Labor supply response in macroeconomic models: Assessing the empirical validity of the intertemporal labor supply response from a stochastic overlapping generations model with incomplete markets

We evaluate the labor supply response in a stochastic overlapping generations model with incomplete markets and a non separable utility function in labor and consumption. Using a simulated panel from the model, we calculate the labor supply response to anticipated changes in wages (holding the marginal utility of wealth constant-that is, the Frisch elasticity) and to unanticipated change in wages (which describes the effect of uncertainty in labor supply responses). The model's Frisch elasticity estimate is 0.33, which is slightly higher than the empirical estimates in the earlier literature but somewhat lower than more recent estimates. The paper also shows that the borrowing constraints in the model reduce substantially the estimates of the Frisch elasticity. The labor supply response to an unanticipated change in wages is small because of large wealth effects. Having all the variables required and no measurement error, we calculate the omitted variable bias of not controlling for the level and variance (risk) of the unexpected changes in wages. Omitting both variables biases the estimates of the Frisch elasticity downward by a factor of 8; omitting measures of wage risk alone biases it by a factor of 1.4labor supply, intertemporal substitution, Frisch elasticity, stochastic GE models

An Empirical Model of Factor Adjustment Dynamics

This paper investigates how firms dynamically adjust their use of capital, labor, energy, and materials when there are both smooth and lumpy adjustment possibilities and interrelation among adjustments. The Colombian Annual Census of Manufacturing provides evidence of these kinds of adjustment. The innovation of this paper lies in three areas: in considering the joint adjustment and interrelation of labor and capital at the establishment level; in describing the dynamic adjustment of all the production factors; and in a rich description of adjustment costs, which includes disruption of the production process and reallocation of internal resources, and fixed costs of installing capital and creating or discontinuing a job vacancy. The model also includes both a convex cost component, aimed at capturing smooth adjustments, and congestion effects, which means that it is more costly for firms to adjust capital and labor at the same time than it is to adjust them separately. Using a simulated method of moments, the study finds empirical support for the existence of disruption costs for capital and labor, the existence of convex costs for capital but not for labor, and the existence of congestion effects. An important implication of the model is that, in response to shocks, firms decide to adjust either capital or labor alone or both, depending on the initial capital to labor ratio and the magnitude of the shocks.Factor adjustment; capital and employment adjustment; simulated method of moments; capital and employment interaction; adjustment costs

¿El TLC con estados unidos es la puerta a la marginación del sector agropecuario en Colombia?

Este ensayo sobre la marginación del sector agropecuario por la entrada en vigor del TLC con Estados Unidos, se hace un análisis desde siglos anteriores como ha sido esa forma de abrir la fronteras para la comercialización de bienes y servicios sin cobro de aranceles, que países y bajo que convenios se empezó a usar este tipo acuerdos. De ese recuento histórico sigue el estudio, el cual se enfoca en las ventajas y desventajas que puede llegar a tener este tipo de acuerdos para el sector agropecuario en el país, que tan competitivo este sector puede llegar hacer con su par en Estados Unidos, que tan avanzados en infraestructura esta en país para ser más agiles a la hora de comercializar nacional e internacionalmente sus productos, para eso se analizara que políticas se han implementado desde la apertura económica, y que tanto el gobierno ayuda a este sector como lo hace el país americano, de ahí parte como los negociadores de un lado y otro plantearon una matriz con sus necesidades para así saber cómo negociar y que le conviene a un país u otro, ya que por ser culturalmente distintos sus necesidades son diferentes, y Colombia por ser un país tropical produce alimentos que en el país del norte no se consumen, es por eso que Colombia tiene que acomodarse a las necesidades del país para sacar máximo provecho.This essay on the marginalization of the agricultural sector by the entry into force of the FTA with the United States, an analysis from previous centuries as has been the way to open the borders for the marketing of goods and services without charging tariffs that countries and under that agreement began to use such agreements. In this historical account is the study, which focuses on the advantages and disadvantages that can have this type of agreement for the agricultural sector in the country, how competitive this industry can do with your couple in the United States, which infrastructure so advanced in this country to be more agile to commercialize its products nationally and internationally, for that you analyze which policies have been implemented since the economic opening, and that both government help this sector as does the American country, from there, as negotiators from both sides raised a matrix with your requirements and know how to negotiate and is best for one country or another, as being culturally different their needs are different, and Colombia for being a tropical country food produced in the north country is not consumed, is why Colombia has to accommodate the needs of the country to take full advantage

Extracting Data-Level Parallelism in High-Level Synthesis for Reconfigurable Architectures

High-Level Synthesis (HLS) tools are a set of algorithms that allow programmers to obtain implementable Hardware Description Language (HDL) code from specifications written high-level, sequential languages such as C, C++, or Java. HLS has allowed programmers to code in their preferred language while still obtaining all the benefits hardware acceleration has to offer without them needing to be intimately familiar with the hardware platform of the accelerator. In this work we summarize and expand upon several of our approaches to improve the automatic memory banking capabilities of HLS tools targeting reconfigurable architectures, namely Field-Programmable Gate Arrays or FPGA\u27s. We explored several approaches to automatically find the optimal partition factor and a usable banking scheme for stencil kernels including a tessellation based approach using multiple families of hyperplanes to do the partitioning which was able to find a better banking factor than current state-of-the-art methods and a graph theory methodology that allowed us to mathematically prove the optimality of our banking solutions. For non-stencil kernels we relaxed some of the conditions in our graph-based model to propose a best-effort solution to arbitrarily reduce memory access conflicts (simultaneous accesses to the same memory bank). We also proposed a non-linear transformation using prime factorization to convert a small subset of non-stencil kernels into stencil memory accesses, allowing us to use all previous work in memory partition to them. Our approaches were able to obtain better results than commercial tools and state-of-the-art algorithms in terms of reduced resource utilization and increased frequency of operation. We were also able to obtain better partition factors for some stencil kernels and usable baking schemes for non-stencil kernels with better performance than any applicable existing algorithm

Importance of the Use of the Internet of Things and its Implications in the Manufacturing Industry

The research presented in this paper is a literary analysis of 91 papers of 31 different journals of world recognition from different countries (England, Poland, Spain, China, Switzerland, Netherlands); focusing on productivity improvement inside a business through Internet of Things (IoT) in the manufacturing industry. It is essential to know the implications in the use of IoT for productivity improvement because IoT is having great influence in different context, one of them is businesses. The objective of this paper is to know the implications of the use of IoT to increase productivity, focusing on security and data privacy in the manufacturing sector. Suggestions are made regarding big data, digital manufacturing, the supply chain, cybersecurity, and monitoring and control systems for implementing IoT to improve productivity in a manufacturing industry. The use of new tools and technologies for improving productivity imply that the detailed aspects for its implementation must be analyze

Forward-backward approximation of nonlinear semigroups in finite and infinite horizon

International audienc

Editorial

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Study of the Saturn V structure and reproduction of a 1:50 scale model

The objective of this project is twofold. Firstly, a detailed research of the rocket has to be done in order to create a 3D CAD design of its structure. Secondly, the student will need to sketch the 1:50 scale plans necessary to assemble a model of the rocket.In this study, it is intended to analyse the Saturn V’s structure. Once this is done, a 1:50 3D model of the rocket will be designed, trying to be faithful to the original, but also having in mind that the model should be able to be manufactured. From the 3D version, a real-life model will be crafted and assembled as the final objective of this project