Real Wages and Labor-saving Technical Change: Evidence from a Panel of Manufacturing Industries in Mature and Labor-surplus Economies

This paper uses panel cointegration and error correction models to unveil the direction of long-run causality between the real product wage and labor productivity at the industry level. I use two datasets of manufacturing industries: the EU-Klems dataset covering 11 industries in 19 developed economies, and the Unido Industrial Statistics Database covering 22 industries in 30 developed and developing economies. In both datasets, I find evidence of cointegration between the two variables, as well as evidence of two-way, long-run Granger causality. These findings are consistent with theories of directed technical change, which claim that a rise in labor costs sparks the adoption of labor-saving innovations. They are also consistent with distributive theories whereby real wages keep apace of labor productivity growth, giving rise to long-run stability in functional distribution

Distributed drone base station positioning for emergency cellular networks using reinforcement learning

Due to the unpredictability of natural disasters, whenever a catastrophe happens, it is vital that not only emergency rescue teams are prepared, but also that there is a functional communication network infrastructure. Hence, in order to prevent additional losses of human lives, it is crucial that network operators are able to deploy an emergency infrastructure as fast as possible. In this sense, the deployment of an intelligent, mobile, and adaptable network, through the usage of drones—unmanned aerial vehicles—is being considered as one possible alternative for emergency situations. In this paper, an intelligent solution based on reinforcement learning is proposed in order to find the best position of multiple drone small cells (DSCs) in an emergency scenario. The proposed solution’s main goal is to maximize the amount of users covered by the system, while drones are limited by both backhaul and radio access network constraints. Results show that the proposed Q-learning solution largely outperforms all other approaches with respect to all metrics considered. Hence, intelligent DSCs are considered a good alternative in order to enable the rapid and efficient deployment of an emergency communication network

An empirical analysis of Minsky regimes in the US economy

In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky’s financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky’s definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the evolution of Minskian regimes. We highlight striking growth in the share of Ponzi firms in the post-1970 US, concentrated among small corporations. This secular growth in the incidence of Ponzi firms is consistent with the possibility of a long wave of increasingly fragile finance in the US economy. Second, we explore the possibility of short-run Minskian dynamics at a business-cycle frequency. Using linear probability models relating firms’ probability of being Ponzi to the aggregate output gap, which captures short-term macroeconomic fluctuations exogenous to individual firms, we find that aggregate downturns are correlated with an al- most zero increased probability that firms are Ponzi. This result is corroborated by quantile regressions using a continuous measure of financial fragility, the interest coverage ratio, which identify almost zero effects of short-term fluctuations on financial fragility across the interest coverage distribution. Together, these results speak to an important question in the theoretical literature on financial fragility regarding the duration of Minskian cycles, and lend support, in particular, to the contention that Minskian dynamics may take the form of long waves, but do not operate at business cycle frequencies

The Empirical Analysis of Minsky Regimes in the U.S. Economy

In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky’s financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky’s definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the evolution of Minskian regimes. We highlight striking growth in the share of Ponzi firms in the post-1970 US, concentrated among small corporations. This secular growth in the incidence of Ponzi firms is consistent with the possibility of a long wave of increasingly fragile finance in the US economy. Second, we explore the possibility of short-run Minskian dynamics at a business-cycle frequency. Using linear probability models relating firms’ probability of being Ponzi to the aggregate output gap, which captures short-term macroeconomic fluctuations exogenous to individual firms, we find that aggregate downturns are correlated with an almost zero increased probability that firms are Ponzi. This result is corroborated by quantile regressions using a continuous measure of financial fragility, the interest coverage ratio, which identify almost zero effects of short-term fluctuations on financial fragility across the interest coverage distribution. Together, these results speak to an important question in the theoretical literature on financial fragility regarding the duration of Minskian cycles, and lend support, in particular, to the contention that Minskian dynamics may take the form of long waves, but do not operate at business cycle frequencies

Innovación en la gestión de termoeléctricas en el Amazonas: Reducción del consumo y aumento de la eficiencia por medio del reaprovechamiento de residuos

