Recursos de colección

E-Prints Complutense (101.316 recursos)

En este archivo los docentes e investigadores de la UCM depositan sus documentos en acceso abierto (open access)

Tipo documental = Documento de trabajo o Informe

Mostrando recursos 1 - 20 de 48

  1. Characterizing the optimal composition of government expenditures

    Pérez Sánchez, Rafaela María
    This paper extends the neoclassical growth model with productive public capital by including an infrastructure efficiency index, which is assumed to depend on a public choice variable, in particular, the share of public spending allocated to productive public consumption. A golden rule for the allocation of public expenditure between productive consumption and investment is specified. Under this framework, the observed path for the stock of infrastructures and the proposed efficiency index in the US economy during the last fifty years have been close to optimal: a lower stock of infrastructures has been accumulated, but it has been used more efficiently. Este...

  2. Global and local indeterminacy and optimal environmental public policies in an economy with public abatement activities

    Pérez Sánchez, Rafaela María; Ruiz Andújar, Jesús
    We study the dynamic properties of an endogenous growth model with pollution in which the government can control the pollution through distorting taxes on the pollutant firms and through public abatement activities. First, we characterize the conditions for indeterminacy of equilibria when the government is benevolent and chooses its tax policy by taking into account the decentralized competitive equilibrium. Under this second best setup we show that two balanced growth paths can be found (one with a low level of pollution and the other with a high level) both of which can be locally indeterminate. Therefore, under indeterminacy, the optimal...

  3. Infraestructuras de transportes: medición y análisis de los efectos desbordamiento para los sectores productivos españoles

    Álvarez Ayuso, Inmaculada; Delgado Rodríguez, Jesús
    Este trabajo analiza la contribución de las infraestructuras de transportes a la producción privada de las provincias españolas, destacando el papel desempeñado por las red viaria de gran capacidad sobre el resto de equipamientos. Para ello se han elaborado distintas medidas que permiten evaluar los efectos de esta infraestructura y se ha utilizado una mayor desagregación territorial y sectorial en este análisis. El objetivo es estimar tanto el impacto directo de estos equipamientos como avanzar en el estudio de los efectos desbordamientos.

  4. Infraestructuras de transportes: medición y análisis de los efectos desbordamiento para los sectores productivos españoles

    Álvarez Ayuso, Inmaculada; Delgado Rodríguez, Jesús
    Este trabajo analiza la contribución de las infraestructuras de transportes a la producción privada de las provincias españolas, destacando el papel desempeñado por las red viaria de gran capacidad sobre el resto de equipamientos. Para ello se han elaborado distintas medidas que permiten evaluar los efectos de esta infraestructura y se ha utilizado una mayor desagregación territorial y sectorial en este análisis. El objetivo es estimar tanto el impacto directo de estos equipamientos como avanzar en el estudio de los efectos desbordamientos.

  5. Air pollution convergente and economic growth across european countries

    Álvarez, Francisco; Marrero, Gustavo A.; Puch, Luis A.
    This paper analyses the role of macroeconomic performance in shaping the evolution of air pollutants in a panel of European countries from 1990 to 2000. The analysis is addressed in connection with EU environmental regulation and taking into account macroeconomic performance. We start by documenting the patterns of crosscountry differences among different pollutants. We then interpret these differences within a neoclassical growth model with pollution. Three main pieces of evidence are presented. First, we analyze the existence of convergence of pollution levels within European economies. Second, we rank countries according to its performance in terms of emissions and growth. Third, we evaluate the evolution of emissions in terms...

  6. Air pollution convergente and economic growth across european countries

    Álvarez, Francisco; Marrero, Gustavo A.; Puch, Luis A.
    This paper analyses the role of macroeconomic performance in shaping the evolution of air pollutants in a panel of European countries from 1990 to 2000. The analysis is addressed in connection with EU environmental regulation and taking into account macroeconomic performance. We start by documenting the patterns of crosscountry differences among different pollutants. We then interpret these differences within a neoclassical growth model with pollution. Three main pieces of evidence are presented. First, we analyze the existence of convergence of pollution levels within European economies. Second, we rank countries according to its performance in terms of emissions and growth. Third,...

