Recursos de colección

UTL Repository Universidade Técnica de Lisboa (37.000 recursos)

O Repositório Institucional da Universidade Técnica de Lisboa desenvolvido no âmbito do projecto RCAAP. Este repositório destina-se a recolher, preservar e disponibilizar o acesso às publicações científicas e didácticas de seis: Escolas da UTL: Faculdade de Medicina Veterinária, Instituto Superior de Agronomia, Instituto Superior de Economia e Gestão, Instituto Superior de Ciências Sociais e Políticas , Faculdade de Motricidade Humana, Faculdade de Arquitectura. O Instituto Superior Técnico, igualmente Escola Da UTL, tem repositório independente.

Departamento de Economia / Department of Economics

Mostrando recursos 1 - 20 de 379

  1. Energy conservation, unemployment and the direction of technical change

    Kronenberg, Tobias
    This paper extends the model by Smulders and de Nooij (Resour Energy Econ 25:59–79, 2003), where technical change can be biased towards labour or energy, by assuming a monopolistic union and a government which pays unemployment benefits, collects wage taxes and sells emission permits. The extended model is applied to the analysis of environmental tax reforms. A reduction in the level of energy use yields a double dividend by lowering pollution and unemployment, while temporarily inducing energy-saving technical change. It moves the economy to a new balanced growth path where unemployment is permanently lower, but long-run growth is not aff...

  2. Inefficiency caused by random matching and heterogeneity

    Kultti, Klaus
    I study an economy with sellers and buyers with unit supplies and unit demands. Both parties have valuations uniformly distributed on a unit interval. I quantify the ineffi ciency, compared to the Walrasian markets, when the agents meet randomly. There are several causes of ineffi ciency that I deal with separately. First, even if there is perfect information about valuations it makes a diff erence whether all agents participate in the markets or whether only those who would trade in the Walrasian market participate. The same applies when there is private information about valuations.

  3. Banking firm and hedging over the business cycle

    Broll, Udo; Kit, Pong Wong
    This paper examines the behavior of a banking firm under risk. The banking firm can hedge its risk exposure by trading futures contracts. The banking firm is risk averse and possesses a utility function defined over its end-of-period income and a state variable that denotes the business cycle of the economy. We show that the banking firm optimally opts for an overhedge or an under-hedge, depending on whether the returns on the futures contracts are negatively or positively correlated with the business cycle of the economy, respectively. Thus, the business cycle of the economy is an important determinant in shaping...

  4. Capital services estimates in Portuguese industries, 1977–2003

    Silva, Ester Gomes da
    This paper presents capital services estimates for 26 Portuguese industries for the 1977–2003 period. The estimation procedure follows an inte- grated approach under which the flows of capital services are approximated as a proportion of the capital stock converted into standard efficiency units. Our findings suggest a close proximity between the evolution of capital flows and the observed fluctuations of Portuguese macroeconomic growth. TFP growth estimates based on growth accounting reveal, furthermore, a very disappointing performance of the Portuguese economy during the period under study, with an average annual rate of TFP growth of 0.8% being observed. Performance varies across...

  5. The case for the virtual strike

    Nicita, Antonio; Rizzolli, Matteo
    Erratum to: Port Econ J. DOI 10.1007/s10258-009-0044-x

  6. Special issue in law and economics

    Garoupa, Nuno

  7. The case for the virtual strike

    Nicita, Antonio; Rizzolli, Matteo
    In this paper we outline the economic rationale behind the virtual strike, and workers’ incentives to use this bargaining solution rather than resorting to standard strike action. We show that, from a welfare perspective, a well-designed virtual strike always dominates a standard strike and it would be most needed precisely when workers have weaker incentives to adopt it. We then discuss the pros and cons of legally regulating the virtual strike rather than leaving it to self-regulation. Finally, we apply our findings to the analysis of Italy’s draft legislation on virtual strikes.

  8. Punishment should fit the crime : an assessment of the French reform of minimum mandatory penalties

    Deffains, Bruno; Galbiati, Roberto; Rouillon, Sebastien
    We study the eff ects of minimum mandatory sentences when judges are at least minimally averse to error and/or follow some “penalty should fit the crime” heuristic. We apply our analysis to the 2007 reform of the French Penal Code. We show that the introduction of minimum mandatory sentences in this context may backfire inducing more crime in the long run. Judges may prefer to acquit a criminal than convicting him to a sentence reputed too high.

  9. The English rule with payments upfront

    Garoupa, Nuno
    This paper extends the economic model of litigation under the English rule for allocation of costs by considering payments upfront. Impli- cations are derived for current legal reforms in Portugal.

  10. The State in Court : the economic effects of fee-shifting rules in Spain when suing the government

    Gómez, Fernando; Ginès-Fabrellas, Anna; Marín-García, Ignacio
    Following the recent public debate concerning the situation of the Judicial system in Spain, the paper analyses the special position of the State in Court, essentially with reference to suits brought by individuals against the State before Spanish first instance Courts, although international Courts are touched as well. The analysis focuses on the incentives to litigate and to settle in a dispute with the State, focusing on the State’s special procedural rules and the fee-shifting rules applied in the Spanish Justice system. The asymmetries in favor of the State reduce the incentives to litigate against the State, but also reduce...

