The Ricardian equivalence under collateral constraints

Este artigo investiga a Equivalência Ricardiana (ER) sob dívida colateralizada, inadimplência, custos de transação e mercados incompletos. A dívida pública é neutra e a RE é válida somente se o custo da transferência de garantias depender linearmente do imposto lump sum e for totalmente compensado. Credores e tomadores devem celebrar um acordo voluntário para compensar quaisquer custos de transferência em caso de descumprimento. Contudo, qualquer perturbação na relação afim assumida compromete a neutralidade da dívida. Não é o custo de transação em si que invalida a RE, mas sim a forma como este custo afeta o endividamento e a restrição orçamentária das famílias. O mecanismo subjacente é o canal de crédito da política fiscal. Sempre que o custo da transferência não é totalmente compensado, há uma sobra de saldo tributário líquido que afeta o conjunto orçamentário e as dotações reais. Isto é fundamentalmente diferente de uma economia com restrições de liquidez porque o canal de crédito da política fiscal é ativo e os custos de transação não compensados levam ao fracasso da ER.This paper investigates the Ricardian Equivalence (RE) under collateralized debt, default, transaction costs and incomplete markets. The public debt is neutral and the RE holds only if the collateral-transfer cost depends linearly on the lump-sum tax and is fully offset. Lenders and borrowers should enter in a voluntary agreement to compensate for any transfer cost under default. However, any perturbation in the assumed affine relation undermines the debt neutrality. It is not the transaction cost per se that invalidates the RE, but rather how this cost affects the households’ indebtedness and budget constraint. The underlying mechanism is the credit channel of the fiscal policy. Whenever the transfer cost is not fully offset, there is a net tax balance leftover that affects the budget set and real allocations. This is fundamentally different from a liquidity constrained economy because the credit channel of the fiscal policy is binding and uncompensated transaction costs lead to the RE failure

A prosódia em sentenças sintaticamente ambíguas do português brasileiro: pistas de duração

Taking into account syntactically ambiguous sentences related to local or to non-local readings, this paper analyses the duration effects spans as clues to prosodic mapping in Brazilian Portuguese sentences. The discussion is about whether BP speakers differentiate the readings by making a syllable longer, according to the prosodic domain of the intended meaning. This way, this paper shows a comparative study on the production of 30 BP speakers of 9 NP1-V-NP2-Attribute sentences, whereas one interpretation guides to a phonological phrase boundary between NP2 and the Attribute, while the other interpretation does not. The prosodic theory of Nespor and Vogel (1986) was chosen to discuss about the topic. . The results have not shown a relevant statistical difference in lengthening when considering only the readings, although they have indicated a strong correlation between the interpretation and the speaker; also, in all meaningful cases there were longer durations when the attribute was related to NP1, that is, where there is a phonological phrase boundary inserted between NP2 and the Attribute.Utilizando sentenças sintaticamente ambíguas pelas posições local e não-local do Atributo, este artigo discute o uso da duração como pista do mapeamento prosódico de sentenças no português brasileiro. O que se questiona é se os falantes diferenciam as leituras via alongamento conforme o domínio prosódico do significado pretendido. Para isso, o presente trabalho é baseado em um estudo comparativo da produção feita por 30 falantes do PB de 9 sentenças do tipo SN1-V-SN2-Atributo, em que, conforme a interpretação, pode haver uma fronteira de frase fonológica entre SN2 e o Atributo. Para efeitos de discussão acerca do tema, a teoria prosódica de Nespor e Vogel (1986) foi adotada. Os resultados encontrados não mostraram diferença estatística significativa na duração do contexto analisado (da última sílaba de SN2 até a primeira sílaba do Atributo) quando apenas as leituras são consideradas, mas apontaram para uma forte correlação entre interpretação e informante, e em todos os casos significativos havia uma duração maior dos contextos analisados quando o Atributo se referia a SN1, isto é, quando havia uma fronteira de frase fonológica entre SN2 e o Atributo

Missa Breve sobre Ritmos Populares Brasileiros, de Aylton Escobar

Este artigo traz uma abordagem analítica da Missa Breve sobre Ritmos Populares Brasileiros, de Aylton Escobar, escrita em 1964, para coro a capella, apresentada nos Estados Unidos, em 1968, no IV Festival Interamericano de Música. O texto apresenta, como procedimento metodológico, um enfoque bibliográfico-analítico, por meio do qual se buscou a compreensão do diálogo entre a música sacro-litúrgica e a tradição popular e folclórica brasileira, que resultou em um hibridismo revelado em diversas frentes. A bibliografia que fundamenta este trabalho tem como principais autores: Bent (2002), Caplin (1998), Carvalho (2000), Cook (1987), De Bonis (2018), Ruwet (1987) e Schoenberg (2008), na área da análise musical; Alvarenga (1960), Andrade (1989), Ayala (1988), Lima (2010), Machado (2012), Marcondes (1977), Neves (2008) e Sautchuc (2009), na contextualização biográfica e pesquisa sobre a música brasileira; e, por fim, dados oriundos de uma entrevista realizada com o próprio compositor, no dia 26 de novembro de 2019. Como considerações finais, o texto aponta os processos de hibridação encontrados na obra, com destaque para a maneira com a qual o compositor concebeu uma missa de considerável importância para o repertório coral brasileiro

