The Incidence of Reserve Requirements in Brazil: Do Bank Stockholders Share the Burden?

There is consensus in the economic literature that the reserve requirements are a tax levied upon financial intermediation, yet the incidence of the tax remains controversial. In this paper, we test whether changes in reserve requirements in Brazil impact the stock returns of the financial system distinctly from the rest of the economy. We find evidence that Brazilian bank stock returns were affected by changes in reserve requirements on both time deposits and transaction accounts, which implies that the tax burden of required reserves was not fully passed through to banks' borrowers or clients. Stock returns of non-financial firms were also affected by these changes, suggesting that in some cases, reserve requirements on time deposits and transaction accounts served as a non-neutral instrument of monetary or fiscal policy in Brazil.

Continuity properties of a factor of Markov chains

Starting from a Markov chain with a finite alphabet, we consider the chain obtained when all but one symbol are undistinguishable for the practitioner. We study necessary and sufficient conditions for this chain to have continuous transition probabilities with respect to the past

Quantum statistical correlations in thermal field theories: boundary effective theory

We show that the one-loop effective action at finite temperature for a scalar field with quartic interaction has the same renormalized expression as at zero temperature if written in terms of a certain classical field $\phi_c$, and if we trade free propagators at zero temperature for their finite-temperature counterparts. The result follows if we write the partition function as an integral over field eigenstates (boundary fields) of the density matrix element in the functional Schr\"{o}dinger field-representation, and perform a semiclassical expansion in two steps: first, we integrate around the saddle-point for fixed boundary fields, which is the classical field $\phi_c$, a functional of the boundary fields; then, we perform a saddle-point integration over the boundary fields, whose correlations characterize the thermal properties of the system. This procedure provides a dimensionally-reduced effective theory for the thermal system. We calculate the two-point correlation as an example.Comment: 13 pages, 1 figur

Protocolo modificado para extração de DNA do gênero Pestalotiopsis.

Objetivou-se com este trabalho modificar o protocolo de extração de DNA do gênero Pestalotiopsis. Foram obtidos 200 mg de micélio de 11 isolados de Pestalotiopsis sp. O protocolo de extração proposto por Joshi (2009) foi modificado e testado retirando-se o fenol no processo de desproteinização do DNA. A quantidade de DNA genômico extraído foi quantificada em fotodocumentador e a qualidade do DNA final foi avaliada em gel 0,9% de agarose e em reações de marcadores RAPD. A metodologia sem o emprego do fenol proporcionou quantidade satisfatória (32,55 a 49,92 ng/µL) e pureza de DNA para caracterização molecular do fungo. O protocolo modificado, portanto, pode ser utilizado para extrair DNA do gênero Pestalotiopsis com eficiência do método e segurança para os usuários

SPIDER X - Environmental effects in central and satellite early-type galaxies through the stellar fossil record

A detailed analysis of how environment affects the star formation history of early-type galaxies (ETGs) is undertaken via high signal to noise ratio stacked spectra obtained from a sample of 20,977 ETGs (morphologically selected) from the SDSS-based SPIDER survey. Two major parameters are considered for the study: the central velocity dispersion (sigma), which relates to local drivers of star formation, and the mass of the host halo, which relates to environment-related effects. In addition, we separate the sample between centrals (the most massive galaxy in a halo) and satellites. We derive trends of age, metallicity, and [alpha/Fe] enhancement, with sigma. We confirm that the major driver of stellar population properties in ETGs is velocity dispersion, with a second-order effect associated to the central/satellite nature of the galaxy. No environmental dependence is detected for satellite ETGs, except at low sigma - where satellites in groups or in the outskirts of clusters tend to be younger than those in the central regions of clusters. In contrast, the trends for centrals show a significant dependence on halo mass. Central ETGs in groups (i.e. with a halo mass >10^12.5 M_Sun) have younger ages, lower [alpha/Fe], and higher internal reddening, than "isolated" systems (i.e. centrals residing in low-mass, <10^12.5 M_Sun, halos). Our findings imply that central ETGs in groups formed their stellar component over longer time scales than "isolated" centrals, mainly because of gas-rich interactions with their companion galaxies.Comment: 22 pages, 19 figures, accepted for publication in MNRA