  7. EU polluting emissions: an empirical analysis

    Álvarez, Francisco; Contestabile, M.; Gómez, C.; Marrero, Gustavo A.; Puch, Luis A.
    We provide an empirical study of the evolution of emissions of some specific air pollutants on a panel of EU member states from 1990 to 2000, and we relate observed patterns to macroeconomic performance. The ratio pollution emission to GDP, so-called emission intensity, has decreased over the period considered in most EU member states. However, a non-parametric analysis reveals that the relative positions of different countries in terms of GDP growth and reduction of emissions have remained basically unchanged. More specifically, remarkable differences can be detected between the richest and the poorest EU members notwithstanding. Also, more dispersion in emissions...

  8. Corn market integration in porfirian Mexico

    Dobado González, Rafael; Marrero, Gustavo A.
    This paper deals with a polemic and relevant aspect of the economic history of Porfirian Mexico: the integration of agricultural domestic markets. Since corn was the staple product of the commercial agricultural sector and also the main subsistence crop, it is the protagonist of this story. Panel techniques, similar to those used by Barro and Sala-i-Martín (1992), are applied to a price convergence model. Our analysis reveals that Mexico was not an exception in the international panorama of market integration in late 19th and early 20th centuries [O’Rourke and Williamson (1999)]. Although still incomplete on the eve of the Mexican...

  9. The short-run dynamics of optimal growyh models with delays

    Collard, Fabrice; Licandro, Omar; Puch, Luis A.
    Differential equations with advanced and delayed time arguments may arise in the optimality conditions of simple growth models with delays. Models with investment gestation lags (time-to-build), consumption gestation lags (habit formation) or learning by using lie in this category. In this paper, we propose a shooting method to deal with leads and lags in the Euler system associated to dynamic general equilibrium models in continuous time. We introduce the discussion describing the dynamics that emerge under various assumptions on learning by using and gestation lags. Then, we implement the numerical method we propose to solve for the short run dynamics of...

  10. The public investment rule in a simple endogenous endogenous growth model with public capital: active or pasive?

    Marrero, Gustavo A.
    In dynamic settings with public capital, it is common to assume that the government claims a constant fraction of public investment to total output each period, which is clearly a restrictive assumption. The goal of the paper is twofold: first, to find out a more reasonable rule for public investment, consistent with US data, than the constant-ratio rule; second, to analyze the impact of that rule on welfare and judge the public investment downsizing process held in US since the end of the sixties. Calibrating for US, the model simulation captures the public investment downsizing process held during 1960-2001, as well as the post-1970 slowdown in private...

  11. Double dividend in an endogenous growth model with pollution and abatement

    Fernández Casillas, Esther; Pérez Sánchez, Rafaela María; Ruiz Andújar, Jesús
    In a very stylized endogenous growth economy with pollution and private abatement activities and without any production externality, we show that the government may exploit dynamic Laffer effects to achieve a double dividend through an environmental tax reform, while fulfilling its commitment to provide an exogenously specified sequence of expenditures in the form of lump-sum transfers to consumers.

  12. Double dividend in an endogenous growth model with pollution and abatement

    Fernández Casillas, Esther; Pérez Sánchez, Rafaela María; Ruiz Andújar, Jesús
    In a very stylized endogenous growth economy with pollution and private abatement activities and without any production externality, we show that the government may exploit dynamic Laffer effects to achieve a double dividend through an environmental tax reform, while fulfilling its commitment to provide an exogenously specified sequence of expenditures in the form of lump-sum transfers to consumers.

  13. Double dividend in an endogenous growth model with pollution and abatement

    Fernández Casillas, Esther; Pérez Sánchez, Rafaela María; Ruiz Andújar, Jesús
    In a very stylized endogenous growth economy with pollution and private abatement activities and without any production externality, we show that the government may exploit dynamic Laffer effects to achieve a double dividend through an environmental tax reform, while fulfilling its commitment to provide an exogenously specified sequence of expenditures in the form of lump-sum transfers to consumers.

