Debt-Ridden Equilibria - A Simple Theory of Great Depressions -

The US Great Depression and Japan's lost decade in the 1990s are both characterized as persistent stagnations of economies with debt-ridden corporate sectors subsequent to asset-price collapses. We propose a simple model, in which increases in corporate debt (and/or fluctuations in expectations about the future state of the economy) can account for these episodes. Key ingredients are the assumptions that firms are subject to collateral constraint on liquidity for financing the inputs, and that the firms can hold other firms' stocks as their assets and use them as the collateral. Collateral constraint on inputs interlinks the financial market inefficiency with the factor market inefficiencies; and that the corporate stocks are used as collateral generates an externality of self-reference in stock prices and production, that is, higher stock prices loosen the collateral constraint and lead to higher efficiencies in production, which in turn justify the higher stock prices. It is shown that there exists a continuum of steady-state equilibria indexed by the amount of debt that the firms owe to the consumers: A steady state with a larger debt can be called a debt-ridden equilibrium, since it has more inefficient factor markets, produces less output, and is characterized by lower stock prices. The model provides the policy implication that debt reduction in the corporate sector at the expense of consumers (or taxpayers) may be welfare-improving when the firms are debt-ridden.

Análisis del proceso de abastecimiento y distribución del Programa Nacional de Alimentación Escolar Qali Warma, en la provincia de Parinacochas, región Ayacucho. Periodo 2015.

Las investigaciones actuales evidencian que en países con población infantil pobre, la alimentación escolar contribuye a mejorar sus procesos de aprendizaje. Teniendo en cuenta este hecho, el Estado peruano ha convertido los programas escolares alimentarios en política pública para lograr una educación de calidad. En el Perú la alimentación escolar es un derecho respaldado por el artículo 4 de la ley N° Ley General de Educación Nº28044. El Programa Nacional de Alimentación Escolar Qali Warma (PNAEQW), desde su creación el año 2012 no ha logrado abordar con éxito el proceso de abastecimiento y distribución de productos. Estos procesos tienen problemas en la accesibilidad y en el abastecimiento de alimentos de calidad por los proveedores. Estas limitaciones-entre otras-no han permitido que los alimentos lleguen a todas las instituciones educativas oportunamente. En el presente trabajo se va a conocer, describir y analizar las limitaciones del proceso de compra, el proceso de distribución de alimentos y la percepción de los actores sociales involucrados en estos dos procesos. El estudio se centrará en la provincia de Parinacochas, Ayacucho; enfocando principalmente los ejes económico y logístico. Esta investigación se ha propuesto brindar hallazgos de relevancia para la Gerencia Social, porque indaga aspectos concretos y ofrece propuestas viables para la mejora del mencionado Programa. Los padres de familia y docentes, reconocen la importancia del Comité de Alimentación Escolar y las mejoras de este Programa ya que hay mayor variedad de alimentos y platos mejor elaborados. Otro dato interesante es la solicitud de centros educativos de quintil 3 de pobreza que dicen necesitar el Programa. Un hallazgo, que necesitaría alguna medida al respecto, es la detección del alto costo logístico en muchas escuelas de Parinacochas, por el bajísimo número de alumnos (llegan a veces a diez). Este es el caso del 45,94 % del total de instituciones de la provincia según Resolución de Dirección Ejecutiva N° 1940- 2015… Otro hallazgo son las grandes limitaciones de tiempo y espacio para los procesos de abastecimiento y distribución; es decir territorios inaccesibles; y también el tiempo en contra, sobre todo en la época de lluvia e inundacionesTesi

Uma polka dedicada a um “Bravo official da Armada brasileira” pela Passagem de Humaitá: uma narrativa musical na construção de vultos navais

This article aims to understand the construction of naval figures from a narrative woven in the composition of the passage Humaitá-polka offered to the then Lieutenant Captain Arthur Silveira da Motta, commander of one of the ships that surpassed the fortress considered strategic both for the Paraguayans, who took advantage of the geographical conditions to further strengthen their defensive system, and to the allies, who saw in the conclusion of the forcing the possibility of achieving the goal of deposing the Paraguayan government and then ending the War of the Triple Alliance (1864-1870). Authored by Maria Guilhermina de Noronha e Castro, the composition of 1868, the year in which the passage through Humaitá took place, raises reflections on aspects related to the interface between music and war, such as the relations between artists and the military, revealing the way in which construct narratives that carve national heroes and figures