Assessment of static posturography and pedobarography for the detection of unilateral forelimb lameness in ponies

Background: Static posturography and pedobarography are based on the detection of postural imbalance and, consequently, the pressure redistribution between limbs in lame subjects. These techniques have proven to be useful for the detection of lameness in humans and dogs. The main objective of this study was to test the suitability of static posturography and pedobarography in diagnosing lameness in ponies. A pressure platform was used to obtain postural data (statokinesiograms, mean X and Y, length, LFS ratio, and mean velocity) from 10 sound ponies and 7 ponies with unilateral forelimb lameness. Static pedobarographic data (pressure distribution, mean pressure, and peak pressure) were also collected and compared with force plate data (peak vertical force and vertical impulse) obtained from the same animals at the walk. Results: Significant differences were seen between lame and sound ponies for almost all evaluated parameters. With this sample size, differences between lame and sound limbs/groups were detected with a statistical power of 90%, except for mean X and Y. Conclusions: Static posturography and pedobarography provide a complementary approach for lameness detection in equids

Assessment of the effect of intraarticular injection of autologous adipose-derived mesenchymal stem cells in osteoarthritic dogs using a double blinded force platform analysis

BACKGROUND: Regenerative medicine using Mesenchymal Stem Cells (MSC) alone or combined with Plasma Rich in Growth Factors (PRGF) is a rapidly growing area of clinical research and is currently also being used to treat osteoarthritis (OA). Force platform analysis has been consistently used to verify and quantify the efficacy of different therapeutic strategies for the treatment of OA in dogs including MSC associated to PRGF, but never with AD-MSC alone. The aim of this study was to use a force platform to measure the efficacy of intraarticular ADMSC administration for limb function improvement in dogs with severe OA. RESULTS: Ten lame dogs with severe hip OA and a control group of 5 sound dogs were used for this study. Results were statistically analyzed to detect a significant increase in peak vertical force (PVF) and vertical impulse (VI) in treated dogs. Mean values of PVF and VI were significantly improved within the first three months post-treatment in the OA group, increasing 9% and 2.5% body weight, respectively, at day 30. After this, the effect seems to decrease reaching initial values. CONCLUSION: Intraarticular ADMSC therapy objectively improved limb function in dogs with hip OA. The duration of maximal effect was less than 3 months

Alocação e configuração de bancos de capacitores utilizando um algoritmo Multiobjetivo NSGA-II: Allocation and configuration of capacitor banks using a Multi-Objective algorithm NSGA-II

O objetivo deste trabalho é realizar a alocação e configuração ótima de bancos de capacitores (fixos ou chaveados) em um sistema de distribuição radial, considerando diferentes patamares de carga, de modo a minimizar as perdas ativas do sistema e o custo dos bancos de capacitores. Para isto, é utilizado o algoritmo multiobjetivo NSGA-II. Os resultados são apresentados através de um sistema radial de 34 barras do IEEE

Beneficial effects of the ethanol extract of Caesalpinia pyramidalis on the inflammatory response and abdominal hyperalgesia in rats with acute pancreatitis

AbstractEthnopharmacological relevanceCaesalpinia pyramidalis Tul. (Fabaceae) is a plant found in the Northeast of Brazil that is popularly used to treat inflammation. Acute pancreatitis (AP) is an inflammatory disease for which abdominal pain is a relevant symptom. As there is no specific therapy for AP, we investigated the effect of the ethanol extract from the inner bark of C. pyramidalis (EECp) on the AP induced by common bile duct obstruction (CBDO) in rats.Material and methodsAP was induced in male Wistar rats (200–250g, n=6–8) through laparotomy and subsequent CBDO. Animals were euthanized after 6 (G6h) or 24h (G24h) of induction. In the G6h protocol, animals were pretreated with EECp (100–400mg/kg, p.o.) or vehicle (Tween 80; 0.2%) 1h before CBDO or sham surgery. For the G24h protocol, rats were pretreated with EECp (400mg/kg, 1h before CBDO or 1h before and 12h after CBDO) or vehicle. The following parameters were measured: inflammatory/oxidative (myeloperoxidase activity and malondialdehyde formation in the pancreas and lung, leukocyte counts in the blood and serum nitrate/nitrite), enzymatic (serum amylase and lipase levels) and nociceptive (abdominal hyperalgesia).ResultsInduction of AP by CBDO significantly increased all the parameters evaluated in both G6h and G24h protocols when compared with the respective sham group. In the G6h protocol, the EECp pretreatment (400mg/kg) significantly reduced all these parameters, besides completely inhibiting abdominal hyperalgesia. The same profile of reduction was observed from two administrations of EECp in the G24h protocol, while one single dose of EECp was able to significantly reduce pancreatic MDA, serum lipase levels, leukocyte counts in the blood and abdominal hyperalgesia without affecting the other parameters in the G24h protocol. Furthermore, rutin was found in the EECp.ConclusionsOur results demonstrated that EECp decreases inflammation, lipoperoxidation and hyperalgesia in CBDO-induced AP, making it of interest in future approaches to treat this condition

