Interest rate determination in the interbank market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data. JEL Classification: E52, E58Eonia panel, monetary policy instruments, Overnight interest rate

Interest Rate Determination in the Interbank Market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data.Overnight interest rate; Monetary policy instruments; Eonia panel

Vortex identification from local properties of the vorticity field

A number of systematic procedures for the identification of vortices/coherent structures have been developed as a way to address their possible kinematical and dynamical roles in structural formulations of turbulence. It has been broadly acknowledged, however, that vortex detection algorithms, usually based on linear-algebraic properties of the velocity gradient tensor, can be plagued with severe shortcomings and may become, in practical terms, dependent on the choice of subjective threshold parameters in their implementations. In two-dimensions, a large class of standard vortex identification prescriptions turn out to be equivalent to the “swirling strength criterion” ( ci-criterion), which is critically revisited in this work. We classify the instances where the accuracy of the ci-criterion is affected by nonlinear superposition effects and propose an alternative vortex detection scheme based on the local curvature properties of the vorticity graph (x, y,!)—the “vorticity curvature criterion” ( !-criterion)—which improves over the results obtained with the ci-criterion in controlled Monte Carlo tests. A particularly problematic issue, given its importance in wall-bounded flows, is the eventual inadequacy of the ci-criterion for many-vortex configurations in the presence of strong background shear. We show that the !-criterion is able to cope with these cases as well, if a subtraction of the mean velocity field background is performed, in the spirit of the Reynolds decomposition procedure. A realistic comparative study for vortex identification is then carried out for a direct numerical simulation of a turbulent channel flow, including a three-dimensional extension of the !-criterion. In contrast to the ci-criterion, the !-criterion indicates in a consistent way the existence of small scale isotropic turbulent fluctuations in the logarithmic layer, in consonance with long-standing assumptions commonly taken in turbulent boundary layer phenomenology.Indisponível

LysoGl1 e LysoGb3: biomarcadores para o diagnóstico e follow-up da Doença de Gaucher e Fabry

As Doenças Lisossomais de Sobrecarga (DLSs), conjunto de patologias crónicas, multissistémicas, com modo de apresentação e gravidade muito variáveis, afetam 1:5000 nados vivos. As esfingolipidoses, é o sub-grupo mais prevalente das DLSs, onde se encontra incluída a Doença de Gaucher (DG) e a Doença de Fabry (DF). Na DG, ocorre a acumulação de glucosilceramida devido à deficiência enzimática em β-glucocerebrosidase e no caso de DF, devido a um défice enzimático em α-galactosidase A, ocorre a acumulação em globotriosilceramida. No entanto, em ambos os casos, parte do produto primário de acumulação, é convertido na respectiva base esfingoide, que se encontra bastante elevada: glucosilesfingosina (LysoGl1) e globotriosilesfingosina (LysoGb3), no caso de DG e DF, respectivamente. Estes liso-lípidos, igualmente envolvidos na evolução da patologia, por vezes já se encontram aumentados, mesmo antes do aparecimento dos primeiros sintomas. Pela primeira vez em Portugal, é disponibilizado o estudo pioneiro destes biomarcadores para as DLSs, para melhor estudo e compreensão destas patologias.N/

NonDestructive Techniques for the Assessment and Preservation of Historic Structures

The preservation of the built heritage has long been a public concern, mainly due to fears about the loss of identity, history and heritage of populations. The main concerns are the conservation and restoration of monuments that usually represent important events in the history of a city or a country. More recently, urban residents and policymakers have become aware of the abandonment or degradation of old city cores, leading to mischaracterisation of the buildings and ways of living. To preserve history and promote building and urban renewal, considering the basic principles of the preservation process, it is important to introduce the least possible disturbance. To start with, the diagnostic process is a key aspect, especially to investigate the construction characteristics and the damage to materials, and to find structural and nonstructural problems. To start any process, a visual inspection, a study and knowledge of the original construction methods and materials and historical repair techniques can help but may not be sufficient, and the use of conventional techniques to complement the information needed can result in an insufficient understanding or in extensive and unnecessary intrusions in the construction. In recent years, the rapid growth of science and research, combined with the industry and the need to gather more and accurate information, have led to the fast development of nondestructive testing methodologies that allow the architectural archaeology to be studied, the structural assessment to be supported and information to be given about the material properties. Each technique can be used for a specific purpose, but, in some cases, only a combination of techniques is reliable and gives an accurate interpretation of the data acquired. The fundamental contribution and aim of this book is to give a full overview of several case studies where different nondestructive techniques have been applied, in several cases using multidisciplinary approaches, which aim to highlight the importance of the information acquired and encourage the use of these techniques in future studies. The book brings together 16 chapters focused on nondestructive testing techniques applied at the urban building level and also applied to monumental buildings, archaeology and cultural heritage, bringing together more than 40 international researchers and experts in the field, who are the source of practical case studies supported by a theoretical background.info:eu-repo/semantics/publishedVersio

