Progressive Taxation, Macroeconomic Stabilization and efficiency in Europe

The paper contributes to the debate on the stability/efficiency tradeoff of automatic stabilizers. A simple AD-AS two-country model is presented and illustrates circumstances where a reduction in taxes can foster stabilization. The testable implication from the model is that tax cuts can either increase or decrease volatility depending on the structure of the taxation system. Hence, lowering taxes for efficiency purposes may have not cost in terms of stabilization. This implication is tested for OECD countries over the period 1960-2000 taking account of the endogeneity and omitted variables issues identified in the literature. We found acceptably robust evidence that the size of governments in OECD countries has played a stabilizing role for both output and inflation. However, the relationship between government size and macroeconomic stability is not linear. The composition of public finances, in particular the tax mix, matters for output and price volatility. Distorting taxes, namely taxes on labor, might have negative effects on macroeconomic stability. Consequently, the potential trade off between stability and flexibility might not exist.Automatic stabilizers, efficiency, Europe, Martinez-Mongay, Sekkat

Sustainability of EU public finances

We use a policy rule framework and focus on the response of the primary surplus to accumulated public debt to test a sufficient condition for sustainability. The evidence we report suggests that sustainability was prevalent in many EU countries before Maastricht, but also that the Maastricht impulse induced the shift towards sustainability in some of them. Additionally, although a clear distinction emerges in terms of the visibility of the Maastricht stress between the euro bloc, on the one hand, and the non-euro EU countries, the US and Japan, on the other, there is no evidence of bloc differences in terms of the long term soundness of public finances. On the basis of our analysis and results, we highlight the potential policy relevance of the reaction of the primary surplus to accumulated debt in the debate on the proper balance between fiscal stabilization and discipline in EMU.Stability and Growth Pact, public debt, sustainability, Maastricht, fiscal stabilization, accumulated debt, public finances, sustainability, Ballabriga, Martinez-Mongay

Competitiveness and growth in EMU: The role of the external sector in the adjustment of the Spanish economy

This paper assesses the relevance of the competitiveness argument in the debate on the current situation of the Spanish economy. We estimate error-correction models for exports and imports. Econometric analyses suggest that external demand and domestic activity are the more important determinants of net exports in the long run. However, where competitiveness is concerned, its impact on export growth in the short run appears to be higher than in the longer term. Moreover, during major downturns, the recovery of the Spanish economy has systematically been led by exports, which, in turn, has been associated with strong and rapid competitiveness gains, brought about by competitive devaluations. Since the exchange-rate instrument is not available anymore at national level, there is a case to assess the respective role of fiscal and structural policies in underpinning the recovery of the Spanish economy at the current juncture. The paper concludes that the room for manoeuvre for fiscal-policy stabilisation is currently very limited. In contrast, reducing the weight of distortionary taxes and/or increasing the weight of productive expenditures in a budget-neutral way would have positive impacts on potential growth. Boosting net-export growth crucially depends on the implementation of a comprehensive reform programme, within the framework of a broad social agreement, aiming at recovering competitiveness throughout enhancing competition, improving the functioning of labour and product markets, including the housing rental market, increasing physical, human and knowledge capital accumulation, promoting wage moderation and avoiding price-wage spirals. A pro-active role of the Spanish government in the social dialogue would provide guidance in the process and promote the agreementEMU, Spain, external imbalances, competitiveness, Martinez-Mongay, Maza Lasierra

Asset Booms and Tax Receipts: The case of Spain, 1995-2006

At about 3¾% for more than 10 years in a row, Spain is enjoying the longest period of sustained growth above the euro area since the late sixties. This period is also characterised by a combination of persistently low real interest rates and a dynamic demography, which has been feeding unprecedented growth in asset markets. In parallel, total-tax receipts have grown by about 4¼ percentage points of GDP, thus recording an elasticity with respect to GDP of 1.2. This paper discusses and assesses the extent to which the increase in tax receipts can be associated to changes in the composition of GDP, which would fade out after the current expansion tapers off. Econometric analyses provide evidence that 50 to 75 percent of the increase in tax revenues, observed in Spain between 1995 and 2006, might be of a transitory nature and would disappear with the asset boom. On this basis, in a context of significant composition effects, using standard tax elasticities may lead to an overestimation of structural revenues and to an incorrect assessment of the fiscal stance. This may be relevant in EMU because the likelihood of occurrence of asset booms may be relatively high when the monetary-policy stance is far from consistent with the country's inflation. Furthermore, in the specific case of Spain, the size of transitory composition effects associated to the current asset boom highlights the interest for the policymakers of the country to carefully assess the implementation of unfunded tax cuts and/or expenditure increases, especially those more difficult to revert in bad times.Fiscal policies, tax revenues, deficits, asset prices, composition effects, Spain, Martinez-Mongay, Maza Lasierra, Yaniz Igal

