Business Cycles and Macroeconomic Policy Coordination in Mercosur

Abstract: The paper analyzes cyclical comovements in the Mercosur area differentiating idiosyncratic from common shocks. In the Mercosur (or any region for that matter) shocks can be country-specific, affecting only one country or a specific set of countries (for example, a weather-related shock, a domestic policy shock); or they can be common to the entire region (for example, a change in the conditions in international capital markets or a world recession). Propagation mechanisms, in turn, are important because a shock that was initially country-specific, originating in one country, might eventually spillover to others. We build on the unobserved component approach to decompose the Mercosur countries’ real GDP (seasonally adjusted) uctuations into these three components and compare them with previous results. The main findings in the paper are: first, common factors originating in impulses stemming from changes in investor’s sentiment are relevant to explaining regional output comovements and the spillover effects between neighbors are significant. Second, volatility matters, and matters especially in the case of recent regional agreements. Supply shocks in Mercosur countries tend to be larger than in the US and European countries. Third, finance matters for both volatility and output/price dynamics. Accelerator effects may be important in explaining some features of the output/price dynamics that the standard models based on vector autoregression techniques are unable to account forBusiness cycle, Comovement, Mercosur, OCA, Policy coordination

Determinants of Capital Intensive and R&D Intensive Foreign Direct Investment

We study the determinants of capital intensity and technology content of foreign direct investment, an important economic driving force for developing countries. For this purpose, we use sectoral industry data on U.S. foreign investment abroad, and data on host countries' institutional characteristics, like investment climate, protection of property rights, labor standards and constitutional arrangements. Our regressions show that better protection of property rights has a significant positive effect on R&D but not on capital intensive capital flows. There is evidence that an increase in workers' bargaining power results in a reduction of capital and technologically intensive foreign investment. And although the evidence with respect to constitutional arrangements is not very strong, presidential regimes appear to be less able than parliamentary ones to deliver policies attracting R&D intensive capital flows. This is consistent with recent research on the effects of constitutional arrangements on economic growth.FDI

Aquatic Cartographies: Oceanic Imaginaries, Histories and Identities,

In her volume The Invisible Empire: White Discourse, Tolerance and Belonging (2009), Georgie Wemyss has discussed lascars as a case study of what she calls the ‘Invisible Empire’ (2009: 3). Unacknowledged and unremembered for decades in colonial historiography, lascars populated English vessels since the early days of imperialism until the Second World War. This singular maritime figure of the Indian Ocean is being belatedly incorporated into historiography as well as into contemporary maritime fiction. This paper will analyse the representation of lascars in a selection of recent sea narratives set in the nineteenth century, namely Amitav Ghosh’s Ibis trilogy (2008-2015) and Shahida Rahman’s Lascar (2012). I argue that lascars, as represented in those sea narratives, reveal the potential of transoceanic mobility to destabilise land-locked parameters of culture and nationality in the nineteenth century and are exemplary of the cosmopolitanism that characterised the Indian Ocean waterworlds. Additionally, I aim at demonstrating that lascars are an apt case study to rethink globalization as glocalization, enabling a reading of the global as “plural versions of the local” (Beyer 2007: 98). In this sense, I contend that lascars’ multifarious identities constituted a negotiation between the global and the local that translated in strategies of resistance against the violence of imperialism. This glocal take on identity challenged, I argue, imperial codes of nationality, religion, and culture as fixed categories, prevalent in an unfolding globalization which, far from being a twentieth-century phenomenon, was already spreading and in full activity in the nineteenth century

New Modulation Technique to Mitigate Common Mode Voltage Effects in Star-Connected Five-Phase AC Drives

Star-connected multiphase AC drives are being considered for electromovility applications such as electromechanical actuators (EMA), where high power density and fault tolerance is demanded. As for three-phase systems, common-mode voltage (CMV) is an issue for multiphase drives. CMV leads to shaft voltages between rotor and stator windings, generating bearing currents which accelerate bearing degradation and produce high electromagnetic interferences (EMI). CMV effects can be mitigated by using appropriate modulation techniques. Thus, this work proposes a new Hybrid PWM algorithm that effectively reduces CMV in five-phase AC electric drives, improving their reliability. All the mathematical background required to understand the proposal, i.e., vector transformations, vector sequences and calculation of analytical expressions for duty cycle determination are detailed. Additionally, practical details that simplify the implementation of the proposal in an FPGA are also included. This technique, HAZSL5M5-PWM, extends the linear range of the AZSL5M5-PWM modulation, providing a full linear range. Simulation results obtained in an accurate multiphase EMA model are provided, showing the validity of the proposed modulation approach.This work has been supported in part by the Government of the Basque Country within the fund for research groups of the Basque University system IT978-16 and in part by the Government of the Basque Country within the research program ELKARTEK as the project ENSOL (KK-2018/00040)

Online Context-based Object Recognition for Mobile Robots

This work proposes a robotic object recognition system that takes advantage of the contextual information latent in human-like environments in an online fashion. To fully leverage context, it is needed perceptual information from (at least) a portion of the scene containing the objects of interest, which could not be entirely covered by just an one-shot sensor observation. Information from a larger portion of the scenario could still be considered by progressively registering observations, but this approach experiences difficulties under some circumstances, e.g. limited and heavily demanded computational resources, dynamic environments, etc. Instead of this, the proposed recognition system relies on an anchoring process for the fast registration and propagation of objects’ features and locations beyond the current sensor frustum. In this way, the system builds a graphbased world model containing the objects in the scenario (both in the current and previously perceived shots), which is exploited by a Probabilistic Graphical Model (PGM) in order to leverage contextual information during recognition. We also propose a novel way to include the outcome of local object recognition methods in the PGM, which results in a decrease in the usually high CRF learning complexity. A demonstration of our proposal has been conducted employing a dataset captured by a mobile robot from restaurant-like settings, showing promising results.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Semantic Approach for Discovery and Visualization of Academic Information Structured with OAI-PMH