Effect of leukocyte-reduced platelet-rich plasma on osteoarthritis caused by cranial cruciate ligament rupture: A canine gait analysis model

The goal of this study was to objectively assess the effect of a platelet-rich plasma (PRP) derivate in English bulldogs with stifle degenerative joint disease secondary to cranial cruciate ligament rupture (CCLR). We used a force platform and affixed electrogoniometers to measure peak vertical force (PVF), vertical impulse (VI), stance time (ST), and angular range of motion (AROM), from 12 lame client-owned English bulldogs with post-CCLR stifle joint abnormalities. The 12 affected subjects were treated with 4 intra-articular injections of PRP, at 30-day intervals. Ten untreated, sound English bulldogs were used as a reference group. Clinical outcomes were evaluated using a linear mixed effects model. Mean values of PVF, VI, ST, and AROM were improved within the first 3 months post-treatment in the CCLR group, with mean measured changes increasing to maximum 4.56% body weight gain, 1.5% body weight/second, 0.07 seconds, and 6.18 degrees, respectively. The effects declined progressively after the treatment interval, ending at nearly initial levels after 6 months. This study demonstrates that dogs with CCLR treated with intra-articular PRP had improved PVF, VI, ST, and AROM over time; the duration of effect was waning by the end of the post-treatment period

Segmentação do mercado consumidor do Distrito Federal conforme o seu comportamento ambiental

The objective of this work is to segment the consumer of the Distrito Federal - DF according to their environmental behavior. To this, from a random sample of 131 questionnaires, was applied the method of factor analysis to define the dimensions representing the environmental behavior of residents in the DF. The analysis revealed the existence of four dimensions, dividing consumers of the DF in the segments: 1) "Concerned by the pollution of garbage"; 2) "Highly aware to the environmental issue"; 3) " Concerned with the financial impact of the resource waste"; 4) "Unconcerned with the environment". Except for the "unconcerned with the environment," strategies of the environmental and social marketing can be effective, since they consider the different needs of specified groups. While the "concerned by the pollution of garbage" valorize the social recognition of their actions the "concerned with the financial impact of the resource waste" prioritize direct and indirect economic benefits. For the "highly aware to the environmental issue" the most important is to demonstrate the effectiveness of green actions, regardless of these will promote social recognition or promote economic advantage for the segment.A segmentação de mercado é importante para entender os anseios de um grupo de consumidores. Com a segmentação é possível direcionar as forças e as ações de marketing ambiental e social para um determinado grupo, surtindo efeito, pois o produto ou a mensagem suprirá as necessidades ou desejos específicos. O objetivo deste trabalho é segmentar o consumidor do Distrito Federal - DF conforme o seu comportamento ambiental. Para tanto, a partir de uma amostra aleatória de 131 questionários, aplicou-se o método da análise fatorial para definir as dimensões representativas do comportamento ambiental dos moradores do DF. A análise revelou a existência de quatro dimensões, dividindo os consumidores do DF nos segmentos: 1) “Preocupados com a poluição do lixo”; 2) “Altamente conscientes com a questão ambiental”; 3) “Preocupados com o impacto financeiro pelo desperdício de recursos”; 4) “Despreocupados com o meio ambiente”. Exceto para os “despreocupados com o meio ambiente”, as estratégias de marketing ambiental e social podem ser efetivas, desde que considerem as necessidades diferenciadas dos grupos especificados. Enquanto os “preocupados com a poluição do lixo” valorizam o reconhecimento social de suas ações, os “preocupados com o impacto financeiro pelo desperdício de recursos” priorizam vantagens econômicas diretas ou indiretas das mesmas. Para os “altamente conscientes com a questão ambiental” o mais importante é demonstrar a efetividade de ações verdes, não importando se essas vão promover algum reconhecimento social ou aferir alguma vantagem econômica para o segmento