Estudi d’eines de programari gratuït per a la simulació de generadors fotovoltaics

L’objecte d’aquest treball és estudiar les eines de programari de simulació de generadors fotovoltaics que estan disponibles de forma gratuïta. Aquest programari realitza les mateixes funcions que el de pagament i és ideal per al dimensionat i estudi d’instal·lacions fotovoltaiques, ja sigui a nivell educatiu com privat. Per aquesta raó el present treball de fi de màster té com a objectiu estudiar el ventall de programari gratuït disponible i explicar-ne el seu funcionament. Per a fer-ho es realitza un breu estudi del marc teòric de l’energia fotovoltaica i a continuació es segueix amb un estat de l’art del programari. En aquest estat de l’art s’estudien els paràmetres d’entrada que requereix cada programa i els resultats obtinguts a partir d’aquests. A més, per a desenvolupar l’estudi es treballa amb una instal·lació fotovoltaica real que va entrar en funcionament el setembre de 2017 i de la qual s’han recollit dades durant un any. L’objectiu del cas d’estudi és comparar les estimacions ofertes pel programari estudiat amb les mesures de producció real. Mitjançant el cas d’estudi es podran calcular les diferències de producció fotovoltaica entre les simulacions i la realitat a nivell anual, mensual i horari. També s’utilitzarà aquell programari que pugui analitzar econòmicament la instal·lació per calcular el període d’amortització de la inversió econòmica. Finalment seran comparats els diferents programes objecte d’estudi quant a complexitat, precisió, precisió en les estimacions de producció i econòmiques i facilitat d’ús. A partir de tota aquesta informació s’espera que el lector pugui utilitzar el treball com a introducció al camp de la simulació de generadors fotovoltaics i pugui entendre i decidir com i quan utilitzar les eines disponibles

La Malvasia a la cuina de l'antiguitat

Tot i que la malvasia és un vi que és un acompanyant imprescindible de moltes postres tradicionals del cicle festiu de l'any, de sempre ha estat present a la cuina. La freqüència del seu ús ha estat paral·lela a la seva popularitat a les taules europees. La davallada de l'ús dels vins dolços va arraconar la malvasia a la cuina. Avui, l'alta cuina ha començat a generalitzar l'ús de vins d'aquesta varietat en la gastronomia. Així doncs, la malvasia comparteix lloc amb els Pedro Ximenes, madeires, portos, moscatells, etc. També voldria fer saber que a finals de l'any 2005, l'associació internacional Slow Food, mitjançant la seva Fundació Slow Food per a la biodiversitat, va crear el primer baluard a Catalunya, amb el nostre preuat vi. Així doncs, la malvasia de Sitges és el primer vi de l'Estat espanyol amb què es fa un baluard. La nostra associació es dedica a protegir els petits artesans, la biodiversitat i l'educació del gust de les persones. Un ba baluard és un projecte per tal d'evitar que un producte estigui en perill d'extinció

ECFIN's effective tax rates.Properties and comparisons with other tax indicators.

The assessment and monitoring of the effects of various tax reforms in Member States has become a key policy concern in the Community. In the Presidency Conclusions of the Lisbon European Council on 23-24 March 2000, the European Council requested the Council and the Commission to assess “the contribution of public finances to growth and employment, and assessing, on the basis of comparable data and indicators, whether adequate concrete measures are being taken in order to … alleviate the tax pressure on labour …â€. Such an evaluation needs an accurate, timely and comparable system of tax indicators enabling the Commission and the Council to quantify the early impact of tax reforms on the tax rates on labour, capital and consumption. This paper presents a proposal for such a system, discusses its properties and compares it with other available sets of tax rates.tax reforms, public finances, growth