Sticky Prices or Sticky Information?
In: BNL Quarterly Review, voI. LX, no. 241, June 2007, pp. 167-94.
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In: BNL Quarterly Review, voI. LX, no. 241, June 2007, pp. 167-94.
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Este artículo documenta un aumento secular en la proporción de compras del sector privado en el gasto de consumo del gobierno: con el tiempo, el gobierno compra relativamente más bienes del sector privado y depende menos de su propia producción de valor agregado. Construimos un modelo de equilibrio general en el que el cambio tecnológico específico de la inversión explica la variación en la estructura del gasto público. El modelo predice que este proceso secular altera la transmisión de los shocks de gasto público, al aumentar la respuesta del valor añadido privado, mientras que la respuesta de las horas trabajadas se reduce. Validamos estos resultados con evidencia empírica novedosa sobre los efectos del gasto público ; We document a secular increase in the share of purchases from the private sector in government consumption spending: over time the government purchases relatively more private-sector goods, and relies less on its own production of value added. We build a general equilibrium model in which investment-specific technological change accounts for the changing structure of government spending. The model predicts that this secular process alters the transmission of government spending shocks by raising the response of private value added, while dampening the response of hours. We validate these results with novel empirical evidence on the effects of government spending across countries
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In: CEPR Discussion Paper No. DP15797
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Working paper
In: University of Zurich, Department of Economics, Working Paper No. 250
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Working paper
In: European review of economic history: EREH, Band 19, Heft 2, S. 171-194
ISSN: 1474-0044
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We analyze the microeconomic behavior of each bank in response to the crisis and find that, overall, the banks of issue performed well during the crisis. The Bank of Spain resulted as the most destabilizing institute due to its involvement with a Government on the brink of default.
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In: The economic journal: the journal of the Royal Economic Society, Band 133, Heft 649, S. 30-69
ISSN: 1468-0297
Abstract
We document the emergence of spatial polarisation in the United States during the 1980–2008 period. This phenomenon is characterised by stronger employment polarisation in larger cities, both at the occupational and the worker levels. We quantitatively evaluate the role of technology in generating these patterns by constructing and calibrating a spatial equilibrium model. We find that faster skill-biased technological change in larger cities can account for a substantial fraction of spatial polarisation in the United States. Counterfactual exercises suggest that the differential increase in the share of low-skilled workers across city size is due mainly to the large demand by high-skilled workers for low-skilled services and, to a smaller extent, to the higher complementarity between low- and high-skilled workers in production relative to middle-skilled workers.
In: ECB Working Paper No. 1561
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In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 39, Heft 6, S. 2597
ISSN: 1679-0359
The crossbreeding between dairy cow breeds has been used as an alternative to improve some characteristics such as milk composition, udder health, and reproductive aspects on dairy herds. The aim was to compare growth, milk yield and composition, and mammary gland health of crossbred Holstein x Simmental and purebred Holstein cows. Data were gathered from a farm located in Santa Catarina state, south of Brazil. Cow growth was assessed by weighing calves and heifers monthly. Yet for milk yield and udder health, data were taken from records of the official Dairy Herd Improvement Program carried out in the evaluated farm. These data were subjected to variance analysis using the MIXED procedure of SAS statistical software. Non-linear regressions were used to adjust the data to the growth curves. The crossbred Holstein x Simmental cows produced more milk than did purebreds (31.8 kg/day vs. 30.4 kg/day; p < 0.05), with higher contents of lactose (4.63% vs. 4.53%) and protein (3.14% vs. 3.03%), but no differences in fat content (3.00 vs. 2.96). Purebred cows had higher somatic cell score (SCS) 4.49 vs. 2.93 (P < 0.0001). Furthermore, no differences were found for the growth of calves and heifers. In conclusion, crossbred Holstein x Simmental cows have higher energy corrected milk as the Holstein ones, whit greater uncorrected milk yield only for cows with three or more lactations. Crossbreeds cows produce milk with better quality, indicated by lower SCS and higher solids content, besides showing a lower SCS and no differences regarding weight gain of calves and heifers.
