Targeting the real exchange rate: Theory and evidence

This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model's prediction that undervalued real exchange rates are associated with higher inflation.real exchange rate international interest rates capital controls

Targeting the real exchange rate

This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model's prediction that undervalued real exchange rates are associated with higher inflation.exchange rate inflation international interest rates capital controls

Cell-cell communication between Mouse mammary epithelial cells and 3T3-L1 preadipocytes: effect on triglyceride accumulation and cell proliferation

Interaction between parenchyma and stroma is essential for organogenesis, morphogenesis, and differentiation. Mammary gland has being the chosen model for developmental biologist because the most striking changes in morphology and function take place after birth. We have demonstrated a regulation of triglyceride accumulation by protein factors synthesized by normal mouse mammary gland epithelial cells (NMMG), acting on a cell line, 3T3-L1, long used as a model for adipogenesis. In this paper, we demonstrate that this inhibitory effect seems to be shared by other cells of epithelial origin but not by other cell types. We found a regulation of cell proliferation when NMMG cells are cultured in the presence of conditioned media from Swiss 3T3 or 3T3-L1 cells. We found a possible point of regulation for the mammary factor on a key enzyme of the lipid metabolic pathway, the glycerol-3-phosphate dehydrogenase. The inhibitory factor seems to have an effect on this enzyme´s activity and reduces it. The results presented herein contribute to the understanding of cell-cell communication in a model of a normal mammary gland.Fil: Julianelli, Vanina Laura. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Química Biológica; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Guerra, Liliana Noemi. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Química Biológica; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Calvo, Juan Carlos. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Química Biológica; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biología y Medicina Experimental. Fundación de Instituto de Biología y Medicina Experimental. Instituto de Biología y Medicina Experimental; Argentin

Color coherence in a heavy quark antenna radiating gluons inside a QCD medium

We compute the color coherence effects for soft gluon radiation off antennas containing heavy quarks in the presence of a QCD medium - in color singlet, triplet or octet global states. This work completes the studies of antenna radiation inside a medium which provide a useful picture of the relevance of interference effects in jet parton showers for the jet quenching phenomenon observed in high-energy nuclear collisions. The analysis is performed resumming the multiple scatterings of the partonic system with the medium. The main conclusion is that decorrelation due to color rotation is more effective in the case in which at least one of the emitters of the antenna is a heavy quark. This effect, present both for a heavy-quark-antiquark or a heavy-quark-gluon antenna is more relevant for the later or for the case in which the energies of the quark and antiquark are very different. The parameter controlling these effects involves the dead-cone angle. We find that interferences are cancelled, spoiling the color correlation of the pair, when $\theta_{ DC}=M/E >>1/\sqrt{\omega L}$ where E and {\omega} are the energies of the heavy quark and the radiated gluon and L is the medium length. In the case of a heavy-quark-antiquark antenna $t_{form}$ appears instead of L if the original splitting is symmetric. The presence or absence of interferences modifies the energy loss pattern.Comment: 12 page

Las fuerzas productivas de Peñafiel a mediados del siglo XVIII a través del catastro de Ensenada

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Evaluación de un sistema hormona-receptor

La fisiopatología endócrina está íntimamente relacionada con la funcionalidad de los receptores hormonales. Al analizar el mecanismo de acción de cualquier sustancia biológicamente activa, en particular las hormonas, debe pensarse en la participación obligatoria de los sitios de reconocimiento, que denominamos receptores. Podría definirse un sitio receptor como una macromolécula capaz de unir sustancias biológicamente activas, generando, mediante esta interacción, una respuesta fisiológica o patológica. Esto último debido a la existencia de respuesta “hormonal” en ausencia de hormona, desencadenada por un receptor “activado”.Fil: Calvo, Juan Carlos. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biología y Medicina Experimental. Fundación de Instituto de Biología y Medicina Experimental. Instituto de Biología y Medicina Experimental; Argentin

Scalable Multi-Class Gaussian Process Classification via Expectation Propagation

Gaussian processes are non-parametric models that can be used to carry out supervised and unsupervised learning tasks. As they are non-parametric models, their complexity grows with the number of data instances, and as a consequence, they can be used to explain complex phenomena associated with the training dataset. They are also very useful to introduce a priori knowledge in the learning problem, because the characteristics that they can describe are given by a covariance function. Finally, these models are Bayesian models, thus they allow to obtain the uncertainty of the predictions and perform model comparison in an automated way. Despite all these advantages, in practice Gaussian processes have certain limitations. The first one is that the computations needed to train the model are only tractable in regression problems with Gaussian additive noise, and for any other case they need to be approximated. The other problem is their scalability, given that the training cost is cubic with respect to the number of observed data points N. In this master thesis, we propose a method for multiclass classification with Gaussian processes that scales well to very large datasets. For that, it uses the Expectation Propagation algorithm, along with the Fully Independent Training Conditional approximation (which introduces M N pseudo-inputs), stochastic gradients and some extra assumptions that reduce the training cost to O(M3). Experimental results show that this method is competitive with other approaches based on variational inference