Desenvolvimento de um supervisório modular para uma célula flexível de manufatura

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico. Programa de Pós-Graduação em Engenharia MecânicaEste trabalho tem o objetivo de propor e implementar um conjunto de instruções e procedimentos para integrar, de forma física e lógica, um grupo de máquinas CNC, um robô industrial e um sistema de armazenamento automático (Automated Storage and Retrieval System - AS/RS), para a formação de uma Célula Flexível de Manufatura (Flexible Manufacturing Cell - FMC). Em primeiro lugar foi feita a modelagem da célula, com base na definição prévia de um conjunto de interfaces mínimas para cada equipamento e com o auxílio do mecanismo formal de descrição das Redes de Petri. A partir da modelagem da célula, foi proposto e implementado um modelo de integração, baseado em módulos gerenciadores desenvolvidos a partir de um software de supervisão e controle (Elipse SCADA). Cada módulo foi concebido com interfaces suficientes para permitir a integração de equipamentos de diferentes fabricantes, o que confere flexibilidade na configuração da célula. A comunicação entre os diversos módulos é realizada utilizando a tecnologia OPC (OLE for Process Control), que possibilita a troca de dados entre gerenciadores em tempo real e de forma aberta. A integração entre os gerenciadores e seus respectivos equipamentos é feita por meio de CLPs (Controladores Lógicos Programáveis). O sistema permite simular a fabricação de uma família de peças, sem a interferência de operadores. Interfaces Homem-Máquina (IHM) foram desenvolvidas para permitir que usuários locais e remotos (fisicamente distantes) possam inserir e monitorar seus pedidos de fabricação na célula. Todos os códigos utilizados na construção dos gerenciadores são descritos neste trabalho, além dos programas de movimentação do robô, programas desenvolvidos para os CLPs e implementações de hardware necessários para a integração dos diferentes equipamentos que compõem a célula. This work aims at proposing and implementing a set of instructions and procedures to integrate, physical and logically, a group of CNC (Computer Numerical Control) machines, an industrial robot and an Automatic Storage and Retrieval System (AS/RS), in order to form a Flexible Manufacturing Cell (FMC). First of all, the cell was modeled based on a definition of a set of minimum interfaces for each piece of equipment, using Petri Nets. After completing the modeling of the cell, it was proposed and implemented an integration model, based on management modules developed with a monitoring and control software (Elipse SCADA - Supervisory Control and Data Acquisition). Each module was conceived with enough interfaces to allow the integration of different equipment manufacturers, which ensures flexibility in the cell configuration. The communication between the several modules is made using OPC (OLE for Process Control) technology, which allows the data exchange between the management modules real time and in an open way. The integration between managers and their equipments is done by a PLC (Programmable Logic Controller). The system admits to simulate a piece family manufacturing without any operator interference. HMIs (Human Machine Interfaces) were developed to allow local and remote (physically distant) users to insert their manufacture order and to monitor them. All codes used in the development of the management modules are described in this work, and so the robot movement programs, the programs developed for the CLPs, and the hardware implementations necessary for the integration of the different pieces of equipment that compose the cell

The enterprise management, an approach of century XX, from the theories administrative scientific, functional, bureaucratic and of human relations