There are different channels to communicate the results of a scientific research; however, several research communities state that the Open Access (OA) is the future of acad emic publishing. These Open Ac cess Platforms have adopted OAI - PMH (Open Archives Initiative - the Protocol for Metadata Harvesting) as a standard for communication and interoperability. Nevertheless, it is significant to highlight that the open source know ledge discovery services based on an index of OA have not been developed. Therefore, it is necessary to address Knowledge Discovery (KD) within these platforms aiming at studen ts, teachers and/ or researchers , to recover both , the resources requested and th e resources that are not explicitly requested – which are also appropriate . This objective represents an important issue fo r structured resources under OAI - PMH. This fact is caused because interoperability with other developments carried out outside their implementation environment is generally not a priority (Level 1 "Shared term definitions"). It is here , where the Semantic Web (SW) beco mes a cornerstone of this work. Consequently, we propose OntoOAIV, a semantic approach for the selective knowledge disco very an d visu alization into structured information with OAI - PMH, focused on supporting the activities of scientific or academic research for a specific user. Because of the academic nature of the structured resources with OAI - PMH, the field of application chosen is the context information of a student. Finally, in order to validate the proposed approach, we use the RUDAR (Roskilde University Digital Archive) and REDALYC (Red de Revistas Científicas de América Latina y el Caribe, España y Portugal) repositor ies, which imple ment the OAI - PMH protocol , as well as one s tudent profile for carrying out KD

A Parallel Application of Matheuristics in Data Envelopment Analysis

Data Envelopment Analysis (DEA) is a non-parametric methodology for estimating technical efficiency and benchmarking. In general, it is desirable that DEA generates the efficient closest targets as benchmarks for each assessed unit. This may be achieved through the application of the Principle of Least Action. However, the mathematical models associated with this principle are based fundamentally on combinatorial NP-hard problems, difficult to be solved. For this reason, this paper uses a parallel matheuristic algorithm, where metaheuristics and exact methods work together to find optimal solutions. Several parallel schemes are used in the algorithm, being possible for them to be configured at different stages of the algorithm. The main intention is to divide the number of problems to be evaluated in equal groups, so that they are resolved in different threads. The DEA problems to be evaluated in this paper are independent of each other, an indispensable requirement for this algorithm. In addition, taking into account that the main algorithm uses exact methods to solve the mathematical problems, different optimization software has been evaluated to compare their performance when executed in parallel. The method is competitive with exact methods, obtaining fitness close to the optimum with low computational time.J. Aparicio and M. González thank the financial support from the Spanish ‘Ministerio de Economía, Industria y Competitividad’ (MINECO), the ‘Agencia Estatal de Investigacion’ and the ‘Fondo Europeo de Desarrollo Regional’ under grant MTM2016-79765-P (AEI/FEDER, UE)

Influence of ruminal degradable intake protein restriction on characteristics of digestion and growth performance of feedlot cattle during the late finishing phase.

Two trials were conducted to evaluate the influence of supplemental urea withdrawal on characteristics of digestion (Trial 1) and growth performance (Trial 2) of feedlot cattle during the last 40 days on feed. Treatments consisted of a steam-flaked corn-based finishing diet supplemented with urea to provide urea fermentation potential (UFP) of 0, 0.6, and 1.2%. In Trial 1, six Holstein steers (160 ± 10 kg) with cannulas in the rumen and proximal duodenum were used in a replicated 3 × 3 Latin square experiment. Decreasing supplemental urea decreased (linear effect, P ≤ 0.05) ruminal OM digestion. This effect was mediated by decreases (linear effect, P ≤ 0.05) in ruminal digestibility of NDF and N. Passage of non-ammonia and microbial N (MN) to the small intestine decreased (linear effect, P = 0.04) with decreasing dietary urea level. Total tract digestion of OM (linear effect, P = 0.06), NDF (linear effect, P = 0.07), N (linear effect, P = 0.04) and dietary DE (linear effect, P = 0.05) decreased with decreasing urea level. Treatment effects on total tract starch digestion, although numerically small, likewise tended (linear effect, P = 0.11) to decrease with decreasing urea level. Decreased fiber digestion accounted for 51% of the variation in OM digestion. Ruminal pH was not affected by treatments averaging 5.82. Decreasing urea level decreased (linear effect, P ≤ 0.05) ruminal N-NH and blood urea nitrogen. In Trial 2, 90 crossbred steers (468 kg ± 8), were used in a 40 d feeding trial (5 steers/pen, 6 pens/ treatment) to evaluate treatment effects on final-phase growth performance. Decreasing urea level did not affect DMI, but decreased (linear effect, P ≤ 0.03) ADG, gain efficiency, and dietary NE. It is concluded that in addition to effects on metabolizable amino acid flow to the small intestine, depriving cattle of otherwise ruminally degradable N (RDP) during the late finishing phase may negatively impact site and extent of digestion of OM, depressing ADG, gain efficiency, and dietary NE