Labor Market Search, Housing Prices and Borrowing Constraints.

Mortgage market deregulation in the early 1980s coincided in time with a sharp break in the cyclical behavior of many variables related to housing and to the labor market. This paper analyses the joint dynamics of labor market variables, output and housing prices in a search model with efficient bargaining and financial frictions. In a setting of household heterogeneity, only mortgaged-backed loans are available for impatient households, whose borrowing cannot exceed a proportion of the expected value of their real estate holdings. This feature of the credit market, together with search and matching frictions in the labor market, establish a strong link between credit constraints and consumption that significantly affects labor market outcomes: hours, wages and vacancies. The model is also able to explain the comovements of housing prices with output, productive investment and consumption. Our analysis confirms that the response of labor market variables to technology shocks has been substantially affected by the changes in the nature and tightness of imperfections in credit markets that occurred in the early 1980s. Allowing for a housing price shock, in addition to the technology shock, the model is also able to explain the observed reduction in the correlation of housing prices with both output and private investment.general equilibrium, borrowing constraints, search frictions, housing prices

Fuentes epigráficas para el estudio del municipio iberorromano de "Laminium" (Alhambra, Ciudad Real)

En este trabajo, se reúnen y examinan las evidencias epigráficas que nos permiten abordar algunas cuestiones esenciales sobre el antiguo municipium Laminitanum.In this paper, we gather and examine epigraphic evidences that permit us study some essential questions of the ancient municipium Laminitanum

Job Creation in Spain: Productivity Growth, Labour Market Reforms or both?

The benefits implied by changing the growth model are at the heart of the heated political and economic debate in Spain. Increases in productivity and the reallocation of employment towards more innovative sectors are defended as the panacea for most of the ills afflicting the Spanish economy. In this paper we use a DSGE model with price rigidities, and labour market search frictions a la Mortensen-Pissarides, to assess the effects of the change in the growth model on unemployment. In so doing, we assume that the vigorous demand shock which has been mostly responsible for recent economic growth in Spain will be successfully substituted by a productivity shock as the main driver of Spain‘s economic growth in the future. So we assume that we actually succeed in the so called "change in the growth model". We show that whatever the benefits that this change might bring to the Spanish economy, the time span needed to bring the unemployment rate down to the European average actually increases. We then analyze the impact of several reforms in the labour market and evaluate their interaction with the new growth model. We conclude that changes in the economic structure do not make labour reforms any less necessary, but rather the opposite if we want to shorten employment recovery significantly.artistic creation, superstars, private copy, piracy, levies

Progress report for SRDCP on the Atlantic-wide study on the age and growth of shortfin mako shark

The ICCAT Shark Research and Data Collection Program (SRDCP) aims to develop and coordinate science and science-related activities needed to support provision of sound scientific advice for the conservation and management of pelagic sharks in the Atlantic. This Program was developed in 2013-2014 by the Sharks Species Group, and framed within the 2015-2020 SCRS Strategic Plan. Within this Program, a specific study on the age and growth of shortfin mako in the Atlantic was developed, with the purpose of contributing to the 2017 ICCAT SMA stock assessment. In the paper, we provide an update of the project, including preliminary growth models for the North Atlantic Ocean.Project "LL-Sharks: Mitigação das capturas de tubarões na pescaria de palangre de superfície (Ref: 31-03-05-FEP-44, funded by PROMAR)", Project "MAKO-WIDE - "A wide scale inter-hemispheric and inter-disciplinary study aiming the conservation of the shortfin mako shark in the Atlantic Ocean (Ref: FAPESP/19740/2014)", funded by FCT (Portuguese Foundation for Science and Technology) and FAPESP (São Paulo Research Foundation, Brazil), and Project SAFEWATERS SC7 (The provision of advice on the conservation of pelagic sharks associated to fishing activity under EU Sustainable Fisheries Partnership Agreements in the Atlantic Ocean) under the Framework Contract MARE/2012/21, funded by the European Commission. Additional satellite tags were acquired by NOAA in US-Uruguay and US-Portugal-Uruguay collaboration initiatives. Rui Coelho is supported by an Investigador-FCT contract from the Portuguese Foundation for Science and Technology (FCT) supported by the EU European Social Fund and the Programa Operacional Potencial Humano (Ref: IF/00253/2014). Catarina C. Santos is supported by an FCT Doctoral grant (Ref: SFRH/BD/139187/2018).info:eu-repo/semantics/draf

