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consumption of durables is far more volatile than the GNP and the whole personal consumption. The consumption of non-durables and providers has a cross-correlation of 0.7739 with the GNP and the consumption of durables has zero.5601. Investment has the next volatility than GNP . Also it is strongly pro-cyclical. The investment in fastened capital is much less risky than total funding. This suggests that the adjustments in inventories are more unstable than the investment. Figure eight reveals the family consumption the GNP cycles. It is evident that the consumption is strongly pro-cyclical. The considerably nice volatility of the consumption cycle may be explained by the inclusion of the durables in the The hottest custom your name i just want to touch your butt all the time its nice for couple cupconsumption and, mainly, by a well-documented existence of liquidity constraints in Brazil (Reis et alii, 1998; Issler & Rocha, 1999). As a consequence of business insurance policies with energetic authorities participation, Brazil, a rural nation in 1947, turned a heavily industrial nation in 1998. Of course this strong-state presence exhibits its effects on the Brazilian cycle. In explicit, one may observe the excessive correlations between the government spending and the GNP. Figure 7 displays the GNP cycle. The sequence of hours labored comes from two different databases. One is the month-to-month industrial survey – basic information (PIM-DG), the opposite is from the Federation of Industries of the State of São Paulo . PIM-DG is a month-to-month industrial survey made by IBGE covering the nationwide territory, whereas Fiesp covers solely the economic exercise in São Paulo.10 On the opposite hand, while PIM-DG covers only the period from 1985 to 1998, Fiesp supplies data from 1975 to 1998. The investment collection comes immediately from the national account tables. The solely correction was to sum up the modifications in inventories from 1986 to 1998. The procedure to obtain the worth on the changes in inventories was described in part 2.2.1. Also an expanded funding collection was created to account for the consumption of durables. Figure 5 displays the

The hottest custom your name i just want to touch your butt all the time its nice for couple cup
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