Search results for "CONST"
showing 10 items of 7706 documents
Decentralization and growth: what if the cross-jurisdiction approach had met a dead end?
2013
International audience; The relationship between decentralization and economic growth is generally studied from a perspective stressing universal or quasi-universal regularities across jurisdictions. That approach has generated many insights but seems to reach its limits. The paper explains why it allows contrasting positions with regard to the benefits of decentralization even among proponents of free and competitive markets. And it seems from the empirical literature that no robust and economically significant cross-jurisdiction relation between decentralization and economic performance or growth, except perhaps their independence, has been found. The absence of a relation valid across ju…
La factibilidad de los derechos sociales en Europa: debate actual y perspectivas
2021
El presente trabajo reflexiona acerca de la relación entre el análisis económico y la efectividad y justiciabilidad de los derechos sociales en Europa. En efecto, si en la era de la globalización se confiere una posición relevante al mercado cuando se redactan las normas nacionales e internacionales sobre derechos sociales (incluso en la fase inicial –previendo el impacto económico de dichas normas, la denominada “factibilidad”), el autor pone de relieve que la estructura jurídica y dogmática de tales derechos sociales es tan idónea como la de los derechos civiles a la hora de garantizar su justiciabilidad. En tal sentido, se subraya el camino hacia un estándar común europeo en materia de d…
Bubbles and Crowding-in of Capital via a Savings Glut
2017
This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.
Job Mobility and Sorting: Theory and Evidence
2019
Abstract Motivated by the canonical (random) on-the-job search model, I measure a person’s ability to sort into higher ranked jobs by the risk ratio of job-to-job transitions to transitions into unemployment. I show that this measure possesses various desirable features. Making use of the Survey of Income and Program Participation (SIPP), I study the relation between human capital and the risk ratio of job-to-job transitions to transitions into unemployment. Formal education tends to be positively associated with this risk ratio. General experience and occupational tenure have a pronounced negative correlation with both job-to-job transitions and transitions into unemployment, leaving the r…
Temporary contracts, employment protection and skill: A simple model
2008
Abstract We construct a theoretical labor market that incorporates skill differences across workers to identify under which conditions temporary contracts are a way to access to permanency. Firing costs and unemployment benefits increase the threshold productivity above which workers access to permanency.
Multiplicity in financial equilibrium with portfolio constrains under the generalized logarithmic utility model
2012
Previous research on the effects of constraints to take unbounded positions in risky financial assets shows that, under the logarithmic utility function, multiplicity of equilibrium may emerge. This paper shows that this result is robust to either constant, decreasing or increasing relative risk aversion obtained under the generalized logarithmic utility function.
A PROOF OF THE POWER OF KIM'S TEST AGAINST STATIONARY PROCESSES WITH STRUCTURAL BREAKS
2005
Recently, Kim (2000)1 and Busetti and Taylor (2004) have proposed different ratio-based procedures to test the hypothesis of stationarity against the alternative of changing persistence.2 This includes the alternative of a process changing from 1(0) to I(1) and vice versa, although Busetti and Taylor (2004) show that Kim's original test (2000) is inconsistent against fixed I(1) I(0) alternatives. In this note we show that, similarly to other stationarity tests (e.g., Kwiatkowski, Phillips, Schmidt, and Shin [KPSS]), Kim's test (2000) rejects the null of stationarity asymptotically with probability one, whenever the true data generating process is a stationary one around a constant term with…
Does a voluntary conservation program result in a representative protected area network?
2009
Abstract Conservation contracting has attained growing interest worldwide as a tool for protecting biodiversity in privately owned lands. In this policy, landowners receive payments from an environmental agency in exchange for land use practices that contribute to the supply of biodiversity. This approach may result in a conservation network which does not cover all focal ecological characteristics, because landowners determine the supply of potential targets. In addition, the contracts are typically allocated by using a scoring method that is not giving information on the representativeness of the species composition of the sites. In this study, we investigated what is the performance of a…
Convergence in the OECD: Transitional Dynamics or Narrowing Steady-State Differences?
2004
I. INTRODUCTION Research on growth and convergence has proceeded through several stages that can be described as a process of accommodating cross-country heterogeneity into the convergence equation. In the first stage, the world could be described as countries approaching to equal (absolute convergence) or to different (conditional convergence) steady states. In both cases--see Baumol (1986) Barro and Sala i Martin (1992), or Mankiw et al. (1992)--the assumption of parameter homogeneity of the underlying production function was assumed and not tested. Later, some researchers (Knight et al. [1993], Islam [1995], Durlauf and Johnson [1995], or Caselli et al. [1996], among others) began to cha…
A reading of the Spanish Constitution (1978)
1991
The object of this paper is to examine the Spanish Constitution (1978) using the perspective of modern consitutional political economy. This exercise is an interesting one for two reasons: first it provides a kind of test for the usefulness of the c.p.e. approach and the insights the application of that approach yields; second, it provides an opportunity for a wider readership of a document that is of considerable interest in its own right.