Optimical Commodity Price Stabilizador Over the Business Cycle

This paper develops a model to study the design, characterization and dynamic implications of stabilization policies in a dynamic general equilibrium model of the business cycle for an economy tainted by the Dutch disease. The model incorporates a stabilization scheme for the producer price of an export crop in a three- sector RBC model. Stabilization funds have been very popular instruments in developing countries to deal with export price instability. This paper shows that such schemes cannot improve the functioning of the economy, notwithstanding the assumed suboptimality of private outcomes and the possibility of having welfare enhancing policies.Business cycles; Dynamic games; Price Stabilization; Optimal policies; Small open economy Clasiffication JEL:E42, F41.

Boundary conditions in first order gravity: Hamiltonian and Ensemble

In this work two different boundary conditions for first order gravity, corresponding to a null and a negative cosmological constant respectively, are studied. Both boundary conditions allows to obtain the standard black hole thermodynamics. Furthermore both boundary conditions define a canonical ensemble. Additionally the quasilocal energy definition is obtained for the null cosmological constant case.Comment: To be published in Phys, Rev.

Sagittarius: The Nearest Dwarf Galaxy

We have discovered a new Galactic satellite galaxy in the constellation of Sagittarius. The Sagittarius dwarf galaxy is the nearest galaxy known, subtends an angle of $> 10$ degrees on the sky, lies at a distance of 24 \kpc from the Sun, \sim 16 \kpc from the centre of the Milky Way. Itis comparable in size and luminosity to the largest dwarf spheroidal, has a well populated red horizontal branch with a blue HB extension; a substantial carbon star population; and a strong intermediate age stellar component with evidence of a metallicity spread. Isodensity maps show it to be markedly elongated along a direction pointing towards the Galactic centre and suggest that it has been tidally distorted. The close proximity to the Galactic centre, the morphological appearance and the radial velocity of 140 km/s indicate that this system must have undergone at most very few close orbital encounters with the Milky Way. It is currently undergoing strong tidal disruption prior to being integrated into the Galaxy. Probably all of the four globular clusters, M54, Arp 2, Ter 7 and Ter 8, are associated with the Sagittarius dwarf galaxy, and will probably share the fate of their progenitor.Comment: MNRAS in press, 22pp uuencoded PS file, 26 printed figures available on request from [email protected]

Measuring Market Conduct in the Brazilian Cement Industry: a Dynamic Econometric Investigation

Indirect assessments of market conduct have become widespread in the New Empirical Industrial Organization-NEIO literature. Recently, Steen and Salvanes (1999) provided a flexible dynamic econometric formulation of the approach advanced by Bresnahan (1982) and Lau (1982). The present paper considers a similar approach as applied to regional cement markets in Brazil under more favorable data availability and it also attempts to address part of the critiques that usually emerge with respect to the NEIO literature. In particular, issues pertaining to structural stability and yet the control for the number of competing firms are addressed. The evidence clearly indicates non-negligible and distinct market power in the different regions and yet distinct conduct patterns in the short and long-run.