In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 40, Heft 1, S. 203
ISSN: 1679-0359
The defatted dry extract (DDE) comprises of the solid constituents of the milk, except for the fat, and must have a minimum established content of 8.4% for raw milk in Brazil. The objective was to evaluate the effects of commercialized milk volume, somatic cell count (SCC) and total bacterial count (TBC) on the DDE content of dairy farm milk samples. The sampling included data from monthly milk analyzes of dairy farms, which supply four dairy industries located in the state of Santa Catarina, Paraná and Rio Grande do Sul, and comprised of 106.470 observations sampled in 2015.The data were submitted to variance and regression analysis. To evaluate the influence of the volume of milk commercialized by the farmers, the SCC and TBC levels, and the levels of DDE, the values of these explanatory variables were stratified in quintiles. The mean DDE was 8.55%, with 25.6% of the samples being below the established minimum. In regard to the volume of milk marketed by the farmers, seasonal variations were observed in all quintiles of dairy farms analyzed, but with lower levels of DDE in milk samples from small farms throughout the year. Samples of milk with high TBC and, especially high SCC, presented lower percentage of DDE during the year. It is concluded that the DDE content of milk is related to the season of the year, the production volume per dairy, SCC and TBC.
O extrato seco desengordurado (ESD) compreende os constituintes sólidos do leite, excetuando-se a gordura, devendo apresentar teor mínimo estabelecido de 8,4% para leite cru no Brasil. Objetivou-se avaliar efeitos do volume de leite comercializado, contagem de células somáticas (CCS) e contagem bacteriana total (CBT) sobre o teor de ESD em amostras de leite de estabelecimentos rurais. A amostragem contemplou dados de análises mensais de leite de estabelecimentos rurais, fornecedores para quatro laticínios localizados nos estados de Santa Catarina, Paraná e Rio Grande do Sul, sendo composta por 106.470 observações amostradas em 2015. Os dados foram submetidos à análise de variância e de regressão. Para avaliar a influência do volume de leite comercializado pelos produtores, nível de CCS e nível da CBT, sobre os teores de ESD, os valores destas variáveis explanatórias foram estratificados em quintis. A média do ESD foi de 8,55%, sendo que 25,6% das amostras estavam abaixo do mínimo estabelecido. Quanto ao volume de leite comercializado pelos produtores, observou-se variação sazonal em todos os quintis de estabelecimentos rurais analisados, porém com teores mais baixos de ESD em amostras de leite de pequenos produtores ao longo de todo o ano. Amostras de leite com elevada CBT e, especialmente alta CCS, apresentaram menores percentuais de ESD durante o ano. Conclui-se que o teor de ESD do leite está relacionado com a época do ano, o volume de produção por propriedade leiteira, com a CCS e com a CBT. ; The defatted dry extract (DDE) comprises of the solid constituents of the milk, except for the fat, and must have a minimum established content of 8.4% for raw milk in Brazil. The objective was to evaluate the effects of commercialized milk volume, somatic cell count (SCC) and total bacterial count (TBC) on the DDE content of dairy farm milk samples. The sampling included data from monthly milk analyzes of dairy farms, which supply four dairy industries located in the state of Santa Catarina, Paraná and Rio Grande do Sul, and comprised of 106.470 observations sampled in 2015.The data were submitted to variance and regression analysis. To evaluate the influence of the volume of milk commercialized by the farmers, the SCC and TBC levels, and the levels of DDE, the values of these explanatory variables were stratified in quintiles. The mean DDE was 8.55%, with 25.6% of the samples being below the established minimum. In regard to the volume of milk marketed by the farmers, seasonal variations were observed in all quintiles of dairy farms analyzed, but with lower levels of DDE in milk samples from small farms throughout the year. Samples of milk with high TBC and, especially high SCC, presented lower percentage of DDE during the year. It is concluded that the DDE content of milk is related to the season of the year, the production volume per dairy, SCC and TBC.
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In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 39, Heft 6, S. 2749
ISSN: 1679-0359
The aim of this study was to evaluate the composition, voluntary intake, and digestibility of the diet of Holstein cows, as well as milk yield and milk composition as a function of different roughage sources used under experimental feeding conditions in Brazil, through meta-analysis. The database of this study consisted of 109 experiments with 424 treatments of 3,903 lactating Holstein cows. The data were obtained from studies published between January 2000 and December 2015, and were evaluated by variance analysis. Lactating dairy cow diets with a single source of roughage other than corn silage resulted in lower voluntary intake, milk yield, and differences in milk composition, compared to diets based on corn silage or the combination of two roughages, probably due to reduced nutrient digestibility. Diets based on corn silage are distinguished by feed efficiency, milk yield, and composition. Diets based on the combination of two roughage sources are similar with respect to milk yield and composition, compared to diets based on corn silage; whereas, diets with a single source of roughage (other than corn silage), even when containing a higher proportion of concentrate, led to reduced voluntary intake, milk yield, and food efficiency due to the lower utilization of the nutrients. Diets based on corn silage in general allow a higher proportion of roughage in the diet due to energy density.
