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.

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

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

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.

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.

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.

Orbital debris and the market for satellites

This paper studies the economic consequences of orbital debris for commercial outer-space activities. Spacecraft launches and other outer-space human activities produce pollution (i.e., orbital debris), which represent a hazardous negative externality increasing the risk of collision and the destruction of satellites. We regard outer space as a global common resource, where firms operating satellites maximize profits and do not internalize the social cost of orbital pollution. We develop a dynamic investment model for satellites and simulate the calibrated model to estimate how debris affects the optimal quantity of satellites and launches, and the number of satellites destroyed by collisions. We find that the optimal quantity of satellites is a negative function of the amount of debris. The paper derives a simple expression for the maximum number of satellites to prevent the Kessler syndrome. For the baseline calibration of the model, the estimated threshold for the maximum number of satellites in orbit is about 72,000. The model is simulated to study the effects of a decline in the launch cost and the increasing number of satellites per launch.The authors acknowledge the financial support from the Spanish Ministry of Science, Innovation and Universities, Spain through grant PID2019-107161GB-C33. A. Bongers acknowledges financial support from Junta de Andalucía, Spain through grant PAIDI-2020-21-00853. Funding for open access charge: Universidad de Málaga/CBUA

El varon de deseos : oracion funebre, y sentida declamacion, que en las solemnes exequias, al Excelentissimo señor Marques Scotti ... celebradas el dia 16 de Marzo de este año de 1752

Anteport. grab. calc. de la Giralda con dos jarrones a los lados, motivo que se repite al fin en taco xil.Inic. grab.134253-7-1A-031-181 (10)[ ]1, -4, A-C4, D