modelo e estudamos funções impulso-resposta a choques idiossincráticos e agregados. Mostramos que as firmas vão preferir processar informações agregadas e idiossincráticas conjuntamente ao invés de investigá-las separadamente. Este tipo de processamento gera ajustes de preços mais frequentes, diminuindo a persistência de efeitos reais causados por choques monetários.

Ensaios sobre política monetária

Esta tese é composta de três ensaios a respeito de política monetária. O primeiro ensaio aborda o canal em que as crises financeiras aumentam a ineficiência alocativa nos países emergentes. O segundo ensaio trata do grau de não-neutralidade da moeda no Brasil de acordo com o modelo de Golosov e Lucas (2007). O terceiro ensaio estima a inclinação da hazard function da precifi cação para o Brasil pela metodologia de Finite Mixture Model.

Estudos de gênero: uma sociologia feminista?

Este artigo faz uma breve reflexão das implicações políticas e científicas dos estudos de gêneronão só com o objetivo de resgatar o seu lugar legítimo na construção de uma sociologia de gênero e/ou feminista, como de re-lembrar a sua não-neutralidade mostrando como eles emergiram de um diálogo do movimento social com as teorias. Discute-se parte desse diálogo e pontuam-se as inovações conceituais que eles propiciaram às Ciências Sociais.

Uma aproximação didática por meio da história do conceito de circulação sanguínea

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Processo de trabalho e pensamento social no século XX: um estudo a partir da obra de Benjamin Coriat

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Problemas éticos em representação do conhecimento: uma abordagem teórica

Considering that knowledge representation consists in a constant decision-making and that its products must be reliable, this paper highlights the existence of ethical problems in this context with undeniable damage to the user. Thefore, from a theorethical excerpt of the international literature regarding the ethical aspects involved in knowledge organization and representation, this study gets to the reflection of: a) the biases in knowledge representation; and b) non-neutrality of its processes, instruments and products, as subsidies to the outlining of possible ethical problems regarding the user as well as the role of information professional.

The effects of economic crises on tourism success: an integrated model

This paper provides a theoretical model of the influence of economic crises on tourism destination performance. It discusses the temporary and permanent effects of economic crises on the global market shares of tourism destinations through a series of potential transmission mechanisms based on the main economic competitiveness determinants identified in the literature. The proposed model explains the non-neutrality of economic shocks in tourism competitiveness. The model is tested on Spain's tourism industry, which is among the leaders of the global tourism sector, for the period 1970–2013 using non-linear econometric techniques. The empirical analysis confirms that the proposed model is appropriate for explaining the changes in the market positions caused by the economic crises.

Essays in Macro Finance

I study the link between capital markets and sources of macroeconomic risk. In chapter 1 I show that expected inflation risk is priced in the cross section of stock returns even after controlling for cash flow growth and volatility risks. Motivated by this evidence I study a long run risk model with a built-in inflation non-neutrality channel that allows me to decompose the real stochastic discount factor into news about current and expected cash flow growth, news about expected inflation and news about volatility. The model can successfully price a broad menu of assets and provides a setting for analyzing cross sectional variation in expected inflation risk premium. For industries like retail and durable goods inflation risk can account for nearly a third of the overall risk premium while the energy industry and a broad commodity index act like inflation hedges. Nominal bonds are exposed to expected inflation risk and have inflation premiums that increase with bond maturity. The price of expected inflation risk was very high during the 70's and 80's, but has come down a lot since being very close to zero over the past decade. On average, the expected inflation price of risk is negative, consistent with the view that periods of high inflation represent a "bad" state of the world and are associated with low economic growth and poor stock market performance. In chapter 2 I look at the way capital markets react to predetermined macroeconomic announcements. I document significantly higher excess returns on the US stock market on macro release dates as compared to days when no macroeconomic news hit the market. Almost the entire equity premium since 1997 is being realized on days when macroeconomic news are released. At high frequency, there is a pattern of returns increasing in the hours prior to the pre-determined announcement time, peaking around the time of the announcement and dropping thereafter.

Liberal Neutrality : Constructivist, not foundationalist

In defending the principle of neutrality, liberals have often appealed to a more general moral principle that forbids coercing persons in the name of reasons those persons themselves cannot reasonably be expected to share. Yet liberals have struggled to articulate a non-arbitrary, non-dogmatic distinction between the reasons that persons can reasonably be expected to share and those they cannot. The reason for this, I argue, is that what it means to “share a reason” is itself obscure. In this paper I articulate two different conceptions of what it is to share a reason; I call these conceptions “foundationalist” and “constructivist.” On the foundationalist view, two people “share” a reason just in the sense that the same reason applies to each of them independently. On this view, I argue, debates about the reasons we share collapse into debates about the reasons we have, moving us no closer to an adequate defense of neutrality. On the constructivist view, by contrast, “sharing reasons” is understood as a kind of activity, and the reasons we must share are just those reasons that make this activity possible. I argue that the constructivist conception of sharing reasons yields a better defense of the principle of neutrality.