758 research outputs found
Sacudidas salariales y variabilidad del consumo en México durante los años 90
(Disponible en idioma inglĂ©s Ăşnicamente) En este trabajo se presentan elementos de juicio sobre la relaciĂłn entre las sacudidas econĂłmicas y el salario relativo de los varones y los cambios de consumo de los hogares en MĂ©xico durante los años 90, un perĂodo caracterizado por una inestabilidad elevada. Además de realizar esta clase de análisis con MĂ©xico por primera vez, el trabajo presenta dos aportes principales. El primero es el uso de fuentes alternativas de datos para construir variables instrumentales de salarios. El segundo es analizar las diferencias entre cuatro categorĂas de consumo: bienes perecederos, bienes no perecederos, educaciĂłn y salud. Nuestros resultados en cuanto al consumo de bienes perecederos rechazan la hipĂłtesis de que los hogares mexicanos son capaces de asegurarse contra el riesgo idiosincrásico. En cuanto a las comparaciones entre categorĂas de consumo, la conclusiĂłn es que en MĂ©xico los hogares tienden a reaccionar a sacudidas pasajeras contrayendo el consumo de bienes que representan inversiones de más largo plazo en el capital humano, lo que los hace más vulnerables en el futuro.
An Asset-Based Approach to the Analysis of Poverty in Latin America
Poverty reduction remains one of the main challenges for Latin America at the end of the 20th century. Most of the countries in the region are classified as middle income by international standards, and yet they register poverty rates well above what would be expected given their GDP per capita. The reason for this "excess poverty" lies in the high inequality in the distribution of resources.
Fiscal indulgence in Central Europe: loss of the external anchor?
In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries on the path to EU accession. Regression estimates suggest that economic and institutional fundamentals do not provide a full explanation. An alternative explanation lies in the political economy of the accession process, and a game-theoretic model illustrates why a country with a stronger bargaining position might have an incentive to deviate from convergence to the Maastricht criteria. The model generates alternative fiscal policy regimesallowing for regime shiftsdepending on country characteristics and EU policies. --Fiscal policy,EU economic and monetary union,game-theoretic approach
The Covid-19 pandemic and Europe
This papers looks into the impact of the Covid-19 pandemic on the European Union.
The current crisis found European economies in very different situations regarding their
economic fundamentals and fiscal capacities to support their economies. Thus, the need
for a strong EU level policy response emerged. Europe has learned its lessons from the
previous crisis and acted decisively and in a coordinated fashion. The paper discusses
these policy responses and some of the longer-term challenges of the current crisis
Fiscal policy in the EU in the crisis: a model-based approach
This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the degree of monetary accommodation and the level of international coordination. In particular we provide estimates for New EU Member States where we take into account two aspects. First, debt denomination in foreign currency and second, higher nominal interest rates, which makes it less likely that the Central Bank is restricted by the zero bound and will consequently not accommodate a fiscal stimulus. We also compare our results to other recent results obtained in the literature on fiscal policy which generally do not consider credit constrained households.Fiscal Policy, Monetary Policy, Fiscal Multiplier, Collateral Constraint, DSGE modelling
Stochastic integration based on simple, symmetric random walks
A new approach to stochastic integration is described, which is based on an
a.s. pathwise approximation of the integrator by simple, symmetric random
walks. Hopefully, this method is didactically more advantageous, more
transparent, and technically less demanding than other existing ones. In a
large part of the theory one has a.s. uniform convergence on compacts. In
particular, it gives a.s. convergence for the stochastic integral of a finite
variation function of the integrator, which is not c\`adl\`ag in general.Comment: 16 pages, some typos correcte
Ahorro de los hogares y distribuciĂłn del ingreso en MĂ©xico
This paper shows evidence on the level and distribution of household saving in Mexico for the period 1984-1996. We verify, whether the changes in household saving behavior are related to short or longer term decisions by controlling for cohort effects, changes in family structure and for differences along the income distribution. Finally we characterize the life cycle pattern of within group variances of consumption and income, and then identify the changes in the variances of the transitory and permanent components of income. This is informative about the nature of the shocks that affected Mexican households during the period under study.
loss of the external anchor?
In recent years, fiscal performance in Central Europe has steadily
deteriorated, in contrast to the improvement in the Baltics. This paper
explores the determinants of such differences among countries on the path to
EU accession. Regression estimates suggest that economic and institutional
fundamentals do not provide a full explanation. An alternative explanation
lies in the political economy of the accession process, and a game-theoretic
model illustrates why a country with a stronger bargaining position might have
an incentive to deviate from convergence to the Maastricht criteria. The model
generates alternative fiscal policy regimes—allowing for regime
shifts—depending on country characteristics and EU policies
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