Human Capital Accumulation and Wage Inequality with Scale-Independent North-South Technological Diffusion

This paper analyzes the mechanisms, other than market size, through which international trade of intermediate goods incorporating state-of-the-art technological knowledge affects accumulation of human capital and wage inequality in the North and South. Under North-South technological diffusion, endogenous economic growth depends on Schumpeterian R&D - innovation in the North and imitation in the South - and on accumulation of two types of human capital, wide and narrow. The former is school intensive while the latter is on-the-job-training intensive. The effects of trade upon growth and wage inequality, through the price channel, are accessed in three analytical steps: (i) immediate level effects, (ii) steady-state effects, and (iii) transitional dynamics. Comparative steady-state statics and dynamics are used to uncover the mechanisms through which these effects are influenced by the technology of human capital accumulation. The level effect brings about inter-country wage convergence. The comparative dynamics exercise with changes in the parameters of human capital accumulation shows that intra-country wage inequality is more likely to prevail under international trade, when such changes relatively enhance the world accumulation of the type of human capital that is relatively abundant in the South.North-South; International trade; Technological knowledge; Economic growth; Human capital; Wage inequality.

Non-Scale Effects of North-South Trade on Economic Growth

In this model of North and South economies, growth is driven by Schumpeterian R&D and by accumulation of two types of human capital, versatile and specialized. The former is school intensive while the latter is on-the-job-training intensive. Growth is endogenous and independent of scale effects. South's imitation of existing technology is conditional to the distance to the technological frontier. Growth depends on technological advances in the quality of available intermediate goods, regardless of the origin - innovation or imitation -, and not on comparative advantage in the production of final goods. By allowing immediate international access of the state-of-the-art intermediate goods, trade affects the productive structure in the South, bringing about partial convergence to the Northern structure and prices. Nevertheless, even when the countries have access to the same technology - either through imitation or trade of intermediate goods -, differences in domestic institutions and human capital imply differences in productivity. In addition, trade induces steady-state effects through the price channel, by which the specific types of human capital influence the direction of technological progress. The consideration of two types of human capital also allows the study of wage inequality effects of trade, as well as the derivation of a Schumpeterian dynamic equivalent to the static Stolper-Samuelson factor price equalization result.North-South; International trade; R&D; Human capital; Scale effects; Economic growth

North-South Diffusion of a General Purpose Technology

This paper studies the effects of the diffusion of a General Purpose Technology (GPT), that spreads first within the developed country of its origin (North), and then to a developing country (South). We use a general equilibrium model of growth, where each final good is produced by one of two available technologies. Each technology is characterized by a specific set of intermediate goods complemented by specific labor. The quality of intermediate goods is enhanced periodically by Schumpeterian R&D. When quality reaches a threshold level, a GPT arises in one of the technologies and spreads first to the other one, within the North. Then, it propagates to the South, following a similar sequence. Since diffusion is not even, neither intra nor inter-country, the GPT produces successive changes in the direction of technological knowledge and in inter and intra-country wage inequality.North-South, General Purpose Technology, Direction of technological knowledge, Wage inequality

Macroeconomic Volatility Trade-off and Monetary Policy Regime in the Euro Area

This research uncovers a well-defined monetary policy regime starting in 1986 in the aggregate Euro Area. Both alternative solution-estimation methods employed - optimal control cum GMM, and dynamic programming cum FIML - identify a regime of strict inflation targeting with interest rate smoothing. The unemployment gap, properly estimated as quasi real-time information, is a relevant element in the information set of the monetary authority, despite not being included in its preferences. The emergence of the regime relates to the improvement of the volatility trade-off between inflation and unemployment gap since the mid-80s. Additional improving factors have been milder supply shocks and better ability of policymakers to set the interest rate closer to optimum.Monetary Policy Regime, Euro Area, Optimal Control, Dynamic Programming, GMM, FIML.

Testing for Asymmetries in the Preferences of the Euro-Area Monetary Policymaker

This paper tests for asymmetries in the preferences of the Euro-Area monetary policymaker with 1995:I-2004:III data from the last update of the ECB's Area-wide database. Following the relevant literature, we distinguish between three types of asymmetry: precautionary demand for expansions, precautionary demand for price stability and interest rate smoothing asymmetry. Based on the joint GMM estimation of the Euler equation of optimal policy and the AS-AD structure of the macroeconomy, we find evidence of precautionary demand for price stability in the preferences revealed by the monetary policymaker. This type of asymmetry is consistent with the ECB’s definition of price stability and with the priority of credibility-building by a recently created monetary authority.Central Bank Preferences, Asymmetry, Euro Area, Optimal Control, GMM.

Business Cycle and Bank Capital: Monetary Policy Transmission under the Basel Accords

This paper improves the analysis of the role of financial frictions in the transmission of monetary policy and in business cycle fluctuations, by focusing on an additional channel working through bank capital. Detailing a dynamic general equilibrium model, in which households require a (countercyclical) liquidity premium to hold bank capital, we find that, together with the financial accelerator, the introduction of regulatory bank capital significantly amplifies monetary shocks through a liquidity premium effect on the external finance premium faced by firms. This amplification effect is larger under Basel II than under Basel I regulatory rules. Indeed, introducing bank capital enhances the role of financial frictions in the propagation of shocks, in line with arguments in related literature.Bank capital channel; Bank capital requirements; Financial accelerator; Liquidity premium; Monetary transmission mechanism; Basel Accords

Monetary Policy Amplification Effects through a Bank Capital Channel

This paper improves the analysis of the role of financial frictions in the transmission of monetary policy, by bringing together the borrowers' balance sheet channel with an additional channel working through bank capital, considering capital adequacy regulations and households' preferences for liquidity. Detailing a dynamic new Keynesian general equilibrium model, in which households require a (countercyclical) liquidity premium to hold bank capital, we find that the introduction of bank capital amplifies monetary shocks to the macroeconomy through a liquidity premium effect on the external finance premium. This effect, together with the financial accelerator, generates quantitatively large amplification effectsBank capital channel; Bank capital requirements; Financial accelerator; Liquidity premium; Monetary transmission mechanism

Modificadores biológicos , técnica de obtención y manejo clínico del plasma rico en plaquetas

Los modificadores biológicos, son sustancias de estructura proteica que participan en los procesos de diferenciación y proliferación celular. Las plaquetas contienen por lo menos dos de estas sustancias, el factor de crecimiento derivado de las plaquetas (PDGF-plalelet derived growth factor) y el factor de crecimiento transformador beta (TGF b-transforming growth factor beta) El plasma rico en plaquetas es un preparado autóiogo que se utiliza en técnicas de regeneración e injertos óseos. Una vez que las plaquetas liberan su contenido en la zona quirúrgica, los factores de crecimiento contenidos en ellas estimulan el proceso de cicatrización normal, logrando un hueso de mayor calidad en períodos más cortos. En este trabajo se hace una síntesis de los procesos de proliferación y diferenciación celular y de la influencia que en dichos procesos tienen los factores de crecimiento. Se describe una técnica simplificada para la obtención de un plasma rico en plaquetas (PRP) cuya activación promueve la liberación de los factores de crecimiento plaquetarios en el lecho quirúrgico. La textura y adherencia de este preparado facilitan la manipulación y esculpido del material a injertar