Search results for "jel:E2"
showing 10 items of 25 documents
Instruments, rules, and household debt: the effects of fiscal policy
2015
In this paper, we look at the interplay between the level of household leverage in the economy and fiscal policy, the latter characterised by different combinations of instruments and rules. When the fiscal rule is defined on lump-sum transfers, government spending or consumption taxes, the impact multipliers of transitory fiscal shocks become substantially amplified in an environment of easy access to credit by impatient consumers, regardless of the primary instruments used. However, when the government reacts to debt deviations by raising distortionary taxes on income, labour or capital, the effects of household debt on the size of the impact output multipliers vanish or even reverse, no …
Growth vs. level effect of population change on economic development: An inspection into human-capital-related mechanisms
2011
ACL-1; International audience; This paper studies the different mechanisms and the dynamics through which demography is channeled to the economy. We analyze the role of demographic changes in the economic development process by studying the transitional and the long-run impact of both the rate of population growth and the initial population size on the levels of per capita human capital and income. We do that in an enlarged Lucas–Uzawa model with intergenerational altruism. In contrast to the existing theoretical literature, the long-run level effects of demographic changes, i.e. their impact on the levels of the variables along the balanced growth path, are deeply characterized in addition…
Factores de localización regional en las inversiones industriales
2008
En este trabajo se analiza la localización regional de la inversión industrial en España en el periodo 1964-2000, evaluando tanto la influencia de factores clásicos de demanda y coste como economías de aglomeración, y el papel desempeñado por las infraestructuras de transporte además del capital humano. Los resultados muestran que son el capital humano y las diferencias salariales los factores que más han contribuido a modificar la localización y el desplazamiento de la inversión hacia nuevos núcleos industriales, mientras que las infraestructuras de transporte y el crecimiento de los salarios han contribuido también a intensificar la utilización de capital sobre todo en las regiones con ma…
FISCAL POLICY, MACROECONOMIC STABILITY AND FINITE HORIZONS
2003
In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more vo…
The role of Institutions in explaining wage determination in the Euro Area: a panel cointegration approach
2016
Over the last 15 years, the evolution of labor costs has been very diverse across EMU countries. Since wages have important second-round effects on prices and competitiveness, and EMU countries do not have the tool of the nominal exchange rate to correct for such imbalances, understanding the determinants of the wage is a matter of increasing concern and debate. We estimate the equilibrium wage equation for the Euro Area over the period 1995-2011 using panel cointegration techniques that allow for cross-section dependence and structural breaks. The results show that the equilibrium wage has a positive relation with productivity and negative relation with unemployment, as expected. We also i…
THE NEED FOR THE BALANCE BETWEEN WORK AND PERSONAL LIFE IN THE CONTEXT OF ECONOMIC CRISIS AND THE ENHANCE QUALITY OF LIFE
2012
The professional life of the individual in society should become a major goal of the employment policies and strategies, a goal considered science and art. Starting from the Europe`s demographic paradox, it is concluded the need to use at full capacity the human resources of the EU27, by maximizing the efficiency of each individual of the society. Based on criteria of choice a caree and of the satisfaction - productivity report it is detailed the importance of counselling to optimize the relationship skills / utility in the society. In the end, a series of conclusions and suggestions are presented on the current and future way of addressing employment, education, continuous lifelong profess…
Analysis of the Economic Research Context after the Outbreak of the Economic Crisis of 2007-2009
2015
In this paper it, we have conducted a factor analysis which implied determining the international research directions that have characterized the period following the outbreak of the crisis in 2007 and 2008-2011. In this research, we used secondary data that were extracted from 342 articles, which were based on 665 individual researches. Following this research, we have identified three main research in the macroeconomic areas which explained 56% of all the analyzed research. Also, the results showed the trends in macroeconomic research after the start of the crisis in 2007.
Labor Market Search, Housing Prices and Borrowing Constraints.
2010
Mortgage market deregulation in the early 1980s coincided in time with a sharp break in the cyclical behavior of many variables related to housing and to the labor market. This paper analyses the joint dynamics of labor market variables, output and housing prices in a search model with efficient bargaining and financial frictions. In a setting of household heterogeneity, only mortgaged-backed loans are available for impatient households, whose borrowing cannot exceed a proportion of the expected value of their real estate holdings. This feature of the credit market, together with search and matching frictions in the labor market, establish a strong link between credit constraints and consum…
Investment Modelling at the Euro Area Level
2014
The aim of this research is to model the investment function at the level of the Euro zone. To achieve this main objective, we use and implement the structural equation modeling procedure for empirical analysis. Using this technique, the causal relationships established between investment and influencing factors are estimated and tested. Also, in the process of modeling structural equations, we examine empirical data sets related to the Euro area’s Member States.
Global Dynamics and Imbalance Effects in the Lucas-Uzawa Model: Further Results
2007
In this paper we use a new analytical approach to the Lucas-Uzawa model (Boucekkine and Ruiz Tamarit, 2007) to extend the existing results on the dynamics, and notably on the imbalance effects arising in the model. The approach does not only allow to extend the traditional analysis to any initial conditions and for all variables in level, but it also permits a more general investigation of imbalance effects.