Inflation Targeting and Debt: Lessons from Brazil

Studying the recent experience of Brazil the paper explains how default risk is at the centre of the mechanism through which an emerging market central bank that targets inflation might lose control of inflation--in other words of the mechanism through which the economy might move from a regime of 'monetary dominance' to one of 'fiscal dominance'. The literature, from Sargent and Wallace (1981) to the modern fiscal theory of the price level has discussed how an unsustainable fiscal policy may hinder the effectiveness of monetary policy, to the point that an increase in interest rates can have a perverse effect on inflation. We show that the presence of default risk reinforces the possibility that a vicious circle might arise, making the fiscal constraint on monetary policy more stringent.

Financial Factors, Macroeconomic Information and the Expectations Theory of the Term Structure of Interest Rates

In this paper we concentrate on the hypothesis that the empirical rejections of the Expectations Theory(ET) of the term structure of interest rates can be caused by improper modelling of expectations. Our starting point is an interesting anomaly found by Campbell-Shiller(1987), when by taking a VAR approach they abandon limited information approach to test the ET, in which realized returns are taken as a proxy for expected returns. We use financial factors and macroeconomic information to construct a test of the theory based on simulating investors' effort to use the model in `real time' to forecast future monetary policy rates. Our findings suggest that the importance of fluctuations of risk premia in explaining the deviation from the ET is reduced when some forecasting model for short-term rates is adopted and a proper evaluation of uncertainty associated to policy rates forecast is consideredExpectations Theory, Macroeconomic information in Finance

The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets

Available studies on asymmetries in the monetary transmission mechanism within Europe are invariably based on macro-economic evidence: such evidence is abundant but often contradictory. This paper takes a different route by using micro-economic data. We use the information contained in the balance sheets of individual banks (available from the BankScope database) to implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we study occurred during 1992, when monetary conditions were tightened throughout Europe. Evidence on such tightening is provided by the uniform squeeze in liquidity, which affected all banks in our sample. We study the first link in the transmission chain by analysing the response of bank loans to the monetary tightening. Our experiment provides evidence on the importance of the Europe and thus on one possibly important source of asymmetries in the monetary transmission mechanism. We do not find evidence of a significant response of bank loans to the monetary tightening, which occurred during 1992, in any of the four European countries we have considered. However we find significant differences both across countries and across banks of different dimensions in the factors that allow them to shield the supply of loans from the squeeze in liquidity.

Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability

The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop a money demand model where investors hold a diversified portfolio with money, domestic and foreign stocks and long-term bonds in which, in addition to the classical wealth effect, also a size and an international portfolio allocation effects arise. The estimated model identifies three cointegrating vectors stable over the sample 1980-2007: a long-run money demand, which depends on income and all risky assets' returns, and two equilibria for the euro area and the US financial markets. Steady state equilibrium of nominal M3 growth is estimated to be about 7% in 2007 with large standard errors mainly due to uncertainty in asset prices. The gap between actual euro area M3 growth and model-based fitted or predicted values helps forecast euro area inflation. JEL Classification: E41, E44, E52, G11, G15Euro area money demand, Inflation forecasts, monetary policy, portfolio allocation

Insider Trading, Traded Volume and Returns

Several models predict that both market liquidity and trading volume generated by less informed traders do not increase when there is insider trading. Available empirical evidence is mixed and still relatively small, because of the inherent di¢ culty to identify insider trading events. Our econometric work, based on 19 suspect insider trading events drawn from the non-public ?file of the Italian supervisory authority, provides further insight on these key implications of stock market models. The second purpose of this paper is to assess whether insider trading changes the distribution of volume and returns in a way that can be used by supervisory authorities in order to detect its presence through statistical methods.asymmetric information, insider trading, abnormal returns, traded volume

Reprodutores suínos de alto valor genético para numero de leitões nascidos vivos por leitegada.

Objetivo do catalago; Informacoes apresentadas; Como usar o catalago; 200 cachacos da raca Landrace - 1. leitegada; 200 cachacos da raca Landrace - 1. e 2. leitegadas; 200 cachacos da raca Landrace - 1., 2. e 3. leitegadas; 200 cachacos da raca Large White - 1. leitegada; 200 cachacos da raca Large White - 1. e 2. leitegadas; 50 cachacos da raca Duroc - 1. leitegada; 50 cachacos da raca Duroc - 1. e 2. leitegadas; 50 cachacos da raca Duroc - 1., 2. e 3. leitegada; 500 melhores porcas daraca Landrace - 1. leitegada; 500 melhores porcas da raca Landrace - 1. e 2. leitegadas; 500 melhores porcas da raca Landrace - 1., 2. e 3. leitegadas; 500 ,melhores porcas da raca Large White - 1. leitegada; 500 melhores porcas da raca Large White - 1. e 2. leitegadas; 500 melhores porcas da raca Large White; 200 melhores porcas da raca Duroc - 1.leitegada; 200 melhores porcas da raca Duroc - 1. e 2. leitegadas; 200 melhores porcas da raca Duroc - 1., 2. e 3. leitegadas.bitstream/item/58272/1/doc43.pd

Integrating Biophysics in Toxicology

Integration of biophysical stimulation in test systems is established in diverse branches of biomedical sciences including toxicology. This is largely motivated by the need to create novel experimental setups capable of reproducing more closely in vivo physiological conditions. Indeed, we face the need to increase predictive power and experimental output, albeit reducing the use of animals in toxicity testing. In vivo, mechanical stimulation is essential for cellular homeostasis. In vitro, diverse strategies can be used to model this crucial component. The compliance of the extracellular matrix can be tuned by modifying the stiffness or through the deformation of substrates hosting the cells via static or dynamic strain. Moreover, cells can be cultivated under shear stress deriving from the movement of the extracellular fluids. In turn, introduction of physical cues in the cell culture environment modulates differentiation, functional properties, and metabolic competence, thus influencing cellular capability to cope with toxic insults. This review summarizes the state of the art of integration of biophysical stimuli in model systems for toxicity testing, discusses future challenges, and provides perspectives for the further advancement of in vitro cytotoxicity studies

Recomendação sobre o uso do ultra-som na medida da espessura de toucinho em suínos vivos.

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