In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 37, Heft 4Supl1, S. 2641
ISSN: 1679-0359
This study evaluated the factors influencing the variation in the lactose content of milk in Holstein and Jersey herds in Santa Catarina, southern Brazil, using multivariate analysis. Data from 73 dairy herds in the Dairy Herds Improvement Program of the State of Santa Catarina were provided by the Santa Catarina Association of Cattle Breeders (ACCB). A total of 46,242 monthly records of Holstein and Jersey (59 and 41 % of the total records, respectively) cows from 2009 to 2012 were analyzed using multiple correspondence, factor, and cluster analyses. Lactose content was observed to correlate with somatic cell count and parity, whereas the evaluated breeds, as well as the production and concentrations of fat and protein in the milk, were not associated with the lactose content. The cows were categorized into three groups, the first consisting of cows of both breeds with low lactose content (4.19), high somatic cell score (5.82), and higher parity (2.50), contrasting with two other groups each with mean values characteristic for Holstein and Jersey breeds, respectively. Analysis of cows without subclinical mastitis ( < 200,000 somatic cells ml-1) revealed that the relationship of parity with lactose level was independent of the effect of somatic cells. Lactose contents less than 4.4 % were observed in autumn. Overall, the present study suggests that the lactose content of milk is influenced by somatic cell count and parity and that it varies seasonally; however, it is not related to breed, milk yield, milk fat content, or milk protein level.
In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 38, Heft 1, S. 503
ISSN: 1679-0359
The objective of the present study was to perform a meta-analysis that compared the chemical composition of corn silage produced for different experimental purposes, i.e., by research groups that studied corn silage (SCS) or by research groups that only used corn silage (UCS) as a form of roughage. We analyzed 203 papers that were published between January 1994 and December 2014 and contained a total of 647 treatments and the analysis of 1701 silos. We found a significant difference (P < 0.0001) in the dry matter (DM) content of SCS silage (33.00%) and that of UCS silage (30.64%). The DM contents of neutral detergent fiber for the SCS and UCS silage were high (54.72 and 55.14% DM, respectively) but were not significantly different from one another (P = 0.5936), and the acid detergent fiber content of the UCS silage (31.04% DM) was higher than that of the SCS silage (29.65%, P = 0.0214), which indicated that the UCS silage was less digestible than the SCS silage. This was also corroborated (P = 0.0064) by the mean content of total digestible nutrients (64.18% DM) in the UCS silage, which likely results from the lower level of care taken when using standard silage production methods, compared to that taken by SCS researchers. Therefore, we concluded that the corn silage produced by research groups in Brazil are not analyzed in full and that, as a result, there is a paucity of important information, such as the content of organic acids. In addition, we also found that corn silage produced in Brazil contains a high level of neutral detergent fiber.
In: Semina: revista cultural e científica da Universidade Estadual de Londrina. Ciências agrárias, Band 41, Heft 1, S. 237
ISSN: 1679-0359
The objective of this study was to conduct a meta-analysis of scientific publications from January 1994 to December 2014, to evaluate the chemical composition of corn plants, green forage, and silages of three different types of maize hybrids (simple, double, and triple) used in experimental conditions in Brazil. The sub-bases Corn Cultivation and Green Fodder were composed of 49 experiments, consisting of 481 treatments, and the sub-base Silage consisted of 24 studies composed of 163 treatments, involving 478 silos. In the Corn Cultivation sub-base, the variables of spacing, plant height, grain yield, organic matter content, and total carbohydrates of maize silage differed (P < 0.05) according to the hybrid type. The number of corn plants per hectare, number of spikes per plant, and the levels of neutral detergent fiber, acid detergent fiber, hemicellulose, and lignin did not differ (P > 0.05) according to the hybrid type. In the Green Forage sub-base (ensilage), the main difference (P < 0.05) was regarding the in vitro dry matter digestibility, whereby the triple hybrids (59.38%) had lower values than the simple (73.05%) and double (72.74%) hybrids. In the Silage sub-base, the variables of organic matter, total carbohydrates, cellulose, in vitro dry matter digestibility, and pH differed (P < 0.05) according to the hybrid type. While the variables dry matter, non-fibrous carbohydrates, neutral detergent fiber, acid detergent fiber, hemicellulose, lignin, total digestible nutrients, ethereal extract, crude protein, and ammonium nitrogen did not differ (P > 0.05) according to the hybrid type. The variability in the determination of parameters, such as dry matter yield, dry matter content, and non-fibrous carbohydrates of corn silage, and the non-determination of the starch content demonstrated that the chemical compositions of Brazilian corn silage have not yet been fully clarified. The types of maize hybrids (simple, double, and/or triple) mainly differ in terms of grain production. In many situations, the silage processes are not conducted in an ideal way, and the differences as a function of the maize plants (type of hybrid) are minimized due to losses during the ensiling process.