El Impuesto al Valor Agregado es un impuesto al consumo que está diseñado para que se comporte de forma neutral, es decir, no debería generar distorsiones no deseadas, como lo es la acumulación de saldos a favor. Estas distorsiones se producen, en primer lugar, por falta de rentabilidad que impide que los ingresos superen la diferencia de alícuota que existe entre las ventas de los productos primarios y las compras de los insumos necesarios para producir los mismos. Y, en segundo lugar, por la maraña de regímenes de retención y percepción que afectan a la actividad. La acumulación de créditos fiscales es una situación a monitorear en todas las actividades agropecuarias a partir de la reforma introducida en el Impuesto al valor agregado en el año 1998. La existencia de alícuotas diferenciales entre las compras y las ventas (superiores para las primeras) origina que la ecuación de rentabilidad de la empresa deba ser superior a la necesaria en cualquier otra actividad, como para poder superar esa brecha, evitando que los productores primarios acumulen saldos a favor del Impuesto al valor agregado que generan altos costos financieros. En la producción ganadera del sur de la provincia de Buenos Aires, esta situación es muy inestable, dada la baja rentabilidad productiva, debido a sus características agroecológicas. De todas formas, es posible evitar la acumulación de créditos fiscales, si se analizan estratégicamente las funciones productivas, comerciales, financieras e impositivas de la empresa agropecuaria. / The Value Added Tax is a consumption tax that is designed to behave in a neutral manner, that is, it will not generate unwanted distortions, such as the accumulation of balances in favor. These distortions occur, in the first place, due to lack of profitability that prevents revenues from exceeding the difference in aliquot that exists between the sales of primary products and the purchases of the necessary inputs to produce them. And, secondly, due to the tangle of retention and perception regimes that affect the activity. The accumulation of tax credits is a situation to monitor in all agricultural activities since the reform introduced in the Value Added Tax in 1998. The existence of differential rates between purchases and sales (higher for the former) originates that the profitability equation of the company must be higher than that necessary in any other activity, in order to overcome this gap, preventing primary producers from accumulating balances in favor of the Value Added Tax that generate high financial costs. In livestock production in the south of the province of Buenos Aires, this situation is very unstable, given the low productive profitability, due to its agroecological characteristics. In any case, it is possible to avoid the accumulation of tax credits, if the productive, commercial, financial and tax functions of the agricultural company are strategically analyzed. / TEXTO PARCIAL en período de teletrabajo

Submitted by Kelson Anthony de Menezes (kelson@ucb.br) on 2016-10-28T18:48:01Z No. of bitstreams: 1 JeffersonJoseCeruttiGauerDissertacao2016.pdf: 1448138 bytes, checksum: 7c0985d46840a27fe872a0de79761029 (MD5) / Made available in DSpace on 2016-10-28T18:48:01Z (GMT). No. of bitstreams: 1 JeffersonJoseCeruttiGauerDissertacao2016.pdf: 1448138 bytes, checksum: 7c0985d46840a27fe872a0de79761029 (MD5) Previous issue date: 2016-03-10 / Similarities of products and services, market stagnation, the portability of operations among institutions, competition and competitiveness in banking sector have motivated more attention to customer loyalty. It is essential to win new clients as well as to retain them in order to avoid churn. So management tools that concern relations with customers require an increasing amount of variables. Present study covers the best clients in a big-size Brazilian financial institution. It proposes a model for churn predicting, based on the evolution of their loans and investments. Operations from ca. 291 thousands clients were the input data for software QlikView (a user-oriented Business Intelligence platform). The model transformed the Daily Balance Average into a logarithm scale in order to assess the value oscillation according to periods. The achieved index seems to be a possible churn predictor, which indicates that relations management should regard carefully customers susceptible to churn. Nevertheless this index alone does not explain the churn rate. It is recommended to apply it as a complement and a refinement of other indexes that are already deployed in customer loyalty management. / As semelhan??as de produtos e servi??os, a estagna????o do mercado, a portabilidade de opera????es entre institui????es e a concorr??ncia e competitividade no setor banc??rio t??m motivado mais aten????o ?? fideliza????o do cliente. A considera????o de tais fatores ?? essencial para a conquista de novos clientes, bem como para a sua reten????o, a fim de evitar o churn. Assim, ferramentas de gest??o de relacionamento com o cliente exigem uma quantidade crescente de vari??veis. O presente estudo abrange os melhores clientes de uma institui????o financeira brasileira de grande porte. Prop??e um modelo para a predi????o de churn, com base na evolu????o dos seus empr??stimos e investimentos. Opera????es de 291.761 clientes foram os dados de entrada para a ferramenta QlikView (uma plataforma de BI ??? Business Intelligence ??? orientada ao usu??rio). O modelo transformou a M??dia de Saldos Di??rio (MSD) em uma escala logar??tmica, a fim de avaliar a oscila????o de acordo com os per??odos. O indicador alcan??ado parece ser um poss??vel preditor de churn, o que indica que a gest??o de relacionamento deve considerar cuidadosamente os clientes suscet??veis ?? evas??o. No entanto, s?? este indicador n??o explica a taxa de churn. Recomenda-se aplic??-lo como um complemento e um refinamento de outros indicadores que j?? est??o implantados na gest??o da fideliza????o com o cliente.

El modelo Neo Keynesiano estándar ha sido una de las herramientas más influyentes en debates sobre dinámica macroeconómica, política monetaria y bienestar. Además, este modelo constituye una pieza fundamental en la elaboración de los modelos macroeconómicos que muchos bancos centrales utilizan para la simulación y predicción de variables económicas como la inflación y el crecimiento. El objetivo de esta tesis es evaluar la veracidad de las siguientes tres implicancias del modelo Neo Keynesiano estándar. Primero, con estabilidad de precios plena, las pérdidas de bienestar que se generan por las rigideces de precios deben ser cero. Segundo, la inflación es un fenómeno determinado por las expectativas. Tercero, el dinero no tiene un rol independiente en el mecanismo de transmisión de la política monetaria. / The standard New Keynesian (NK) model has become one of the most influential tools in discussions of macroeconomic dynamics, monetary policy and welfare. Moreover, it has emerged as the backbone of the medium scale macroeconomic models that several central banks use for simulation and forecasting purposes. This thesis evaluates the accuracy of the following three implications of the standard NK model. First, with full price stability the welfare losses resulting from price stickiness should be zero. Second, inflation is a forward-looking phenomenon. Third, money does not play an independent role in the monetary transmission mechanism.