Output subsidies and quotas under uncertainty and firm heterogeneity

This paper studies the relative efficiency of two kinds of regulations, quantity restrictions (quotas) and output subsidies, in an imperfectly competitive market under the existence of two sources of uncertainty: uncertainty in both costs and prices. We find that when the two sources of uncertainty are independently distributed, the output subsidy instrument has comparative advantage over the quantity instrument. However, when we take into account the possibility of correlation between the random components and across firms marginal costs, we find that a positive (negative) correlation tends to favor the quantity (subsidy) instrument. Finally, we show that when the correlation is positive, it is possible to find situations in which the quantity instrument has comparative advantage over the subsidy instrument.Cost uncertainty, demand uncertainty, firm heterogeneity, output subsidy and quantity instruments

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland.

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and benefits involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no definite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main finding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps.

Technological sources of productivity growth in Japan, the U.S. and Germany

In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of different technological sources to productivity growth in the three leading economies: Germany, Japan, and the U.S. The sources of technology are classified as representing either neutral progress or investment-specific progress. The latter can be split into two different types of equipment: information and communication technologies (ICT) and non-ICT equipment. We find that in the long run, neutral technological change is the main source of productivity growth in Germany. For Japan and the U.S., the main source of productivity growth is investment-specific technological change, mainly associated with ICT. We also find that a non negligible part of productivity growth has been due to technology specific to non-ICT equipment; this is mainly true after 1995.Productivity growth; Investment-specific progress; Neutral progress; Information and communication technology.

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and bene?ts involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no de?nite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main ?nding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps

Capital público y crecimiento económico en España 1980-2004.

This paper analyses the contribution of public capital stock to output and productivity growth in Spain. We use a simple growth general equilibrium model in which public capital stock is included as an additional input to private factors. Calibration of the model to the Spanish economy for the period 1980-2004 shows that the output elasticity of public capital is 0.068. For the period 1980-2004 we find that the average contribution of public capital to output growth was of 0.35 percentage points, of an output growth of 2.8% per year. This implies that about 13% of all output growth was due to public capital.Public capital, growth decomposition, productivity, general equilibrium

The Productivity Paradox and the New Economy: The Spanish Case

This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox.New economy, information and communication technologies, technological change, productivity paradox.

ICT-specific technological change and productivity growth in the US 1980-2004

This paper studies the impact of the information and communication technologies (ICT) on U.S. economic growth using a dynamic general equilibrium approach. We use a production function with six different capital inputs, three of them corresponding to ICT assets and other three to non-ICT assets. We find that the technological change embedded in hardware equipment is the main leading non-neutral force of the U.S. productivity growth and accounts for about one quarter of it during the period 1980-2004. As a whole, ICT-specific technological change accounts for about 35% of total labor productivity growth.New economy, information and communication technologies, specific-technological change, neutral-technological change.

Raman response of Stage-1 graphite intercalation compounds revisited

We present a detailed in-situ Raman analysis of stage-1 KC8, CaC6, and LiC6 graphite intercalation compounds (GIC) to unravel their intrinsic finger print. Four main components were found between 1200 cm-1 and 1700 cm-1, and each of them were assigned to a corresponding vibrational mode. From a detailed line shape analysis of the intrinsic Fano-lines of the G- and D-line response we precisely determine the position ({\omega}ph), line width ({\Gamma}ph) and asymmetry (q) from each component. The comparison to the theoretical calculated line width and position of each component allow us to extract the electron-phonon coupling constant of these compounds. A coupling constant {\lambda}ph < 0.06 was obtained. This highlights that Raman active modes alone are not sufficient to explain the superconductivity within the electron-phonon coupling mechanism in CaC6 and KC8.Comment: 6 pages, 3 figures, 2 table

Demand Shocks and Trade Balance Dynamics

This paper studies the current account dynamics in the G-7 countries plus Spain. We estimate a SVAR model which allows us to identify three different shocks: supply shocks, real demand shocks and nominal shocks. We use a different identification procedure from previous work based on a microfounded stochastic open-economy model in which the real exchange rate is a determinant of the Phillips curve. Estimates from a structural VAR show that real demand shocks explain most of the variability of current account imbalances, whereas, contrary to previous findings, nominal shocks play no role. The results we obtain are consistent with the predictions of a widely set of open-economy models and illustrate that demand policies are the main responsible of trade imbalances.Current account, SVAR.

Las prácticas metodológicas de los musicoterapeutas : un estudio exploratorio

En la investigación que presentamos la metodología utilizada fue cuantitativa, ya que ponderando los datos obtenidos probablemente facilitaría la comprensión de un universo tan determinado, empleando el cuestionario como forma de recogida de datos. En dicho cuestionario existieron preguntas abiertas donde el encuestado pudiera proponer otras alternativas con la finalidad de acercarnos con mayor naturalidad a esa realidad profesional. El objetivo fundamental era la indagación y el conocimiento de las prácticas metodológicas del trabajo de los musicoterapeutas con personas que sufren esquizofrenia y la evaluación empleada en las mismas