We consider an economy under a fixed exchange rate system, but with bounds (a minimum level or a band) on the real exchange rate. The international price of the tradable good is characterized by the continuous arrival of shocks that change its level. In a model with microfoundations, we investigate the effects of targeting the real exchange rate through nominal exchange rate changes that preclude the real exchange from trespassing the imposed bounds. A stochastic general model with two goods and fixed non-tradable goods price level is developed. We analyze the cases in which a lower bound or a band on the real exchange rate is introduced. The general conclusion is that when bounds are established, then welfare effects can be expected, which are generated at the expense of the levels of consumption that go in the opposite direction than what policy intended. This short-run effect is present even in the case the targeting policy is never exercised. This result is similar to the one we find in the target zones literature, in the sense that just the existence of this tolerance band changes the behavior of the economy. An interesting result is that, in the case in which home goods prices are fixed, the imposition of the band on the real exchange rate does not change its behavior within the band. However, this result is not true of other real variables in the economy. In other words, although the targeted variable within the band behaves identically to the case in which there are no bounds, the rest of the real variables in the economy behave differently, even if the targeted variable remains within the band and the escape clause is not triggered.

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The objective of this study is to compare the caloric expenditure and oxidative sources of underwater treadmill running and land-based treadmill running at maximal and submaximal levels. Underwater running has emerged as a low load bearing form of supplementary training for cardiovascular fitness, as a way to promote recovery from strenuous exercise while maintaining aerobic fitness, and as a way to prevent injury. Prior studies have reported conflicting results as to whether underwater treadmill running elicits similar cardiorespiratory responses to land-based running. It is important to further investigate the similarities and differences between the two to determine if underwater running is as efficient as land-based running for maintenance of fitness and for rehabilitative purposes. Purpose: To compare the caloric expenditure and oxidative sources of underwater treadmill running and land treadmill running during both maximal treadmill trials to exhaustion and during 30 minute submaximal treadmill trials. Methods: 11 volunteer experienced male triathletes, ages 18-45 were recruited as participants. Each completed 6 trials total which included a maximal and submaximal oxygen consumption trial for each of three conditions: running on a water treadmill with AQx® water running shoes, running on a water treadmill without shoes, and running on a land-based treadmill. Data analysis: Data was analyzed using repeated measures ANOVAs, paired t-tests, pairwise comparisons with bonferroni adjustments, and descriptive statistics were reported. Results: For maximal oxygen consumption trials VO2, RPE, RER, and BP were not significantly different between modalities. Maximal HR was found to be significantly different between modalities, and was shown to be greater on land than in the water. For submaximal VO2, trials HR, RPE, RER, and post BP were not found to be significantly different between modalities. Average VO2, total calories expended, and pre systolic BP were found to be significantly different, and were shown to be greater on land than in water. Conclusions: While maximal exertion running on underwater treadmills seems to elicit similar cardiorespiratory responses to running on land-based treadmills, differences were seen at submaximal exertion levels. It remains unclear whether underwater treadmill running can elicit similar training stimuli as land running at submaximal levels.

