Public Capital Maintenance, Decentralization and U.s. Productivity Growth

Data published by the U.S. Congressional Budget Office show that over the last fifty years expenditures for infrastructure�s operations and maintenance (O&M) have roughly equalled those for new capital. We use this dataset to investigate the productive impact of public infrastructure spending taking into account its composition for each government level. We find that a rise (fall) in infrastructure expenditures by states and localities (the federal government) would enhance future productivity growth and that the rise in state and local spending should mainly come from additional O&M outlays in the transport sector.capital, maintenance, fiscal decentralization, private productivity

Emigration and fiscal austerity in a depression

transformatiu CRUE-CSICUTP en procés de revisióWhat is the role of emigration in a deep recession when the government implements fiscal consolidation? To answer this question, we build a small open economy New Keynesian model with matching frictions and emigration. In simulations for the Greek Depression, fiscal austerity accounts for almost 1/3 of the GDP decline and 12% of emigration. A no-migration scenario under-predicts the bust in output by 1/6 and the rise in the debt-to-GDP ratio by 8 percentage points. The link between emigration and austerity is bi-directional. Emigration increases the labour tax hike and time required to reduce the debt ratio due to endogenous revenue leakage. In turn, tax hikes intensify emigration, while unproductive government spending cuts have a mild, ambiguous impact as they exhibit opposite demand and wealth effects. However, productive spending cuts display a fiscal multiplier above one, which incentivizes emigration. Emigration then amplifies the productive spending multiplier through internal demand. Similarly, the cumulative labour tax multiplier after five years rises from 0.86 without migration to 1.27 when the unemployed emigrate and 1.47 when both the unemployed and the employed emigrate

Fiscal consolidations in a low inflation environment: pay cuts versus lost jobs

We construct a model of a monetary union to study fiscal consolidation in the periphery of the euro area, through cuts in public-sector wages or hiring when the nominal interest rate is constrained at its lower bound. Consolidation induces a positive wealth effect that increases demand, as well as a reallocation of workers towards the private sector, which together boost private activity. However, in a low-inflation environment, demand is suppressed and the private sector is not able to absorb the additional workers. Comparing the two instruments, cuts in public hiring increase unemployment persistently in this environment, while wage cuts can reduce it. Regions with higher mobility of labor between the two sectors are able to consolidate more effectively. Price flexibility is also key at the zero lower bound: for a higher degree of price rigidity in the periphery, consolidation becomes harder to achieve. Consolidations can be self-defeating when the public good is productive.E. Pappa acknowledges the support of FCT as well as the ADEMU project, funded by the European Union's Horizon 2020 Program under grant agreement No. 649396. The views expressed here in no way reflect those of the Bank of England or the Bank of Spai

Fiscal Consolidation in a Low-Inflation Environment : Pay Cuts versus Lost Jobs

We construct a model of a monetary union to study fiscal consolidation in the periphery of the euro area, through cuts in public sector wages or hiring when the nominal interest rate is constrained at its lower bound. Consolidation induces a positive wealth effect that increases demand, as well as a reallocation of workers towards the private sector, which together boost private activity. However, in a low-inflation environment, demand is suppressed and the private sector is not able to absorb the additional workers. Comparing the two instruments, cuts in public hiring increase unemployment persistently in this environment, while wage cuts can reduce it. Regions with higher mobility of labor between the two sectors are able to consolidate more effectively. Price flexibility is also key at the zero lower bound: for a higher degree of price rigidity in the periphery, consolidation becomes harder to achieve. Consolidations can be self-defeating when the public good is productive

