Who takes the cake Effects of ECB monetary policy across income classes

This work provides evidence on the effects of monetary policy on the income class structure via stimulating economic activity and employment in Eurozone countries over the period 2007Q32016Q1. Based on European Union Statistics on Income and Living Conditions (EU-SILC) data, we compute the share of the market income perceived by each income class (lower, lower-middle, upper-middle, and upper) for the states that originated the Economic and Monetary Union (EMU11). We analyse the impact of monetary policy impulses under a Bayesian Vector Autoregressive approach and find that a monetary easing shock involving a decrease in nominal interest rates tends to increase the income share of middle classes at the expense of a smaller income share of the upper class, while, the lower class is not significantly affected. Our findings highlight the identified effects are mostly triggered by short-term interest rates cuts as long as they tend to vanish as the monetary policy proxy is located further in the yield curve. This suggests that the egalitarian impacts of monetary policy on market income distribution are to a lesser extent driven by decisions modifying longer-term interest rates.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Monetary policy and middle class

The global financial crisis of 2007-2008 and the subsequent period of financial and economic instability have forced central banks to implement ultra-loose monetary policies for combating the downturn and the stagnation of inflation, which has led the question about how monetary policy might affect inequality to the foreground of economic and political debates. This paper attepts to evaluate how monetary policy implemented in the Euro area (EURO-11) has affected two aspects of income distribution, namely, the size of middle class dimension and its mobility. To this end, an econometric model is estimated based on data from 2003 to 2015 for the set of countries belonging to the Economic and Monetary Union that originated the Union (EMU1999). We apply the vector autoregressive (VAR) methodology to country-level panel data as a first approach of the short-term dynamics among the considered variables, where the impulse-response functions have been orthogonalized due to the existing serial correlation between the unobserved terms. Subsequently, this analysis is complimented with a more robust one. Since our variables are non-stationary but indeed co-integrated, the vector error correction model (VECM) allows us to consider the medium-term relationship between monetary policy and income inequality via the stimulus of the economic activity.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

How does monetary policy affect the income class structure? Evidence from the Eurozone.

This work provides evidence on the potential effects of monetary policy on the income class structure via stimulating economic activity and employment in the Eurozone countries over the period 2007Q3-2016Q1. Based on European Union Statistics on Income and Living Conditions (EU-SILC) data, we compute the size of income classes (lower, lower-middle, upper-middle, and upper) for the stats that originated the Economic and Monetary Union (EMU-11) and analyse the impact of monetary policy impulses under a Bayesian Vector Autoregressive approach. We focus on the earnings heterogeneity and the income composition channel and find that a monetary easing shock involving a decrease short-term nominal interest rate has diverse effects on the different income classes, which seems to have led to a more equal income distribution. As theoretically argued by these monetary policy transmission mechanisms, our results confirm the GDP growth and the decrease in unemployment caused by the monetary policies implemented by the European Central Bank since the onset of the financial crisis have had a positive effect for those households located at the bottom of the income-class structure as well as for the middle class.Campus de Excelencia Internacional Andalucía Tec

A Second Chance for Europe. Economic, Political and Legal Perspectives of the European Union.

Reseña en español del último libro de Jo Ritzen (Una Segunda Oportunidad para Europa: Perspectiva Económica, Política y Legal de la Unión Europea)

Institutional communication in university management: study applied to student recruitment

Este estudio se centra en el análisis de la campaña de comunicación diseñada por la Universidad de Lleida (UdL), para promocionar el grado de Turismo. Se realizó una investigación para obtener el perfil del alumnado del grado de Turismo con la intención de conocer las necesidades y expectativas respecto a los estudios superiores y sus fuentes de información para la elección de sus estudios universitarios, incluyendo tanto Internet como las Redes Sociales. Entre los principales resultados se destaca la importante presencia de la web institucional de la UdL como fuente de información primaria.This study focuses on the analysis of the communication campaign designed by the University of Lleida (UdL) to promote the tourism degree. An investigation was conducted to obtain the profile of the tourism degree students in order to know their needs and expectations about higher education and their sources to choose university, including both Internet and Social Networks. Among the main results we observed a significant presence of institutional web of UdL as a primary information source

Desarrollo de las TIC en el turismo de nieve: análisis de la presencia en línea de las estaciones de esquí de España y Andorra

La present investigació busca conèixer si els llocs Web de les estacions d'esquí d'Espanya i Andorra faciliten una comunicació eficaç amb els seus públics objectiu. Per fer això, es proposa i s'aplica un model per a l'anàlisi de les pàgines Web de les estacions d'esquí, basat en la tècnica d'anàlisi de contingut, considerant les dimensions d'Informació, Comunicació, Comerç Electrònic i Funcions Addicionals. Aquest model es va aplicar a la totalitat de les estacions d'esquí i muntanya de Espanya y Andorra: 31 Alpines, 21 Nòrdiques i una Indoor. Els resultats indiquen que les estacions d'esquí alpí estan millor preparades que les d'esquí nòrdic malgrat que encara tenen molt recorregut per fer a l'hora de facilitar una efectiva comunicació i interacció amb el seu públic objectiu.Los autores agradecen a la Generalitat de Catalunya la acreditación concedida como Grupo Emergente de Investigación GRTESC (2014 SGR 82). A su vez, agradecen a la Universidad de Lleida la ayuda concedida dentro del marco del Programa de Promoción de la Investigación de la UdL, convocatoria 2014