Does inflation harm economic growth? : evidence for the OECD

El objetivo de este trabajo es estudiar el efecto de la inflacion sobre el crecimiento en el largo plazo para el conjunto de paises de la OCDE, en el marco de la ecuacion de convergencia del modelo de crecimiento neoclasico. Se analiza si el efecto estimado se mantiene ante algunas transformaciones en el modo empirico que tratan de responder a las criticas mas habituales, contenidas en la literatura, a este tipo de evidencia. Los principales resultados del trabajo son los siguientes: a) la existencia de una correlacion negativa entre inflacion y crecimiento no depende de la presencia en la muestra de economias de alta inflacionb) los costes estimados de la inflacion son significativos incluso cuando se consideran efectos individuales por paises en el modelo empiricoy c) el efecto negativo estimado no viene explicado por la causalidad inversa (de crecimiento e inflacion). (jad) (ihc) (mac

Captura incidental de la raya pelágica dasyatis violacea por la flota palangrera uruguaya y aspectos de su distribuciòn en el atlàntico sudoccidental

La presencia de la raya pelágica Dasyatis violacea (Bonaparte, 1832) en aguas uruguayas ha sido detectada desde el comienzo del Programa Nacional de Observadores a bordo de la Flota Atunera Uruguaya (PNOFA) en abril de 1998. Este es el primer informe sobre esta especie para el Atlántico Sur, frente a las costas de Uruguay. Se analiza su distribución dentro del área, sobre la base de 13 viajes realizados entre abril de 1998 y septiembre de 2001, entre los 26º y 37º S. Durante dicho período se capturaron quinientos veinticinco ejemplares. La presencia de esta especie parecería estar estrechamente relacionada con los valores más altos de temperatura superficial del agua, con una CPUE relativamente baja por debajo de los 20º C. La frontera sur de distribución de la especie estaría alrededor de los 36º S. Dasyatis violacea integra una fauna de agua templada bien determinada, que alcanza las aguas uruguayas y del norte de Argentina, siguiendo corrientes subtropicales templadas. La captura incidental de D. violacea en dicha área alcanza cifras significativas. Esta especie es siempre descartada. Sugerimos que esta captura fortuita es importante y debería ser analizada, a efectos de generar medidas que permitan su conservación.The presence of the pelagic ray Dasyatis violacea (Bonaparte, 1832) in uruguayan waters has been monitored since April 1998, the beginning of the National Observer Programme on board of the uruguayan tuna fleet (PNOFA). These are the first records of the species for the South Atlantic off Uruguay. Its distribution within the area is analysed, based on 13 trips made from April 1998 to September 2001 from 26 to 37ºS. Five hundred and twenty five specimens were caught during this period. The presence of the species appears to be closely associated with the highest values of surface water temperature, with CPUE being relatively low belowr 20ºC. The southern border of its distribution is around 36ºS. Dasyatis violacea is part of a well defined warm water fauna that reaches Uruguayan and northern Argentinean waters following warm subtropical waters. The incidental capture of D. violacea in the area reaches significant levels; the species is always discarded. We suggest that this bycdatch is important and should be monitored from a conservation point of view.Fil: Domingo, Andrés. Direccción Nacional de Recursos Acuáticos; UruguayFil: Menni, Roberto Carlos. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Zoología de Vertebrados; ArgentinaFil: Forselledo, Rodrigo. Direccción Nacional de Recursos Acuáticos; Urugua

Macroeconomic modelling in EMU : how relevant is the change in regime?

We analyse the likely effects of changes in the monetary and financial regimes of EMU countries on the dynamics of output and inflation. In particular, we evaluate the impact of the regime shift on the forecasting performance of reduced-form models. Data for both the pre-EMU and the EMU regimes are generated by a relatively standard open-economy-DSGE model with sticky prices and wages and restricted access to financial markets for some individuals. We find that the effects of the shift in the monetary regime on the processes followed by macroeconomic variables depend on the nature of the shocks hitting the economy. For plausible shocks distributions the reduction in the accuracy of VAR-based inflation forecasts is relatively large and significant. The effect of the regime shift on output forecasts seem rather more modest and statistically insignificant. The impact on ouput forecasting accuracy would be comparatively much larger if the new monetary union regime is accompanied by a moderate relaxation of constraints affecting financial market acces

Automatic stabilizers, fiscal rules and macroeconomic stability

This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and output stabilization in the presence of technological shocks in a DGE model with nominal and real rigidities. The model reproduces the main features of European economies and it integrates a rich menu of fiscal variables as well as a target on the debt to output ratio. The main result of this paper is that distortionary taxes tend to increase output volatility relative to lump-sum taxes unless substantial rigidities are present. We explore in detail the mechanisms that generate such a result, and the conditions under which the supply-side effects of distortionary taxes and the procyclical behaviour of public spending induced by fiscal rules prevail over the conventional effect of automatic stabilizers operating through disposable incom