A Batalha Naval do Riachuelo por Felipe Néri de Barcellos: música, ofício e glória na composição de um voluntário da pátria

This article aims to present a musical composition entitled O Ataque do Riachuelo composed by a Felipe Néri de Barcellos musician from Pernambuco. The musica was composed during the Triple Alliance War against Paraguay, probably shortly after the Riachuelo Naval Battle, which took place in June 1865, as a relevant source for historical study of memories from this event. The goal is to understand how composition about a battle (as important as was the Riachuelo), dialogues with the context of that war, using their social and cultural influences as a starting point

Health Impact Assessment Practice and Potential for Integration within Environmental Impact and Strategic Environmental Assessments in Italy

Avoiding or minimizing potential environmental impact is the driving idea behind protecting a population\u27s health via Environmental Impact Assessments (EIAs) and Strategic Environmental Assessments (SEAs). However, both are often carried out without any systematic approach. This paper describes the findings of a review of HIA, EIA and SEA experiences carried out by the authors, who act as institutional competent subjects at the national and regional levels in Italy. The analysis of how health is tackled in EIA and SEA procedures could support the definition of a protocol for the integration of HIA with EIA and SEA. Although EIA and SEA approaches include the aim of protecting health, significant technical and methodological gaps are present when assessing health systematically, and their basic principles regarding assessment are unsatisfactory for promoting and addressing healthcare concepts stated by the WHO. HIA is still poorly integrated into the decision-making process, screening and monitoring phases are only occasionally implemented, and operational details are not well-defined. The collaborative approach of institutions involved in environment and health is a core element in a systematic advancement toward supporting effective decisions and effective protection of the environment and health. At the Italian national level, the definition of guidelines and tools for HIA, also in relation with EIA and SEA, is of great interest

Collaborative digital and wide format printing : methods and considerations for the artist and master printer

This thesis investigates the collaborative production of fine art digital prints for artists,a process which is used by many contemporary practitioners including Richard Hamilton and Damien Hirst. Digital print as a fine art process has emerged over the last twenty years, and as yet, there is no in depth evidence on the collaborative endeavour and production process which is central to the digital Master Printer’s role. The investigation first establishes the historical context and significance of the Master and Printer in traditional printmaking, and the more recent development of the digital print studio and the digital print pioneers of the 1990s. A series of seven artists’ case studies in the context of the collaborative digital print studio are then offered to demonstrate the working process. The analysis of these proposes a best practice model for Master Printers working with contemporary artists to produce high quality, fine art, wide format inkjet digital prints. The study also compares production methods at the cutting-edge digital facility of the Rijksakademie in The Netherlands, to assess the validity of the practices proposed through a facility closest to the study’s research base at the CFPR’s digital studio. The comparative study also explored the expanding digital production process and the role of the Master Printer. Evolving production processes are also considered in this study as a response to the advancement of digital print technology alongside a practical exploration of what actually constitutes a digital print in this rapidly expanding field of fine art printmaking. This study aims to reveal the inner workings of the digital collaborative process between the artist and Master Printer, and appraise the digital Master Printer’s role. It offers a set of best practice methods for the digital Master Printer developed from this research. The study also considers how the digital print, and the digital print studio may evolve in line with current and future developments in new technologies.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Evaluation of branched GDGTs and leaf wax n-alkane δ2H as (paleo) environmental proxies in East Africa