  11. From soft to hard paternalism and back : the regulation of surrogate motherhood in Greece

    Hatzis, Aristides N.
    This paper is a critical analysis of the regulation of surrogate motherhood in Greece; I will discuss the way that a consensus reached in the legislative committee among liberal and conservative jurists on the matter of compensation of surrogate mothers was undermined by intra-party populism in the Greek parliament which banned it to avoid commodification; inevitably the law fell into disuse leading to a new law which allowed government-defined compensation, not the one agreed by the parties; the regulation of surrogate motherhood in Greece is a typical example of the deleterious effects of the combination of legal formalism and legal...

  12. The economic effects of improving investor rights in Portugal

    Castro, Rui; Clementi, Gian Luca
    The Portuguese economy has performed remarkably well since join- ing the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this...

  13. Estate taxation with warm-glow altruism

    Garriga, Carlos; Sánchez-Losada, Fernando
    This article examines the properties of the optimal fiscal policy in an economy with warm-glow altruism (utility interdependence) and heterogeneous individuals. We propose a new efficiency concept, D-efficiency, that considers an implicit constraint in the act of giving: Donors cannot bequeath to donees more than their existing resources. Considering this constraint, we show that the market equilibrium is not socially efficient. The efficient level of bequest transfers can be implemented by the market with estate and labor-income subsidies and a capital-income tax. In the absence of lump-sum taxation, the government faces a trade-off between minimizing distortions and eliminating external effects....

  14. Team production with inequity-averse agents

    Jianpei, Li
    This paper analyzes the effi ciency of team production when risk- neutral agents exhibit other-regarding preferences. It is shown that full effi - ciency can be sustained as an equilibrium of a budget-balancing mechanism that punishes some randomly chosen agents if output falls short of the effi cient level but distributes output equally otherwise. The result depends on agents being suffi ciently inequity-averse.

  15. Editorial note

    Brito, Paulo; Silva, João Santos

  16. Revenues in discrete multi-unit, common value auctions : a study of three sealed-bid mechanisms

    Ahlberg, Joakim
    This paper proposes a discrete bidding model for both quantities and pricing. It has a two-unit demand environment where subjects bid for contracts with an unknown redemption value, common to all bidders. Prior to bidding, the bidders receive private signals of information on the (common) value. The relevant task is to compare the equilibrium strategies and the seller’s revenue of the three most common auction formats with two players. The result is that the Vickrey auction always gives the most revenue to the seller, the discriminatory auction follows closely and the uniform auction clearly is the worst due to demand...

  17. Financial intermediation and growth : causality and causes without outliers

    Andini, Corrado
    In a seminal paper, Levine et al. (J Monet Econ 46:31–77, 2000) provide cross-sectional evidence showing that financial development has pos- itive average impact on long-run growth, using a sample of 71 countries. We argue that the evidence is sensitive to the presence of outliers.

  18. A new approach to bad news effects on volatilit y: the multiple-sign-volume sensitive regime EGARCH model (MSV-EGARCH)

    Curto, José Dias; Tomaz, João Amaral; Pinto, José Castro
    In this paper, using daily data for six major international stock market indexes and a modified EGARCH specification, the links between stock market returns, volatility and trading volume are investigated in a new nonlinear conditional variance framework with multiple regimes and volume eff ects. Volatility forecast comparisons, using the Harvey-Newbold test for multiple forecasts encompassing, seem to demonstrate that the MSV- EGARCH complex threshold structure is able to correctly fit GARCH- type dynamics of the series under study and dominates competing standard asymmetric models in several of the considered stock indexes.

  19. The core periphery model with asymmetric inter-regional and intra-regional trade costs

    Leite, Vasco; Castro, Sofia B.S.D.; Correia-da-Silva, João
    We generalize the model of Krugman (J Polit Econ 99(3):483–499, 1991) to allow for asymmetric trade costs between regions and for (asymmetric) trade costs that are internal to the regions. We find that industrial activity, in a region, is enhanced by higher costs of importing and lower costs of exporting (more precisely, by a higher ratio between the two trade costs). This suggests that countries may impose tariffs on imported goods and seek to remove the import tariffs in other countries (unilateral protectionism) in order to foster industrial activity. Industrial activity is also promoted by lower domestic internal trade costs...

  20. Reemployment wages and UI liquidity effect : a regression discontinuity approach

    Centeno, Mário; Novo, Álvaro A.
    This paper puts together the non-distortionary liquidity eff ect of unemployment insurance and job match quality. We identify a big impact on subsidized unemployment duration and a small impact on wages on the job that follows the unemployment spell. Wage gains are heterogeneous and concentrated on individuals at the bottom of the pre-unemployment income distribution. The non-distortionary nature of the liquidity eff ect reduces the pressure on low-income workers to accept lower productivity jobs.

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