Household liquidity and incremental financing decisions:theory and evidence

In this paper we develop a stochastic model for household liquidity. In the model, the optimal liquidity policy takes the form of a liquidity range. Subsequently, we use the model to calibrate the upper bound of the predicted liquidity range. Equipped with knowledge about the relevant control barriers, we run a series of empirical tests on a panel data set of Dutch households covering the period 1992-2007. The results broadly validate our theoretical predictions that households (i) exhaust most of their short-term liquid assets prior to increasing net debt, and (ii) reduce outstanding net debt at the optimally selected upper liquidity barrier. However, a small minority of households appear to act sub-optimally. Poor and vulnerable households rely too frequently on expensive forms of credit (such as overdrafts) hereby incurring substantial amounts of fees and fixed borrowing costs. Elderly households and people on social benefits tend to accumulate too much liquidity. Finally, some households take on expensive short-term credit while having substantial amounts of low-yielding liquid assets

On Effective Spacetime Dimension in the Ho\v{r}ava-Lifshitz Gravity

In this manuscript we explicitly compute the effective dimension of spacetime in some backgrounds of Ho\v{r}ava-Lifshitz (H-L) gravity. For all the cases considered, the results are compatible with a dimensional reduction of the spacetime to $d+1=2$, at high energies (ultraviolet limit), which is confirmed by other quantum gravity approaches, as well as to $d+1=4$, at low energies (infrared limit). This is obtained by computing the free energy of massless scalar and gauge fields. We find that the only effect of the background is to change the proportionality constant between the internal energy and temperature. Firstly, we consider both the non-perturbative and perturbative models involving the matter action, without gravitational sources but with manifest time and space symmetry breaking, in order to calculate modifications in the Stephan-Boltzmann law. When gravity is taken into account, we assume a scenario in which there is a spherical source with mass $M$ and radius $R$ in thermal equilibrium with radiation, and consider the static and spherically symmetric solution of the H-L theory found by Kehagias-Sfetsos (K-S), in the weak and strong field approximations. As byproducts, for the weak field regime, we used the current uncertainty of the solar radiance measurements to establish a constraint on the $\omega$ free parameter of the K-S solution. We also calculate the corrections, due to gravity, to the recently predicted attractive force that black bodies exert on nearby neutral atoms and molecules.Comment: references adde

Fiscal sustainability and policy implications for the euro area.

In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We critically assess the widely used projections of the Working Group on Ageing Populations (AWG) of the EU's Economic Policy Committee and argue that ageing costs may be higher than projected in the AWG reference scenario. Taking into account adjusted headline estimates for ageing costs, largely based upon the sensitivity analysis carried out by the AWG, we consider alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess the appropriateness of different budgetary strategies to restore fiscal sustainability taking into account intergenerational equity. Our stylised analysis based upon the lifetime contribution to the government's primary balance of different generations suggests that an important degree of pre-funding of the ageing costs is necessary to avoid shifting the burden of adjustment in a disproportionate way to future generations. For many euro area countries this implies that the medium-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to significant surpluses.Population Ageing ; Fiscal Sustainability ; Generational Accounting ; Medium-term Objectives for Fiscal Policy

Chemical Evolution of the Galactic Bulge as Derived from High-Resolution Infrared Spectroscopy of K and M Red Giants

We present chemical abundances in K and M red-giant members of the Galactic bulge derived from high-resolution infrared spectra obtained with the Phoenix spectrograph on Gemini-South. The elements studied are carbon, nitrogen, oxygen, sodium, titanium, and iron. The evolution of C and N abundances in the studied red-giants show that their oxygen abundances represent the original values with which the stars were born. Oxygen is a superior element for probing the timescale of bulge chemical enrichment via [O/Fe] versus [Fe/H]. The [O/Fe]-[Fe/H] relation in the bulge does not follow the disk relation, with [O/Fe] values falling above those of the disk. Titanium also behaves similarly to oxygen with respect to iron. Based on these elevated values of [O/Fe] and [Ti/Fe] extending to large Fe abundances, it is suggested that the bulge underwent a more rapid chemical enrichment than the halo. In addition, there are declines in both [O/Fe] and [Ti/Fe] in those bulge targets with the largest Fe abundances, signifying another source affecting chemical evolution: perhaps Supernovae of Type Ia. Sodium abundances increase dramatically in the bulge with increasing metallicity, possibly reflecting the metallicity dependant yields from supernovae of Type II, although Na contamination from H-burning in intermediate mass stars cannot be ruled out.Comment: ApJ in pres

Efeito de compostos orgânicos sobre podridões radiculares no feijoeiro comum.

Os fungos habitantes do solo, Rhizoctonia solani e Fusarium solani f.sp. phaseoli, constituem um complexo etiológico com interação sinérgica, responsável por perdas de produtividade de até 50% em feijoeiro. A matéria orgânica de diversas origens é utilizada na agricultura visando, entre outros motivos, estimular a atividade microbiana para limitar a atividade dos fitopatógenos habitantes do solo. O presente trabalho teve como objetivo avaliar o efeito de doses de compostos orgânicos sobre podridões radiculares causadas por R. solani e F. solani f.sp. phaseoli, em feijoeiro cultivar Pérola, em condições de campo. O delineamento experimental foi de blocos casualizados, em esquema fatorial de 2 x 6. Os compostos orgânicos à base de crotalária (Crotalaria juncea) e grama batatais (Paspalum notatum), associados com cama de frango, foram aplicados no sulco de plantio nas doses de 0, 20, 40, 80, 160 e 320 kg.ha-1. As avaliações de severidade foram realizadas, utilizando-se escala de notas. A maior severidade de F. solani f.sp. phaseoli em plantas de feijoeiro foi observada sob efeito da dose de 320 kg.ha-1 de crotalária + cama de frango e 80 kg.ha-1 para o composto à base de grama batatais + cama de frango. Para R. solani, os compostos orgânicos e doses não influenciaram a severidade de R. solani. A dose de 80 kg.ha-1, independente do composto orgânico, proporcionou a melhor produtividade