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RECERCAT (109,815 recursos)
Es un repositorio cooperativo de documentos digitales que incluye la literatura de investigación de las universidades y de los centros de investigación de Cataluña, como artículos aun no publicados (preprints), comunicaciones a congresos, informes de investigación, working papers, proyectos de final de carrera, memorias técnicas, etc.

Documents de treball (Teoria Econòmica)

Mostrando recursos 1 - 20 de 111

1. Causality and Contagion in EMU Sovereign Debt Markets - Gómez-Puig, Marta; Sosvilla Rivero, Simón, 1961-
This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt...

2. EMU sovereign debt market crisis: Fundamentals-based or pure contagion? - Gómez-Puig, Marta; Sosvilla Rivero, Simón, 1961-
We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and peripheral countries from January 1999 to December 2012. First we apply a dynamic approach to analyse the evolution of the degree of Grangercausality within the 90 pairs of sovereign bond yield spreads in our sample, in order to detect episodes of significantly increased causality between them (which we associate with contagion)...

3. An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis - Gómez-Puig, Marta; Sosvilla Rivero, Simón, 1961-; Ramos-Herrera, María del Carmen
We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes...

4. Dollarization and the relationship between EMBI and fundamentals Latin American countries - Mari del Cristo, María Lorenta; Gómez-Puig, Marta
This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.

5. Causality and Contagion in EMU Sovereign Debt Markets - Gómez-Puig, Marta; Sosvilla Rivero, Simón, 1961-
This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt...

6. Aggregate Costs of Gender Gaps in the Labor Market: A Quantitative Estimate - Teignier, Marc; Cuberes, David
This paper examines the quantitative effects of gender gaps in entrepreneurship and labor force participation on aggregate productivity and income per capita. We simulate an occupational choice model with heterogeneous agents in entrepreneurial ability, where agents choose to be workers, self-employed or employers. The model assumes that men and women have the same talent distribution, but we impose several frictions on women's opportunities and pay in the labor market. In particular, we restrict the fraction of women participating in the labor market.

7. R&D poverty traps - Sánchez-Losada, Fernando; García Rodríguez, Abián
In this paper we show that the R&D effort of a country and its economic growth are highly correlated. In order to analyze this relationship, we study the nature of the researching activity. In particular, we focus on the following characteristics of research: the inherent uncertainty of researching, the existence of a wage premium associated to innovative activities, and moral hazard. Assuming that a higher R&D effort translates into a higher R&D success probability, we show that when the R&D success probability is low, the economy is not willing to bear the risk associated to R&D activities. As a consequence,...

8. Endogenous growth with capital in R&D production functions - Sánchez-Losada, Fernando
[eng] In this paper we claim that capital is as important in the production of ideas as in the production of final goods. Hence, we introduce capital in the production of knowledge and discuss the associated problems arising from the public good nature of knowledge. We show that although population growth can affect economic growth, it is not necessary for growth to arise. We derive both the social planner and the decentralized economy growth rates and show the optimal subsidy that decentralizes it. We also show numerically that the effects of population growth on the market growth rate, the optimal...

9. Knowledge Licensing in a Model of R&D-driven Endogenous Growth - Jerbashian, Vahagn
In this paper I present an endogenous growth model where the engine of growth is in-house R&D performed by high-tech firms. I model knowledge (patent) licensing among high-tech firms. I show that if there is knowledge licensing, high-tech firms innovate more and economic growth is higher than in cases when there are knowledge spillovers or there is no exchange of knowledge among high-tech firms. However, in case when there is knowledge licensing the number of high-tech firms is lower than in cases when there are knowledge spillovers or there is no exchange of knowledge.

10. Aggregate Costs of Gender Gaps in the Labor Market: A Quantitative Estimate - Teignier, Marc; Cuberes, David
[eng] This paper examines the quantitative effects of gender gaps in entrepreneurship and labor force participation on aggregate productivity and income per capita. We simulate an occupational choice model with heterogeneous agents in entrepreneurial ability, where agents choose to be workers, self-employed or employers. The model assumes that men and women have the same talent distribution, but we impose several frictions on women's opportunities and pay in the labor market. In particular, we restrict the fraction of women participating in the labor market.

11. Demand-based structural change and balanced economic growth - Raurich, Xavier; Alonso Carrera, Jaime
[eng] We analyze the equilibrium of a multi-sector exogenous growth model where the introduction of minimum consumption requirements drives structural change. We show that equilibrium dynamics simultaneously exhibt structural change and balanced growth of aggregate variables as is observed in US when the initial intensity of minimum consumption requirements is sufficiently small. This intensity is measured by the ratio between the aggregate value of the minimum consumption requirements and GDP and, therefore, it is inversely related with the level of economic development. Initially rich economies benefit from an initially low intensity of the minimum consumption requirements and, as a consequence,...

12. Demand-based structural change and balanced economic growth - Raurich, Xavier; Alonso Carrera, Jaime
[eng] We analyze the equilibrium of a multi-sector exogenous growth model where the introduction of minimum consumption requirements drives structural change. We show that equilibrium dynamics simultaneously exhibt structural change and balanced growth of aggregate variables as is observed in US when the initial intensity of minimum consumption requirements is sufficiently small. This intensity is measured by the ratio between the aggregate value of the minimum consumption requirements and GDP and, therefore, it is inversely related with the level of economic development. Initially rich economies benefit from an initially low intensity of the minimum consumption requirements and, as a consequence,...