Submitted by Automa??o e Estat?stica (sst@bczm.ufrn.br) on 2017-03-20T22:25:46Z No. of bitstreams: 1 RafaeleSabrinaBarbosaPereira_DISSERT.pdf: 5752486 bytes, checksum: 0bf019e2a266290708f317664b44e04e (MD5) / Approved for entry into archive by Arlan Eloi Leite Silva (eloihistoriador@yahoo.com.br) on 2017-03-24T00:14:46Z (GMT) No. of bitstreams: 1 RafaeleSabrinaBarbosaPereira_DISSERT.pdf: 5752486 bytes, checksum: 0bf019e2a266290708f317664b44e04e (MD5) / Made available in DSpace on 2017-03-24T00:14:46Z (GMT). No. of bitstreams: 1 RafaeleSabrinaBarbosaPereira_DISSERT.pdf: 5752486 bytes, checksum: 0bf019e2a266290708f317664b44e04e (MD5) Previous issue date: 2015-09-01 / Cometas, planetas, luas e constela??es foram, ao longo de civiliza??es, representados por pintores, arquitetos e escultores por meio de imagens e mapas celestes e mapas zodiacais. Na cultura renascentista, essas imagens estiveram, por exemplo, nas ab?bodas do pal?cio de Schifanoia em Ferrara, tal como em diversas gravuras de Albrecht D?rer, como apontou Aby Warburg e, posteriormente, Erwin Panofsky. Nessa escrita, apontamos que as gravuras, a saber, O sifil?tico (1494), O astr?nomo (1500) e A mulher com zod?aco (1502), Melencolia I (1514), atribu?das a D?rer, poderiam fazer parte de temas, especialmente, da astrologia, recorrentes em outras gravuras de seu per?odo. Para isso, partiremos da rela??o entre imagem e texto presente nas imagens elencadas, de acordo com a perspectiva de W.J.T. Mitchell. Assim, visamos entender como as imagens podem, atrav?s de sua visualidade, ajudar a compor um per?odo em que o pensamento era concebido por determinadas correspond?ncias entre o homem e os astros, a partir da ideia do homem como um microcosmo. Assim sendo, para entender essa dada forma de se organizar atrav?s de um espa?o correspondente, ou atrav?s de uma vis?o de mundo, no qual os astros tinham lugar especifico, apontamos para a categoria espa?o m?tico tal qual apontada segundo a perspectiva do ge?grafo Yi-Fu Tuan. / Comets, planets, moons and constellations, were throughout civilizations, represented by painters, architects and sculptors through pictures, celestial maps and zodiacal maps. In Renaissance culture these images were, for instance, in the vaults of the Schifanoia Palace in Ferrara, as well as in several prints by Albrecht D?rer as pointed by Aby Warburg and later, Erwin Panofsky. In this writing, we point out that the pictures, namely, The Syphilitic (1494), Astronomer (1500) and The Woman with Zodiac (1502), Melencolia I (1514) attributed to D?rer could be part of subjects, especially, astrology, recurring in other prints in hisage. In order to develop this idea, we start from the relationship between picture and text present in the listed images, according to the perspective of WJT Mitchell. Thus, we aim to understand how pictures can through their visuality helped the composing of a time when the thought was conceived by certain correspondences between man and the stars, from the idea of mankind as a microcosm. Therefore, to understand this given way to organize life through a corresponding space or through a worldview in which the stars had a specific place, we point to the category mythical space as it is presented in the geographer Yi-Fu Tuan?s perspective.

Magister Commercii - MCom / The purpose of this study was to evaluate econometrically the effects of real exchange rate misalignment on South African exports between the period 1994 and 2015 using quarterly time-series data. Cointegration tests were done using the Johansen and Juselius approach. The study examined the effects of real exchange rate misalignment of the rand on South Africa’s exports, namely manufactured goods exports, automotive and chemical exports, mining exports, machinery and transport equipment exports and agricultural exports, on both an aggregate and a sectoral level. The long run impact of real exchange rate misalignment on total exports was found to be negative and significant, implying that real exchange rate misalignment negatively affects exports. In the short run, misalignment of the currency was found to enhance export growth and is not sustainable in the long run. On the sectoral level, the study found that in the long run exports are influenced by real exchange rate misalignment with varying sensitivity. Manufactured goods exports, automotive and chemical exports and machinery and transport equipment exports are all negatively affected by real exchange rate misalignment. On the contrary, mining exports and agricultural exports are positively affected by real exchange rate misalignment. Therefore, if an export-led growth path is envisaged for the South African economy, it is important for monetary and fiscal policy to be conducted in such a manner that ensures stability in the real exchange rate at an appropriate level. This will ultimately aid export competitiveness for South Africa. Based on the findings of this study, the researcher recommends that misalignment of the currency should be avoided at all costs.

Masters of Commerce / The purpose of this study was to evaluate econometrically the effects of real exchange rate misalignment on South African exports between the period 1994 and 2015 using quarterly time-series data. Cointegration tests were done using the Johansen and Juselius approach. The study examined the effects of real exchange rate misalignment of the rand on South Africa’s exports, namely manufactured goods exports, automotive and chemical exports, mining exports, machinery and transport equipment exports and agricultural exports, on both an aggregate and a sectoral level.

