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

Unusual electronic ground state of a prototype cuprate: band splitting of single CuO_2-plane Bi_2 Sr_(2-x) La_x CuO_(6+delta)

By in-situ change of polarization a small splitting of the Zhang-Rice singlet state band near the Fermi level has been resolved for optimum doped (x=0.4) Bi$_{2}$Sr$_{2-x}$La$_{x}$CuO$_{6+\delta}$ at the (pi,0)-point (R.Manzke et al. PRB 63, R100504 (2001). Here we treat the momentum dependence and lineshape of the split band by photoemission in the EDC-mode with very high angular and energy resolution. The splitting into two destinct emissions could also be observed over a large portion of the major symmetry line $\Gamma$M, giving the dispersion for the individual contributions. Since bi-layer effects can not be present in this single-layer material the results have to be discussed in the context of one-particle removal spectral functions derived from current theoretical models. The most prominent are microscopic phase separation including striped phase formation, coexisting antiferromagnetic and incommensurate charge-density-wave critical fluctuations coupled to electrons (hot spots) or even spin charge separation within the Luttinger liquid picture, all leading to non-Fermi liquid like behavior in the normal state and having severe consequences on the way the superconducting state forms. Especially the possibilty of observing spinon and holon excitations is discussed.Comment: 5 pages, 4 figure

Atualidades e desafios nas fases de crescimento e terminação: 1) sistemas de alimentação.

Projeto: 11.11.11.111

Rendimento de carcaça de frangos de corte alimentados com dietas peletizadas contendo glicerina bruta.

maior parte das dietas para frangos de corte são peletizadas e a glicerina bruta além de ser um alimento energético é um melhorador de peletes, contudo não há informações sobre a interação entre a peletização e o uso de glicerina bruta em características de carcaça de frangos de corte. Assim objetivou-se avaliar o rendimento de carcaça de frangos de corte alimentados com rações fareladas ou peletizadas com a inclusão de níveis crescentes de glicerina bruta. O delineamento experimental utilizado foi em blocos (peso) casualizados com 8 tratamentos e 8 repetições de 25 aves por unidade experimental, de acordo com um arranjo fatorial 2x4 (2 processamentos X 4 níveis de glicerina bruta: 0, 4, 8 e 12%). Aos 43 dias de idade 3 aves de cada box foram abatidas para avaliação de rendimento de carcaça e de cortes. O processamento influenciou o peso de carcaça e de cortes, contudo não houve o mesmo efeito para o rendimento, exceto para asas. Quanto ao uso de glicerina bruta, os pesos das carcaças e dos cortes apresentaram comportamento quadrático enquanto a gordura mostrou comportamento linear decrescente. Entretanto, para rendimento só houve efeito quadrático para carcaça, com ponto de máxima em 3,79%, aumento linear para asa e redução linear para gordura. O processamento de ração não afeta as características de carcaça avaliadas. A glicerina bruta melhora o rendimento de carcaça e reduz a deposição de gordura. Most diets for broilers are pelleted and crude glycerin is a pellet enhancer, in addition to be an energy source. However, there is no information about the interaction between pelleting and the use of crude glycerin on carcass characteristics of broilers. Therefore, the objective of this study was to evaluate carcass yield of broilers fed with meal or pelleted diets with increasing levels of crude glycerin. The experimental design was in randomized complete blocks (weight) with 8 treatments and 8 replicates of 25 birds each, according to a 2x4 factorial arrangement (2 physical forms X 4 levels of crude glycerin: 0, 4, 8 and 12%). Three birds from each pen were slaughtered at 43 days of age to evaluate carcass yield and cuts. Physical form of diet influenced the weight of carcass and cuts, but there was not any effect on yield, except for wings. Regarding the use of crude glycerin, carcass and cuts weights showed quadratic behavior while fat showed a decreasing linear effect. Yield showed quadratic effect only for carcass, with a maximum point at 3.79%, linear increase in wing and linear reduction for fat. Feed processing does not affect carcass yield while crude glycerin improves carcass yield and reduces fat deposition

Novos desenvolvimentos na nutrição dos leitões nas fases de crescimento e terminação.

Projeto/Plano de Ação: 03.07.05.019

Teor de óleo e valor energético de diferentes híbridos de milho para suínos e aves.

Projeto/Plano de Ação: 03.10.01.030