THE EFFECT OF LABOUR SHARE ON THE NATURAL RATE OF INTEREST: SOME EMPIRICAL EVIDENCE

Standard estimations of Taylor.s (1993) monetary policy rule assume that the natural real rate of interest can be regarded as constant. By contrast, based on Mankiew (2000) theory of Savers and Spenders, we argue that the natural rate is related to the distribution of income between the two types of agents. We show evidence from the U.S., based on a respecication of the Taylor rule proposed by Clarida et al. (2000), that the natural rate of is positively in.uenced by the long-run movements of the labour share in the national income. As the labour share has been falling since 1980s, our results indicate that the natural real interest rate fell from around 6% to around 2% in the beginnings of our decade.

Bounds and extremal domains for Robin eigenvalues with negative boundary parameter

We present some new bounds for the first Robin eigenvalue with a negative boundary parameter. These include the constant volume problem, where the bounds are based on the shrinking coordinate method, and a proof that in the fixed perimeter case the disk maximises the first eigenvalue for all values of the parameter. This is in contrast with what happens in the constant area problem, where the disk is the maximiser only for small values of the boundary parameter. We also present sharp upper and lower bounds for the first eigenvalue of the ball and spherical shells. These results are complemented by the numerical optimisation of the first four and two eigenvalues in 2 and 3 dimensions, respectively, and an evaluation of the quality of the upper bounds obtained. We also study the bifurcations from the ball as the boundary parameter becomes large (negative).Comment: 26 pages, 20 figure

The impact of shifting cultivation in the forestry ecosystems of timor-leste

Every year thousands of hectares of forest are destructed as a result of the practice of swidden agriculture, shifting cultivation or "slush and burn" causing changes in forest ecosystems. In Timor- Leste shifting cultivation is still practiced nowadays as a form of subsistence agriculture. Swidden agriculture is characterized by slash and burn clearing, by a rotation of fields rather than of crops, and by short periods of cropping (1-3 years) alternating with long fallow periods. Based on the characterization of shifting cultivation in two Sucos of Bobonaro district, a reflection is made on the impact of this practice in the sustainable development of forest ecosystems of Timor- Leste. Primary data collection was performed using a questionnaire survey of farmers practicing shifting cultivation. The questionnaire characterized shifting cultivation, and asked farmers’ opinion on slash and burning of forest areas and on the importance of forests. According to the results obtained, in most situations the existing vegetation before the slash was composed of dense forest, the slash is made by the family group, the majority of farmers have been doing the “slush and burn” for more than ten years and the size of the plots where slash is made is less than 2 hectares. The materials resulting from the slash are used for firewood, building materials and fencing. The burning of vegetable residues is done before planting and soil preparation and sowing is done with a lever. Land and forest, despite having an individual use, have a tenure regime of ownership and access in which its nature of common pool good prevails. Every year thousands of hectares of forest are destructed as a result of the practice of swidden agriculture, shifting cultivation or "slush and burn" causing changes in forest ecosystems. In Timor-Leste shifting cultivation is still practiced nowadays as a form of subsistence agriculture

Axiomatic structure of k-additive capacities

In this paper we deal with the problem of axiomatizing the preference relations modelled through Choquet integral with respect to a $k$-additive capacity, i.e. whose Möbius transform vanishes for subsets of more than $k$ elements. Thus, $k$-additive capacities range from probability measures ($k=1$) to general capacities ($k=n$). The axiomatization is done in several steps, starting from symmetric 2-additive capacities, a case related to the Gini index, and finishing with general $k$-additive capacities. We put an emphasis on 2-additive capacities. Our axiomatization is done in the framework of social welfare, and complete previous results of Weymark, Gilboa and Ben Porath, and Gajdos.Axiomatic; Capacities; k-Additivity

p-symmetric fuzzy measures

In this paper we propose a generalization of the concept of symmetric fuzzy measure based in a decomposition of the universal set in what we have called subsets of indifference. Some properties of these measures are studied, as well as their Choquet integral. Finally, a degree of interaction between the subsets of indifference is defined.