  14. Environmental fiscal polices might be ineffective to control pollution

    Fernández Casillas, Mª Esther; Pérez Sánchez, Rafaela María; Ruiz Andújar, Jesús
    In a one sector growth model with pollution in the utility function, the competitive equilibrium can be indeterminate for plausible values of the intertemporal substitution elasticity of consumption and under constant returns to scale. The tax rate on pollution does not enter the condition characterizing indeterminacy. This means that the government is not able to control emissions in the economy by using environmental policies. Non-separability between private consumption and pollution in the utility function is crucial for this result.

  15. La transición al euro y la prima de riesgo en el mercado de divisas

    Jimenez-Martin, Juan-Angel; Peruga Urrea, Rodrigo
    Este artículo trata de identificar los determinantes de las primas de riesgo en algunas de las monedas europeas justo antes de la Unión Monetaria. Los autores proponen un modelo de determinación del tipo de cambio y derivan una expresión para la prima forward. Esta expresión incluye variables monetarias y de producción y como novedad incorpora el efecto de la incertidumbre derivada de la política macroeconómica del estado. Esto es la principal contribución teórica del papel. Bajo supuestos estándar, esta fórmula se simplifica sustancialmente y permite aplicar el análisis de regresión. Después se estiman regresiones para cada una de las monedas,...

  16. Comparación de la eficiencia técnica de los sectores productivos regionales: 1980-1995

    Delgado Rodríguez, María Jesús; Álvarez Ayuso, Inmaculada
    The aim of this article is to estimate the technical efficiency of the productive regional sectors and explore the influence of the infrastructure endowments in this analysis. To do this, we used the non parametric approach of DEA to compute Malmquist productivity indexes that allow us to descompose productivity growth into efficiency change and technical progress. Our results suggest that productive infrastructure allows to obtain gains in pure and scale technical efficiency that have contributed to productivity in growth in the Spanish economy over the period 1980-1995.

  17. Contenido informativo de los cambios de rating en el mercado de valores español

    Abad Romero, Pilar; Robles Fernández, María Dolores
    En este trabajo se analiza el efecto de los cambios de rating de la deuda corporativa sobre los precios de las acciones. Este tema no ha sido analizado previamente en el mercado de valores español. Se analizan los cambios en la calificación del riesgo de la deuda otorgada por agencias como Moody’s o Standard and Poor’s, entre otras. En un mercado eficiente, si los cambios de rating contienen información nueva se debería observar algún tipo de respuesta. La metodología utilizada es el estudio de eventos. La evidencia encontrada indica que los cambios de rating contienen información útil. Las bajadas de calificación...

  18. Taxing or subsidizing factors' rents in a simple endogenous growth model with public capital

    Marrero, Gustavo A.; Novales Cinca, Alfonso
    This paper tackles the fundamental issue in public finance of wether taxing or subsidizing factor rents. In a one sector endogenous growth model with private and public capital, similar to that in Barro (1990), we find that raising taxes on factors’ income as part of an optimal fiscal policy is a more pervasive result than it seems. The interaction of technological and fiscal externalities is central for this result. For instance, high enough levels of wasteful expenditures to output ratio could make positive income taxes enhance welfare. This ratio would need to be smaller, the lower the spillover externality and/or the...

  19. Growth and welfare: distorting versus non-distorting taxes

    Marrero, Gustavo A.; Novales Cinca, Alfonso
    Some concepts associated with the notion of public consumption could be considered as wasteful public expenditures, so that a firstbest analysis would set their level equal to zero every period. However, their ratio to output is significant and rather stable over time in actual economies. In an endogenous growth framework similar to Barro (1990), we analytically characterize the dependence of a secondbest public investment policy on wasteful public consumption. We compare two extreme tax systems: a distorting system and a nondistorting one. The presence of wasteful expenditures affect optimal public investment and the optimal public financing mechanism. Since private agents do...

  20. Vintage capital and the dynamics of the AK model

    Boucekkine, Raouf; Licandro, Omar; Puch, Luis A.; Rio, Fernando del
    This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed between investment and growth rates time series. To characterize the optimal solutions of the model we develop analytical and numerical methods that should be of interest for the general resolution of endogenous growth models with vintage capital.

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