Fiscal consolidation in a low-inflation environment : pay cuts versus lost jobs

First published: June 2018We construct a model of a monetary union to study fiscal consolidation in the periphery of the euro area, through cuts in public-sector wages or hiring when the nominal interest rate is constrained at its lower bound. Consolidation induces a positive wealth effect that increases demand, as well as a reallocation of workers towards the private sector, which together boost private activity. However, in a low-inflation environment, demand is suppressed and the private sector is not able to absorb the additional workers. Comparing the two instruments, cuts in public hiring increase unemployment persistently in this environment, while wage cuts can reduce it. Regions with higher mobility of labor between the two sectors are able to consolidate more effectively. Price flexibility is also key at the zero lower bound: for a higher degree of price rigidity in the periphery, consolidation becomes harder to achieve. Consolidations can be self-defeating when the public good is productive.FCTEuropean Union's Horizon 2020 Program [649396

Evaluation of diets with different soy levels on reared heifers

La actividad ganadera es una de las más importantes del país y es fundamental controlar la alimentación del ganado bovino en las distintas etapas productivas. Con el objetivo de determinar el efecto de la soja en la nutrición de vaquillonas destinadas a servicio, se emplearon 30 hembras braford pertenecientes al INTA-IIACS. Dos grupos de animales fueron alimentados durante 6 meses con las siguientes dietas, BS: bajo contenido de soja (0,3 % en base al peso vivo, PV) y AS: alto contenido de soja (0,8 % en base a PV). Se dispuso a las vaquillonas a servicio y durante 4 meses se alimentó al grupo BS solo con pastoreo de grama Rhodes sin adición de soja en la dieta, mientras que al grupo AS con una proporción del 0,6% de soja y pastoreo. Se evaluaron mensualmente parámetros productivos: PV y ganancia media diaria (GMD); y hematológicos: hematocrito y fórmula leucocitaria. Después del servicio se registraron los porcentajes de preñez de ambos grupos por tacto rectal. No se observaron cambios en los parámetros evaluados entre los animales antes del servicio. Durante el servicio las vaquillonas del grupo AS presentaron mayores niveles de GMD y hematocrito, mientras que en BS se registró una menor medida de ambos parámetros. No se observaron cambios significativos en las fórmulas leucocitarias. Cabe destacar que a pesar de las diferencias analizadas, las hembras de ambos grupos presentaron un 100% de preñez. El porcentaje de parición fue 100% en lote BS y 93% en lote AS, ya que se registró un aborto de causa indeterminada. Los datos obtenidos de GMD y hematocritos indican que la suplementación con altos porcentajes de soja favorece el estado nutricional de los animales sin afectar los parámetros reproductivos.Livestock activity is one of the most important in Argentina and it is essential to control the cattle feeding at different growth stages. In order to determine the effect of soy on the nutrition of heifers managed for service, 30 braford females from INTA-IIACS were used. Two groups of animals were fed for six months with the following diets, BS: low soy content (0.3% based on live weight, LW) and AS: high soy content (0.8% based on LW). During four months, on the managed for service period, the BS group was fed without addition of soy in the diet, according to Rhodes grass pasture, while the AS group with a proportion of 0.6% of soy based on LW and grazing. Productive parameters were evaluated monthly: LW and average daily gain (ADG) and hematological: hematocrit and leukocyte formula. During the service, the percentage of pregnancy of both groups by rectal examination was registered. There were no changes in the parameters evaluated between the animals before the service. During the service, heifers of the AS group showed an increase in the ADG and hematocrit values, while in BS group minor measures of these parameters were registered. There were no significant changes in leukocyte formulas. It should be noted that despite the differences observed, the females of both groups presented a 100% of pregnancy. The percentage of calving was 100% in BS group and 93% in AS group, since an abortion of indeterminate cause was registered. The data obtained from ADG and hematocrit indicate that supplementation with high rations of soy favors the nutritional status of the animals without affecting the reproductive parameters.Fil: Garcia, Daniela Celeste. Universidad Nacional de Tucumán. Facultad de Bioquímica, Química y Farmacia. Instituto de Biología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Martín, Alejandro Alberto. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Investigación Animal del Chaco Semiárido; ArgentinaFil: Vella, Milda Alejandra. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; Argentina. Universidad Nacional de Tucumán. Facultad de Bioquímica, Química y Farmacia. Instituto de Biología; ArgentinaFil: Nasca, Jose Andres. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Investigación Animal del Chaco Semiárido; ArgentinaFil: Roldan Olarte, Eugenia Mariela. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; Argentina. Universidad Nacional de Tucumán. Facultad de Bioquímica, Química y Farmacia. Instituto de Biología; Argentin