Este estudio propone una innovación de proceso que, por medio del tratamiento y el reaprovechamiento de residuos de fueloil, reduce el consumo de combustible y aumenta la eficiencia en las plantas termoeléctricas. En el contexto habitual de plantas movidas con fueloil, el tratamiento del combustible genera residuos destinados al desecho.La innovación significa pasar todo el residuo oleoso delcombustible por una nueva estación de tratamiento que,por centrifugación separa el aceite tratado, el agua y loscontaminantes. Las termoeléctricas de fueloil en Brasil generan alrededor de 4000 MWh, cuando están en plena operación. Como promedio son producidas cerca de 150 toneladas de residuo de fueloil al mes. En este trabajo cerca del 65% de este volumen puede ser recuperado y reutilizado en la generación de energía eléctrica, aumentando en hasta un 2,7% la eficiencia de las plantas generadoras de electricidad. Con este nuevo tratamiento y modelo de gestión es posible generar economía en la adquisición de combustibles fósiles, así como obtener una reducción en la generación de residuos de desecho y consecuentemente los impactos ambientales causados por las termoeléctricas movidas con fueloil

Nouvel Oriocrassatellinae du Pennsylvanien du Brésil et distribution spatio-temporelle d’Oriocrassatella

Oriocrassatella Etheridge Jr., 1907 is a long range crassatellid bivalve genus well recognized in shallow waters of epeiric seas throughout the upper part of Paleozoic. The first occurrences of this genus are recorded in the sedimentary successions of the Gondwana, both in Australia and South America. However, the geographic and age distribution of Oriocrassatella in Late Mississippian deposits of Australia and Argentina may indicate an earliest Visean or even a pre-Visean origin for the genus. Following its origin in Early Carboniferous a complex paleobiogeographic history from Southern to Northern Hemisphere took place in the Permian. During its initial dispersal phase from Late Carboniferous to the Early Permian the genus thrived in cold water environments associated to the Late Paleozoic Gondwana glaciation. Shallow-water bottoms of the warm waters of the central Gondwana fringe and Laurussia were colonized by Oriocrassatella only during Early Permian times when the genus became cosmopolitan. A new species of this genus is described herein, Oriocrassatella piauiensis n.   sp., recorded from the Piauí Formation, Pennsylvanian of the Parnaíba Basin. This new species may represent an early adaptation to warm waters. However, based on available data, species of this genus seem to have adapted definitely to warm water environments probably related the Late Pennsylvanian interglacial phases. In these phases, climatic barrier were interrupted allowing the faunal interchange and larval dispersion following a South to North migration route through the eastern margins of Gondwana and the eastern Paleotethys.Oriocrassatella Etheridge Jr., 1907 est un crassatellidé à large distribution stratigraphique, bien connu dans les mers épicontinentales en eaux peu profondes, caractéristique du Paléozoïque supérieur. Ce genre apparaît pour la première fois dans des dépôts sédimentaires du Gondwana, en Australie et en Amérique du Sud. D’après sa distribution spatio-temporelle dans des dépôts du Mississippien supérieur, Oriocrassatella serait originaire du début du Viséen, ou même pré-viséenne. Par la suite, depuis le Carbonifère inférieur jusqu’au Permien, ce genre a eu une histoire paléobiogéographique complexe allant de l’hémisphère Sud vers l’hémisphère Nord. Pendant la phase initiale de dispersion à partir du Carbonifère supérieur jusqu’au Permien inférieur, ce genre a prospéré dans un milieu dominé par des eaux froides du Gondwana, suite à la glaciation du Paléozoïque supérieur. Les eaux littorales chaudes du Gondwana central et de Laurussia ont été colonisées par Oriocrassatella uniquement durant le Permien inférieur, parce que ce genre est devenu cosmopolite. Une espèce nouvelle, O. piauiensis n. sp., est décrite de la Formation Piauí du Pennsylvanien du bassin du Parnaíba ; elle pourrait représenter une première adaptation aux eaux chaudes. En outre, et en s’appuyant sur les données disponibles, d’autres espèces d’Oriocrassatella se seraient aussi définitivement adaptées à des milieux en eaux chaudes au cours des périodes interglaciaires du Pennsylvanien tardif, car des barrières climatiques ont disparu, favorisant des échanges de faune avec dispersion des larves, et migration du sud vers le nord le long des bordures est du Gondwana et de la Paléotéthys.Fil: Anelli, Luiz E.. Universidade de Sao Paulo; BrasilFil: Simões, Marcello G.. Universidade Estadual Paulista Julio de Mesquita Filho; BrasilFil: Gonzalez, Carlos Roberto. Fundación Miguel Lillo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán; ArgentinaFil: Souza, Paulo A.. Universidade Federal do Rio Grande do Sul; Brasi

Monitoramento da população do besouro Rhynchophorus palmarum em dendezais no município de Igarapé-Açu, Pará.

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