Institutional determinants of public-private sector linkages

We estimate the probability of public sector leadership – defined as Granger causality from public to private sector wages – in a pool of 18 OECD countries as a function of countries’ institutional features. We find that public-private sector causality results are quite heterogeneous across countries. So, we investigate whether this is related to differences in labor and product market institutions, and notably wage-setting institutions, across countries. Government involvement in collective bargaining, bargaining centralization and collective bargaining systems with predominant regional levels’ systems are positively correlated with the probability of finding public wage leadership. Among the factors that reduce its probability we can underline the impact of globalization and a level of collective bargaining closer to the company one

Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path.

To assess the ultimate causal flow between monetary policy indicators, fiscal sustainability and economic growth has been deeply studied in the literature. However, this issue is still open to discussion due to mixed results and caveats/limitations of existing studies. Importantly, previous analyses mostly focus on bivariate/trivariate systems, missing a relevant piece of economic drivers. We analyze jointly these interdependencies by applying multivariate Granger Causality and determining an ultimate "causality path" excluding redundant relationships. Thus, we combine recent developments introduced to estimate the Granger causality procedure based on Meta-analysis in heterogeneous mixed panels and graphical models searching iteratively for the existing dependencies between a multivariate set of information. Our results provide novel empirical evidence suggesting that monetary policy variables play a leading role in the resulting complex economic system. Furthermore, we do find evidence supporting the role of Total Expenditure as a driver of fiscal policy.Instituto Complutense de Estudios InternacionalesTRUEMinisterio de Economía y Competitividad (MINECO)inpres

Tax reforms and Google searches: the case of Spanish VAT reforms during the great recession

We propose a method to capture the efect of tax reforms on consumer’s readiness to buy using Google searches as a proxy. We use the Spanish 2010 and 2012 VAT reforms as a case of study. We use a regression discontinuity design taking advantage of the fact that the Spanish 2010 and 2012 VAT reforms had a sharp implementation date, which implies that from one day to another the tax rate for most goods was diferent, while other factors likely to infuence consumer behaviour were similar on the days around the cut-of. We fnd a signifcant causal efect of the implementation of the reform on Google searches of durable goods, while we do not fnd any efect for non-durable goods. These results are in line with previous theoretical and empirical evidence according to which tax reforms cause consumers to modify more their readiness to buy durable goods. We also explore the efect of the reforms on readiness to buy specifc goods such as movie tickets by taking advantage of a control group formed by similar leisure items that were unafected by the 2012 reform

Guidelines in the planning in Physical Education curriculum

Resumen basado en el de la publicaciónLa planificación a la hora de llevar a cabo el proceso educativo para alcanzar los criterios establecidos en el currículum es necesaria. Se ofrece una propuesta para profesores de educación física en busca de una mejor relación entre los diferentes niveles de concreción curriculares, incidiendo en que una buena planificación conllevará una posible acertada docencia, una eficacia en la enseñanza, cierta calidad en el aprendizaje del alumno y una fácil evaluación. Sin embargo, muchos docentes no llevan a cabo una planificación por una causa u otra. Se ofrecen orientaciones en diferentes elementos necesarios en la planificación, como ofrecer ideas que contribuyan a tener una visión más específica en el proceso de planificación, ayudando a mejorar el diseño y puesta en práctica docente.AndalucíaES

Path and speed of spectrum management reform under uncertain costs and benefits

The unsolved question in spectrum management is no longer if a reform is necessary to enable higher market participation but the optimal path and speed of reform. We offer an expression to determine when to choose a gradual or big bang reform depending on current and expected technology and an expression to determine whether to wait or not for new technology. Gradual is better if the technological advance coefficient is high, the reversibility of the reforms is costly, the duration of the second reform is long, the probability of an outcome lower than expected is considerable or the reforms are not too complementary

A Quarterly Fiscal Database Fit for Macroeconomic Analysis

The study of the macroeconomic effects of tax changes and public spending plans has regained footing recently. Nevertheless, in many occasions, the shortcomings of available official data pose limits to the type of approach analysts can pursue. While this issue receives traditionally limited attention, it is of utmost relevance for policy makers and academics alike. Against this framework, in this paper we construct a quite disaggregated quarterly fiscal database of Spanish seasonallyadjusted public finance variables for the period 1986Q1-2015Q4, in national accounts terms. Following a recent strand of the literature, we pose special emphasis on the models and data ingredients used. The later includes a rich set of input fiscal data taken from budgetary accounts. We illustrate the use of our data by providing key stylized facts on the cyclical properties of fiscal policies over the past three decades

Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path

To assess the ultimate causal flow between monetary policy indicators, fiscal sustainability and economic growth has been deeply studied in the literature. However, this issue is still open to discussion due to mixed results and caveats/limitations of existing studies. Importantly, previous analyses mostly focus on bivariate/trivariate systems, missing a relevant piece of economic drivers. We analyse jointly these interdependencies by applying multivariate Granger Causality and determining an ultimate ”causality path” excluding redundant relationships. Thus, we combine recent developments introduced to estimate the Granger causality procedure based on Meta-analysis in heterogeneous mixed panels and graphical models searching iteratively for the existing dependencies between a multivariate set of information. Our results provide novel empirical evidence suggesting that monetary policy variables play a leading role in the resulting complex economic system. Furthermore, we do find evidence supporting the role of Total Expenditure as a driver of fiscal policy.Sánchez-Fuentes acknowledges the financial support of the Spanish Ministry of Economy and Competitiveness (project PID2019-105517RB-I00)