The Government Wage Bill and Private Activity

We estimate the macroeconomic effects of public wage expenditures in U.S. data by identifying shocks to public employment and public wages using sign restrictions. We find that public employment shocks are mildly expansionary at the federal level and strongly expansionary at the state and local level by crowding in private consumption and increasing labor force participation and private sector employment. Similarly, state and local government wage shocks lead to increases in consumption and output, while shocks to federal government wages induce significant contractionary effects. In a stylized DSGE model we show that the degree of complementarity between public and private goods in the consumption bundle is key for explaining the observed heterogeneity

Beta-Blocker Use in Older Hospitalized Patients Affected by Heart Failure and Chronic Obstructive Pulmonary Disease: An Italian Survey From the REPOSI Register

Beta (β)-blockers (BB) are useful in reducing morbidity and mortality in patients with heart failure (HF) and concomitant chronic obstructive pulmonary disease (COPD). Nevertheless, the use of BBs could induce bronchoconstriction due to β2-blockade. For this reason, both the ESC and GOLD guidelines strongly suggest the use of selective β1-BB in patients with HF and COPD. However, low adherence to guidelines was observed in multiple clinical settings. The aim of the study was to investigate the BBs use in older patients affected by HF and COPD, recorded in the REPOSI register. Of 942 patients affected by HF, 47.1% were treated with BBs. The use of BBs was significantly lower in patients with HF and COPD than in patients affected by HF alone, both at admission and at discharge (admission, 36.9% vs. 51.3%; discharge, 38.0% vs. 51.7%). In addition, no further BB users were found at discharge. The probability to being treated with a BB was significantly lower in patients with HF also affected by COPD (adj. OR, 95% CI: 0.50, 0.37-0.67), while the diagnosis of COPD was not associated with the choice of selective β1-BB (adj. OR, 95% CI: 1.33, 0.76-2.34). Despite clear recommendations by clinical guidelines, a significant underuse of BBs was also observed after hospital discharge. In COPD affected patients, physicians unreasonably reject BBs use, rather than choosing a β1-BB. The expected improvement of the BB prescriptions after hospitalization was not observed. A multidisciplinary approach among hospital physicians, general practitioners, and pharmacologists should be carried out for better drug management and adherence to guideline recommendations

Antidiabetic Drug Prescription Pattern in Hospitalized Older Patients with Diabetes

Objective: To describe the prescription pattern of antidiabetic and cardiovascular drugs in a cohort of hospitalized older patients with diabetes. Methods: Patients with diabetes aged 65 years or older hospitalized in internal medicine and/or geriatric wards throughout Italy and enrolled in the REPOSI (REgistro POliterapuie SIMI—Società Italiana di Medicina Interna) registry from 2010 to 2019 and discharged alive were included. Results: Among 1703 patients with diabetes, 1433 (84.2%) were on treatment with at least one antidiabetic drug at hospital admission, mainly prescribed as monotherapy with insulin (28.3%) or metformin (19.2%). The proportion of treated patients decreased at discharge (N = 1309, 76.9%), with a significant reduction over time. Among those prescribed, the proportion of those with insulin alone increased over time (p = 0.0066), while the proportion of those prescribed sulfonylureas decreased (p < 0.0001). Among patients receiving antidiabetic therapy at discharge, 1063 (81.2%) were also prescribed cardiovascular drugs, mainly with an antihypertensive drug alone or in combination (N = 777, 73.1%). Conclusion: The management of older patients with diabetes in a hospital setting is often sub-optimal, as shown by the increasing trend in insulin at discharge, even if an overall improvement has been highlighted by the prevalent decrease in sulfonylureas prescription