Can we identify Walrasian allocations?

We consider a discrete time, pure exchange infinite horizon economy with two or more consumers and at least one concumption good per period. Within the framework of decentralized mechanisms, we show that for a given consumption trade at any period of time, say at time one, the consumers will need, in general, an infinite dimensional (informational) space to identigy such a trade as an intemporal Walrasian one. However, we show and characterize a set of enviroments where the Walrasian trades at each period of time can be achieved as the equilibrium trades of a sequence of decentralized competitive mechanisms, using only both current prices and quantities to coordinate decisions.walrasian allocation, informational decentralization, mechanism design

Diffusion of Countries Growth Through Specialization and Trade of Intermediate Inputs

The purpose of this paper is to contribute from a theoretical point of view to analyze the influence that trade between countries may have to enhance the growing possibilities of the world. We ask ourselves if it is possible to transmit from one country to another its sustained growth rate through trade. The answer that we found is that indeed it is possible when they trade in intermediate goods inputs. Our analysis identify a new element as a potential engine for one country growth, that is trading, which is not related to the total factor productivity of that country, but to some other trading partner's factor productivity. Hence we may need to consider trading relations among countries to explain the influence of some countries growth rates, say the leader countries, on some others countries development, which do not experience productivity gains in their factors of production. We analyze this question in the framework of the Ventura's (1997) model.

Income Distribution in a Regional Economy: A SAM Model

Social accounting matrices (SAM) are a numerical scheme of the circular flow. The SAM-based multipliers can be used to determine the changes in the relative income of the economic agents. In this paper we investigate the process of income distribution in the Catalan Economy, using the linear model of SAM multipliers. We also present an additive decomposition of the distributional incidence measurement provided by Roland-Holst and Sancho (1992). With this decomposition we can identify the different components in the overall process of income distribution among the agents of an economy. The proposed approach pays special attention to the role of the government in the process of income distribution.relative income, distributional incidence, government redistribution.

Implementing a Double Dividend: Recycling Ecotaxes Towards Lower Labour Taxes

In this paper we follow the tradition of applied general equilibrium modelling of the Walrasian static variety to study the empirical viability of a double dividend (green, welfare, and employment) in the Spanish economy. We consider a counterfactual scenario in which an ecotax is levied on the intermediate and final use of energy goods. Under a revenue neutral assumption, we evaluate the real income and employment impact of lowering payroll taxes. To appraise to what extent the model structure and behavioural assumptions may influence the results, we perform simulations under a range of alternative model and policy scenarios. We conclude that a double dividend –better environmental quality, as measured by reduced CO2 emissions, and improved levels of employment– may be an achievable goal of economic policy.double dividend, tax recycling, ecotaxes

INTERNAL LEARNING BY DOING AND ECONOMIC GROWTH

This paper analyses the consequences for growth during the transitional period of considering the learning-by-doing process proposed by Arrow (1962) as internal, instead of as an externality. To do this, it develops a simple endogenous growth model with human capital accumulation through external and internal learning processes. The calibrated model delivers two features of the Japanese growth experience: slow convergence, and negative correlation between the growth rate of per capita GDP and investment share. The crucial implication of internal learning-by-doing is the double role of physical investment that operates reducing diminishing returns to physical capital.Internal LBD, Endogenous Growth, Return to Saving, Convergence Speed, Investment Share and Growth Rate

Goigs de Nostra Senyora de la Salut

La imprenta de Pablo Roca está a cargo de Luis Roca desde 1867 hasta 1877, desde 1880 y hasta 1897 Luis Roca tiene imprenta y litografía.Texto a tres columnas y con orla tipográficaHoja impresa por una sola caraGrabado xilográfico en cabecera con representación de la Virgen de la Salu