Understanding the effects of government spending on consumption

Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending. JEL Klassifikation: E32, E62

Understanding the Effects of Government Spending on Consumption

Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.

Coherent delocalization: Views of entanglement in different scenarios

The concept of entanglement was originally introduced to explain correlations existing between two spatially separated systems, that cannot be described using classical ideas. Interestingly, in recent years, it has been shown that similar correlations can be observed when considering different degrees of freedom of a single system, even a classical one. Surprisingly, it has also been suggested that entanglement might be playing a relevant role in certain biological processes, such as the functioning of pigment-proteins that constitute light-harvesting complexes of photosynthetic bacteria. The aim of this work is to show that the presence of entanglement in all of these different scenarios should not be unexpected, once it is realized that the very same mathematical structure can describe all of them. We show this by considering three different, realistic cases in which the only condition for entanglement to exist is that a single excitation is coherently delocalized between the different subsystems that compose the system of interest

Una inundació

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Les responsabilitats

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Porteros

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Se está tramitando

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Un jefe de grupo

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"Las provincias"

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A Spatial Dynamic Model for Export Intensity of Hazardous Industrial Waste: The Incentive Effect of Regional Environmental Policies

This paper analyses, in the context of the Environmental Kuznet Curve, the determinants of export intensity of hazardous industrial waste among Spanish regions, with particular attention to the influence of waste taxes and of environmental policies. This study is carried out for the first time in the literature with a spatial dynamic model, fixed effects and panel data for the 17 regions (Comunidades Autónomas) of Spain during the period 2007–2017. The results suggest there is a spatial-dynamic component to export intensity, and that both regional taxes on waste disposal and environmental policy stringency appear to encourage, albeit modestly, the rate of exported waste to other regions. The model also shows that the more regions recycle, and the greater the economies of scale arising from industrial agglomeration, the lower is the region’s waste export intensity, although increasing restrictions on the international trade in hazardous waste have intensified trading inside the country. Finally, the results suggest a non-linear relationship between growth and export intensity, although apparently we are still far from the absolute decoupling of the Environmental Kuznet Curve. © 2021, The Author(s)