La dinámica de la gestión empresarial ha evolucionado satisfactoriamente, en el mundo de los negocios y está imbricada en el mercado, entorno y sociedad, donde se han desarrollado distintas teorías para su aplicación , siendo el propósito de este articulo revisar y presentar didácticamente las distintas teorías en la aplicación de la organizaciones empresariales, como la científica por Frederick W. Taylor, Henry L. Gantt y Frank y William Gilbreth, la funcional, Henry Fayol, la Estructuralista, Max Weber, la de Relaciónes humanas, Elton Mayo, Abraham Maslow. Douglas McGregor. Mary Parker Follett, Frederick Herzberg. Lo anterior con un enfoque que lleve al análisis de su contribución a la fundamentación conceptual para la generación de ventajas competitivas y elementos diferenciar en el mercado local, regional, nacional e internacional.Abstract: The dynamic of corporate governance has evolved successfully in the business world to the mercy of the market, environment and society, where different theories have been developed for implementation, being the intention of this I articulate didactically to review and to present/display the different theories in the application from the enterprise organizations, like the scientist by Frederick W. Taylor, Henry L. William Gantt and Frank and Gilbreth, the functional, Henry Fayol, structural, Max Weber, Human Relations, Elton Mayo, Abraham Maslow. Douglas McGregor. Mary Parker Follett, Frederick Herzberg. The previous thing with an approach that takes to the analysis of its contribution to the conceptual fundamentación for the generation of competitive advantages and elements to differentiate in the local market, regional, national and internationa

Melhoria da eficiência energética de edifícios existentes : análise técnico-económica

As alterações climáticas colocam o tema da eficiência energética na lista das prioridades mundiais, tornando-se fundamental que se estabeleça uma cooperação internacional para fazer face ao problema em questão. A redução do consumo energético a curto e médio prazo constitui assim um dos desafios, tendo em conta que o setor energético é um dos principais responsáveis pela emissão de gases de efeito de estufa (GEE). Em Portugal, o peso dos setores da habitação e de serviços no consumo de energia demonstra que o investimento na reabilitação, com consequente melhoria da eficiência energética dos edifícios, pode ser um contributo para o cumprimento das metas. Assim, importa conhecer as necessidades energéticas dos edifícios e estudar o impacto da introdução de medidas de reabilitação energética. Este assunto assume particular relevância nos edifícios antigos que, de uma forma geral, não possuem isolamento térmico. Neste sentido, procurou-se realizar uma avaliação técnico-económica de uma reabilitação térmica de um edifício antigo, com o auxílio de um software de simulação dinâmica. Efetivamente, a melhoria das necessidades energéticas dos edifícios pode representar potenciais poupanças para os consumidores e ter um grande contributo na diminuição do impacto ambiental dos edifícios antigos

Captura e armazenamento de CO2

Dissertação para obtenção do Grau de Mestre em Energia e BioenergiaA captura e armazenamento de dióxido de carbono (CO2) conhecida pela sua sigla em inglês CCS (Carbon Capture and Storage) pode assumir um papel importante na diminuição das emissões de CO2 para a atmosfera, uma vez que permite capturar, transportar e armazenar em o CO2 emitido por fontes industriais. Cada uma destas fases do CCS é bastante intensiva em termos energéticos causando um aumento no custo da eletricidade produzida e uma diminuição da sua eficiência. Esta dissertação de mestrado oferece um panorama global do estado de desenvolvimento desta tecnologia tanto no que concerne à produção de energia como no ramo da indústria detalhando os métodos de captura, transporte, armazenamento e custos associados

Metabolic relationships between macro- and micronutrients, and the eicosapentaenoic acid and docosahexaenoic acid contents of Pavlova Lutheri

The use of specific microalgae as sources of polyunsaturated fatty acids (PUFA), for incorporation in either aquaculture or human diets, has been receiving increasing interest. The fatty acid profile of intracellular fats in a given species can, within certain limits, be modulated via manipulation of the culture growth conditions, namely nutrient availability. In attempts to shed further light on the effects of chemical parameters upon microalgal metabolism, correlations between the components of a medium and the resulting biomass yield, as well as the eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) contents are presented, using Pavlova lutheri as model system. Although several studies of individual nutrients have been published previously, the effects of variation of all medium components upon fatty acid production are systematically presented here, apparently for the first time. The optimum formulation to optimise EPA and DHA contents should consider the buffering agent, since some of them are toxic to the cells; P. lutheri was able to use several nitrogen sources, yielding equivalent amounts of EPA and DHA; synthesis of EPA was induced in culture media under low salinity, whereas a trend could be noticed between decreasing yields of EPA and increasing concentrations of N, at 0.15 g L−1 of P. Regarding the micronutrient composition, a culture medium lacking sulphur was unable to sustain cellular growth, whereas cultures deprived of either calcium, iron or manganese revealed a statistically significant decrease in cellular yields relative to those possessing such minerals; conversely, those cultures without boron produced higher cell numbers than those containing this element. Media deprived of boron, molybdenum or copper led to increases of the relative amounts of both EPA and DHA, whereas calcium deficiency decreased the levels of those PUFA