The role of mountain evolution on local climate is poorly understood and potentially underestimated in climate models. One prominent example is East Africa, which underwent major geodynamic changes with the onset of the East African Rift System (EARS) more than 250 Myr ago. This study explores, at the regional East African scale, a molecular approach for terrestrially-based paleo-climatic reconstructions that takes into account both changes in temperature and in altitude, potentially leading to an improved concept in paleo-climatic reconstructions. Using surface soils collected along pronounced altitudinal gradients in Mt. Rungwe (n=40; Southwest Tanzania) and Mt. Kenya (n=20; Central Kenya), we investigate the combination of 2 terrestrial proxies, leaf wax n-alkane δ2H (δ2Hwax) and branched glycerol dialkyl glycerol tetraether (br GDGT) membrane lipids, as (paleo) elevation and (paleo) temperature proxies, respectively. At the mountain scale, a weak link between δ2Hwax and altitude (R2 = 0.33) is observed at Mt. Kenya, but no relationship is observed at Mt. Rungwe. It is likely that additional parameters, such as decreasing relative humidity (RH) or vegetation changes with altitude, are outcompeting the expected 2H-depletion trend along Mt. Rungwe. In contrast, br GDGT-derived absolute mean annual air temperature (MAAT) and temperature lapse rate (0.65 °C/100 m) for both mountains are in good agreement with direct field measurements, further supporting the robustness of this molecular proxy for (paleo) temperature reconstructions. At the regional scale, estimated and observed δ2H data in precipitation along 3 mountains in East Africa (Mts. Rungwe, Kenya and Kilimanjaro) highlight a strong spatial heterogeneity, preventing the establishment of a regional based calibration of δ2Hwax for paeloaltitudinal reconstructions. Different from that, an improved regional soil calibration is developed between br GDGT distribution and MAAT by combining the data from this study (Mts. Rungwe and Kenya) with previous results from East African surface soils along Mts. Kilimanjaro (Tanzania) and Rwenzori (Uganda). This new regional calibration, based on 105 samples, improves both the R2 (0.77) and RMSE (root mean square error; 2.4 °C) of br GDGT-derived MAAT over the global soil calibrations previously established (R2 = 0.56; RMSE = 4.2 °C) and leads to more accurate (paleo) temperature reconstructions in the region

Spectroscopic infrared scanning near-field optical microscopy (IR-SNOM)

Scanning near-field optical microscopy (SNOM or NSOM) is the technique with the highest lateral optical resolution available today, while infrared (IR) spectroscopy has a high chemical specificity. Combining SNOM with a tunable IR source produces a unique tool, IR-SNOM, capable of imaging distributions of chemical species with a 100 nm spatial resolution. We present in this paper boron nitride (BN) thin film images, where IR-SNOM shows the distribution of hexagonal and cubic phases within the sample. Exciting potential applications in biophysics and medical sciences are illustrated with SNOM images of the distribution of different chemical species within cells. We present in this article images with resolutions of the order of λ/60 with SNOM working with infrared light. With our SNOM setup, we routinely get optical resolutions between 50 and 150 nm, regardless of the wavelength of the light used to illuminate the sample

Newfoundland fairy traditions : a study in narrative and belief

This is a study of fairy traditions in Newfoundland, based on material from the Memorial University of Newfoundland Folklore and Language Archive (mostly student collections made within the past twenty-five years) and on field research on the Avalon Peninsula. It examines meanings and uses of concepts of the fairies, both as identified by informants and as suggested through the collation of texts. I argue that on a textual level meaning can be found in explicit and implicit themes: the first refers to overt narrative content (stories of changelings or going astray, for example), the second to cultural concerns which, I suggest, find metaphorical expression in fairy traditions. Analysis of this kind is subordinated, however, to consideration of the individual narrator and situation, for a contextual, ethnographic approach shows that emic interpretation varies widely, and the same content functions in different ways for different informants. I have sought to avoid abstraction and generalization on the nature and functions of fairy traditions (especially in the matter of belief”) which, in ignoring the individuality of tradition bearers, can result in a partial picture at best, and a distorted one at worst. -- In accordance with this ethnographic emphasis, I have centered all chapters but the first on my informants and the issues their narratives raise. The first chapter sets in international historical context the assertion that modern traditions are but faded remains of a moribund belief system, by showing that this view is both a folk and literary convention of long standing which has rhetorical uses; the proposition that everyone used to believe is shown to be dubious, for even when contextual information is unavailable, it can be seen from content alone that there have always been sceptics. The next six chapters document what people told me, illustrate the complexities of dealing with belief, and conclude that the fairies, amorphous and polymorphous, have always been eminently adaptable and continue to lend themselves to a multiplicity of uses