8,224 research outputs found

    Separability and aggregate shocks in the life-cycle model of consumption: evidence from Spain

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    The purpose of this paper is to test the life-cycle permanent income hypothesis using an unbalanced panel from the Spanish family expenditure survey. Our model accounts for aggregate shocks and non-separability in the Euler equation among consumption goods, contrary to most of the Literature in this area. Our results do not indicate excess sensitivity of consumption growth to income

    Ébola in TChM: Diagnosis, Principles of Treatment and Economical Analysis

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    Investigación sobre etiología y tratamiento con MTC del ébola, especial referencia al entorno económicoIn this research we go more deeply into EVD, studying the Etiology and realizing a Differentiation of Syndromes according to the systems: Wen Bing, San Jiao and Han Shan Lun. Later, a Treatment for Prevention, Symptomatic/Acute, and Remission phases is proposed. Finally, we study the economic effects of the epidemic in the most affected countries by stressing the importance of preventive health care and international aid, looking at the usefulness of Medical Matter for its low cost especially in the affected societies (that probably they will return to be).Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

    INNOVATION AND JOB CREATION AND DESTRUCTION: EVIDENCE FROM SPAIN

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    In this paper we examine the effect of innovation on job creation and job destruction in Spanish manufacturing. Our empirical analysis is based on firm-level longitudinal data from which we have information on employment and innovation activity. The estimation approach consists of a two-step procedure that takes into account the fact that firms endogenously choose positive, negative or zero growth in employment, in which the selection mechanism is an ordered probit. Our results point out the importance of innovation variables on employment growth: innovative firms create more jobs -and destroy fewer- than non-innovative, and the degree of technological effort has a strong positive effect on net employment creation.Labour Demand; Technological Innovation; Sample Selection.

    Innovation and job creation and destruction : evidence from Spain

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    In this paper we examine the effect of innovation on job creation and job destruction in Spanish manufacturing. Our empirical analysis is based on firm-level longitudinal data from which we have information on employment and innovation activity. The estimation approach consists of a two-step procedure that takes into account the fact that firms endogenously choose positive, negative or zero growth in employment, in which the selection mechanism is an ordered probit. Our results point out the importance of innovation variables on employment growth: innovative firms create more jobs -and destroy fewer- than non-innovative, and the degree of technological effort has a strong positive effect on net employment creation

    -THE RESPONSE OF EXPENDITURES TO ANTICIPATED INCOME CHANGES: PANEL DATA ESTIMATES

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    Standard models of intertemporal allocation predict that the time path of expenditures should beindependent of the time path of income. Recently two papers, Parker (1999) and Souleles (1999)have suggested that U.S. households have a high marginal propensity to spend within yearanticipated income changes. We use an expenditure survey panel from Spain to re-examine thisissue. We exploit two important features of the Spanish data. First, we have quarterly panel datathat follows households for more than four quarters. Second, we use the fact that workers areexogenously sorted into one of two payment schemes: some receive the same amount eachmonth of the year and others receive an extra payment in June and December. The extra paymentis large and predictable. We examine the detailed pattern of expenditures over the year to seewhether they differ between the two groups. We fail to find even weak differences. Wecomplement this with a conventional Euler equation analysis of excess sensitivity. Our predictingequation for (quarterly) earnings growth is much better than usual and is likely to give a powerfultest of the hypothesis that predictable changes in income do not lead to changes in expenditurepatterns. The results of this analysis confirm the graphical analysis: we find no evidence ofexcess sensitivity. We conclude that households in normal times do smooth consumption overthe year. We suggest a reconciliation of our results with those of Parker and Souleles.Consumption; Excess Sensitivity; Smoothing.

    HABITS AND HETEROGENEITY IN DEMANDS: A PANEL DATA ANALYSIS

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    We examine demand behaviour for intertemporal dependencies, using Spanishpanel data. We present evidence that there is both state dependence and correlatedheterogeneity in demand behaviour. Our specific findings are that food outside thehome, alcohol and tobacco are habit forming whereas clothing and small durablesexhibit durability. We conclude that demand analyses using cross-section data thatignore these effects may be seriously biased. On the other hand, the degree ofintertemporal dependence is not sufficiently strong to make composite `consumption'significantly habit forming, as has been suggested in some recent analyses.Habits, State dependence, correlated heterogeneity.
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