13. Entrepreneurial skills and over-education five years later. A comparison between Spain and the Netherlands - Kucel, Aleksander; Masferrer Llabinés, Núria; Vilalta-Bufí, Montserrat
[cat] El fenòmen de la sobre-educació és freqüent i persistent a molts països. En aquest article estudiem el paper de les habilitats emprenedores en evitar la sobre-educació a la primera feina, i en sortir d’una situació de sobre-educació cinc anys després. Comparem els resultats d’Espanya i Holanda, dos països que difereixen en el seu sistema educatiu i mercat de treball. Els resultats mostren que les habilitats emprenedores ajuden a evitar i/o sortir de la sobre-educació només a Espanya, on el sistema educatiu és més flexible i menys vinculat amb el mercat de treball. En general, els nostres resultats recolzen les...

14. Technical Progress, Sorting, and Early Retirement - Burlon, Lorenzo; Vilalta-Bufí, Montserrat
[cat] El progrés tecnològic afecta a la jubilació anticipada a través de dues forces oposades. Per una banda, augmenta el salari real i, per tant, crea incentius per posposar la jubilació. Per altra banda, causa l’erosió de les habilitats dels treballadors, el qual augmenta la probabilitat de jubilació anticipada. En aquest article reexaminem l’efecte del progrés tecnològic en la jubilació anticipada tenint en compte que, al principi de la vida laboral, els individus es distribueixen en diferents sectors segons la seva habilitat. Obtenim dos resultats principals: 1) per petits (grans) canvis tecnològics, l’efecte salari (erosió) domina, i 2) els individus...

15. The reform of the European Energy Tax Directive reform : effect on prices - Rocchi, Paola; Serrano, Mònica (Serrano Gutiérrez); Roca Jusmet, Jordi
[spa] Para hacer frente a los riesgos relacionados con la contaminación atmosférica, es ampliamente aceptada la necesidad de instrumentos de política encaminados a reducir las emisiones. La intervención tiene por objeto reducir las conductas contaminantes y incentivar una conducta más respetuosa y el uso de tecnologías más eficientes. La Unión Europea cuenta con dos importantes mecanismos económicos para el control de emisiones a escala europea: la directiva sobre los impuestos energéticos, un instrumento de fiscalidad ambiental aprobado en 2003 que afecta el precio de los productos energéticos, y el sistema de comercio de los derechos de emisiones, introducido en 2005,...

16. Qualitative social differentiation in tertiary education in Spain - Kucel, Aleksander; Vilalta-Bufí, Montserrat
[cat] En aquest treball, s'estudia si la hipòtesi de la desigualtat efectivament mantinguda “effectively maintained inequality” es cumpleix a Espanya. Es postula que en les transicions terciàries a Espanya, les influències dels pares no es manifesten tant a través de la probabilitat de fer la transició, sinó més aviat a través de les diferències qualitatives associades a aquesta transició en termes de les qualitats dels programes educatius. Analitzem dues característiques qualitatives dels estudis universitaris: la durada del programa i el seu prestigi acadèmic. Identifiquem per a quins individus la influència parental és més important en cada cas.

17. The Role of Trade in the Structural Transformations of South Korea and the United Kingdom - Teignier, Marc
[cat] El comerç internacional en béns agrícoles té el potencial d'accelerar la transformació estructural dels països amb baixa productivitat agrícola perquè els dóna la possiblitat d'importar aliments. L'objectiu d'aquest article és estudiar l'importància del comerç internacional en aquest context a través dels exemples de Corea del Sud i el Regne Unit. Per fer l'anàlisi, introdueixo comerç internacional en un model de creixement neoclàssicc amb dos sectors, agricultura i no-agricultura. Una característica clau del model és la baixa elasticitat-ingrés del bé agrícola.

18. Unconventional Determinants of Greenhouse Gas Emissions: The Role of Trust - Roca Jusmet, Jordi; Carattini, Stefano; Baranzini, Andrea
[cat] Les normes socials han estat incloses en la teoria de l’acció col.lectiva per a superar les dificultats per explicar perquè la gestió del béns comuns podria ser més efectiva quan s’autoregula per les mateixes comunitats. El paper rellevant de la confiança en els altres s’ha identificat en diversos contextos d’acció social a nivell local, però només recentment s’ha considerat la idea que també podria ser rellevant en el cas de béns comuns de caire global, seguint l’evidència bàsicament descriptiva recollida per Elinor Ostrom. Però fins ara no hi havia proves quantitatives disponibles d’aquesta idea. Utilitzant un conjunt de dades...

19. Can we identify Walrasian allocations? - Manresa, Antonio, 1954-
[eng] We consider a discrete time, pure exchange infinite horizon economy with two or more consumers and at least one concumption good per period. Within the framework of decentralized mechanisms, we show that for a given consumption trade at any period of time, say at time one, the consumers will need, in general, an infinite dimensional (informational) space to identigy such a trade as an intemporal Walrasian one. However, we show and characterize a set of enviroments where the Walrasian trades at each period of time can be achieved as the equilibrium trades of a sequence of decentralized competitive mechanisms,...

20. Decomposing Cross-Country Gaps in Obesity and Overweight: Does the Social Environment Matter? - Costa i Font, Joan; Fabbri, Daniele; Gil, Joan (Gil Trasfí), 1966-
[cat] Una qüestió clau sobre la producció de salut relativament poc explorada es refereix a la influència dels factors socioeconòmics i mediambientals sobre el pes i l’obesitat. Aquesta problemàtica adquireix particular rellevància quan es comparen dos països Mediterranis com Itàlia i Espanya. És interessant adonar-se que l’obesitat a Espanya és 5 punts percentual més elevada al 2003 mentre que a l’any 1990 era aproximadament la mateixa en ambdós països. Aquesta article presenta una descomposició no lineal dels gaps o diferencials en taxes de sobrepès (índex de massa corporal – IMC- entre 25 i 29.9 9 kg/m2), obesitat classe 1 (IMC≥30...

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