Det finns både privata och kommunala aktörer på fastighetsmarknaden. Det finns vissa skillnader och likheter mellan hur dessa två olika aktörer agerar på marknaden. Aktörerna kan i vissa avseenden drivas av olika incitament för att investera i en viss fastighet, samtidigt finns det också många avseenden när de olika aktörerna arbetar på ett likartat vis. Ofta associerar man privata aktörer med vinstmaximering och tillväxt, där det hela tiden är fokus att göra tunga investeringar med så bra avkastning som möjligt. Medan man associerar kommunala fastighetsaktörer med ett samhällsansvar där det primära är att driva samhällsutvecklingen framåt. Stämmer dessa associationer med verkligheten eller hur arbetare dessa två olika aktörer i praktiken? Syftet är att efter denna studien ska man som läsare få en klarare bild om hur dessa två aktörer arbetar.Metoden som används till denna studie är en kvalitativ metod. Valet av en kvalitativ metod grundas i att det är den mest passande metoden för att kunna besvara denna studies frågeställning. Syftet är att förmedla en förståelse hur två olika aktörer kan agera på en och samma marknad och om det finns några likheter och skillnader. För att kunna få svar på detta utgår studien från frågeställningarna:- Arbetar olika aktörer i fastighetsbranschen på ett likvärdigt sätt vid investering av fastigheter?- Finns det olika incitament som driver de olika aktörerna att agera olika på fastighetsmarknaden med avseende på fastighetsinvesteringar?Vad som kommit fram i studien är att både privata och kommunala aktörer arbetar på ett likartat sätt i många avseenden vad det bland annat gäller riskhantering och värdering av fastigheter. Vid riskarbetet arbetar båda aktörerna med att identifiera och klassificera riskerna som fastighetsmarknaden innebär för att kunna förbereda bolaget på dessa. Vid värdering av fastigheterna används likvärdiga metoder, dessa metoder är kassaflödesmetoden samt ortsprismetoden. Vad som skiljer aktörerna åt i värderingsarbetet är i vilken utsträckning de utför värderingarna internt inom bolaget. Man kan även tydligt se att det som skiljer aktörerna mer övergripande är deras olika målsättning, vinstintresse samt ägarformer.Studiens nyckelord är: Privata aktörer, kommunala aktörer, fastighetsvärdering, företagsmålsättning, samt risker. / There are several different participants in the real estate market, two of which are private and municipal actors. There are some differences and similarities between how these two participants act on the market. In some perspectives the participants can be driven by different incentives to invest in a particular property, while at the same time there are many aspects when different participants work in a similar way. Often private participants associate with profit maximization and growth, where the focus is always making heavy investments with as good return as possible. While associating municipal property participants with social responsibility where the primary is to drive social development forward. Are these associations true to reality or how do these two different participants work? The aim of this study it to get the readers a clearer picture of how these two participants work.The method used for this study is a qualitative method. The choice of a qualitative method is based on the fact that it is the most appropriate method for answering the question of this study. The purpose it to convey an understanding of how two different participants can act in one ant the same market and if there is any similarities and differences. To answer this, the study is based on these questions:- Does different real estate participants work in an equal way when investing in real estates? - Are there different incentives that drive different participants to invest in different types of real estates?What has come from this study it that both private and municipal participants work in a similar way in many perspectives, for example, regarding risk management and valuation of real estates. In risk management, both actors work to identify and classify the risk that real estate market entails in order to prepare the company for these. In valuation of properties, similar methods are used, these methods are the cash flow method and comparison method. What distinguishes the players in the valuation work is to what extent they perform the values internally within the company. It can also be clearly seen that what sets the participants more general is their different company goals, profit interests and forms of ownerships.Keywords for this study is: Private participants, municipal participants, real estate valuation, corporate, and risk.

The Current Account and Balance of Payments: Implications towards the Real Exchange Rate, GDP Growth, Asset Prices and Stability Abstract in English In the aftermath of the global financial crisis, large global imbalances among countries' current account have been cited as a possible cause. The real exchange rate emerges as a key policy tool among countries within the research literature and in practice to manage a country's Balance of Payments indicators, despite mixed evidence. In this master thesis, we will construct a vector error correction model for cointegrating relationships utilizing the Johansen's test, using time series data for the US, UK, and Australia for the period 1973-2018. We examined the relationships between the real exchange rate, the current account, the financial account, net reserves, the interest rate, and openness to trade as well as employing Granger Causality tests. In the US, we found relationships between net reserves and both the current account and the real exchange rate. In the UK, the interest rate and the real exchange rate have a cointegrating relationship. In both the UK and Australia, we found a cointegrating relationship with the real exchange rate and current account. We examine the various theoretical and practical approaches towards viewing the Balance of Payments...