Intergenerational transfer institutions public education and public pensions.

In a world in which credit markets to finance investments in human capital are rare, the competitive equilibrium allocation generally cannot achieve either static or dynamic efficiency. When generations overlap, this inefficiency can be overcome by properly designed institutions. We study the working of two such institutions: Public Education and Public Pensions. We argue that, when established jointly, they implement an intergenerational dynamic game of taxes and transfers through which public education for the young and public pensions for the elderly support each other. Through the public financing of education, the young borrow from the middle age to invest in human capital. When employed, they pay back their debt by means of a social security tax on labor income. The proceedings of the latter are used to finance pension payments to the now elderly lenders. We also show that such intergenerational agreement can be supported as a sub game perfect equilibrium of, relatively straightforward, majority voting games. While the intertemporal allocation so obtained does not necessarily reach full dynamic efficiency it does so under certain restrictions and it always improves upon the laissez-faire allocation. We test the main predictions of our model by using micro and macro data from Spain. The results are surprisingly good.Intergenerational contract; Efficiency; Human capital; Political equilibria;

Intergenerational transfer institutions public education and public pensions

In a world in which credit markets to finance investments in human capital are rare, the competitive equilibrium allocation generally cannot achieve either static or dynamic efficiency. When generations overlap, this inefficiency can be overcome by properly designed institutions. We study the working of two such institutions: Public Education and Public Pensions. We argue that, when established jointly, they implement an intergenerational dynamic game of taxes and transfers through which public education for the young and public pensions for the elderly support each other. Through the public financing of education, the young borrow from the middle age to invest in human capital. When employed, they pay back their debt by means of a social security tax on labor income. The proceedings of the latter are used to finance pension payments to the now elderly lenders. We also show that such intergenerational agreement can be supported as a sub game perfect equilibrium of, relatively straightforward, majority voting games. While the intertemporal allocation so obtained does not necessarily reach full dynamic efficiency it does so under certain restrictions and it always improves upon the laissez-faire allocation. We test the main predictions of our model by using micro and macro data from Spain. The results are surprisingly good

Reaching the boundary between stellar kinematic groups and very wide binaries. III. Sixteen new stars and eight new wide systems in the beta Pictoris moving group

Aims. We look for common proper motion companions to stars of the nearby young beta Pictoris moving group. Methods. First, we compiled a list of 185 beta Pictoris members and candidate members from 35 representative works. Next, we used the Aladin and STILTS virtual observatory tools, and the PPMXL proper motion and Washington Double Star catalogues to look for companion candidates. The resulting potential companions were subjects of a dedicated astro-photometric follow-up using public data from all-sky surveys. After discarding 67 sources by proper motion and 31 by colour-magnitude diagrams, we obtained a final list of 36 common proper motion systems. The binding energy of two of them is perhaps too small to be considered physically bound. Results. Of the 36 pairs and multiple systems, eight are new, 16 have only one stellar component previously classified as a beta Pictoris member, and three have secondaries at or below the hydrogen-burning limit. Sixteen stars are reported here for the first time as moving group members. The unexpected large number of high-order multiple systems, 12 triples and two quadruples among 36 systems, may suggest a biased list of members towards close binaries or an increment of the high-order-multiple fraction for very wide systems.Comment: A&A in pres

Ultra-Broadband Directional Couplers Using Microstrip with Dielectric Overlay in Millimeter-Wave Band

Nowadays, millimeter-wave systems are being a key factor to develop wide band applications. In this paper, a directional coupler in millimeter-wave band using dielectric overlay is presented. This leads us to technology aspects, in directional coupler design, are key points to achieve the proper response of the circuit. The coupler proposed in this paper covers the 15-45 GHz band and its response has 15-dB coupling-level, 1-dB coupling-ripple and a reflection coefficient better than 10 dB

Herramienta de planificación y dimensionamiento para redes WiMAX

A software tool for planning and dimensioning Wireless Networks based on standard 802.16 is presented in this paper. Due to the deployment of communication systems based on this standard, it is necessary a tool which allows an easy implementation and dimensioning of this type of networks. With this tool the user will be able to evaluate point to point and point to multipoint networks, obtaining results such as losses in the link, power received, signal noise rate, coverage or bit rates the network is able to handle. For that purpose, the tool will employ technical specifications of transmitters and receivers, design parameters of the network and different propagation models

SimTek - an edX-based platform for Mathematical Multi-physics Simulation

[No abstract available

Evolución de los Flujos de Capital y de la Deuda Externa del Sector Privado en Colombia 1990-2003

En este trabajo se describe la evolución del marco regulatorio del acceso a los capitales externos y la dinámica de los mismos para Colombia durante el período 1990-junio de 2003. El análisis se divide en dos períodos; en el primero 1990-1997, se recibieron importantes flujos de capital de endeudamiento externo de largo plazo e inversiones directas que financiaron, principalmente, la ejecución de proyectos de infraestructura física y y el crecimiento del gasto privado. En el segundo período, se frenó la entrada de nuevos recursos al país, especialmente los vinculados con crédito externo de largo plazo. Adicionalmente, en el documento se muestra el cambio en la estructura de financiamiento del sector privado hacia contrataciones de corto plazo, especialmente notoria a partir de 1998.