Abstract Which are the factors affecting the long run sustainability of GDP growth? This paper discusses a potentially important one that has been disregarded so far: the shift in advanced economies from quantity to quality growth. First, the paper lays down a simple model introducing the quality dimension of consumption into the IPAT analytical framework….
Abstract In this paper a dynamic model of economic growth, tourism and environment is studied. The model considers tourists in the economy as optimizing agents, interacting with domestic consumers. The number of tourists arriving in the country follows the Tourism Are Life-cycle model with a tourism carrying capacity dependent on environmental quality. Tourism hurts environment and abatement activities have…
Abstract The appeal of the concept of perfectly competitive equilibrium (PCE), to describe the outcome of trade in competitive markets, relies on three assumptions: 1) in the absence of frictions, PCE is the result of the centralized or decentralized interaction of rational agents, 2) whenever the market is out of equilibrium, an adjustment process would…
Abstract: We analyze the effect of non-constant discounting on the sustainability of economic growth in a model with pollution and abatement. A balanced path equilibrium with decreasing pollution exists under plausible assumptions considering time-consistent agents. Compared to exponential discounting, the social optimum when consumers discount a non-constant rate shows greater abatement and consumption expenditure shares…
Abstract Spanish GDP grew at an average rate of 3.5% per year during the expansion of 1995- 2007, above the EU average of 2.2%. However, this growth was based on factor accumulation rather than productivity gains. In particular, TFP fell at an annual rate of 0.7%, while it increased at 0.4% in the EU and…
Abstract: This paper analyses the transmission of monetary policy to bank lending conditions during the period of financial and sovereign debt crisis in the euro area. A unique bank-level dataset is used to capture the main channels through which standard and non-standard monetary policy measures propagates to the lending behaviour of individual banks. The results…
Abstract The aim of this paper is to create counterfactual series in a reliable way and illustrate its use. The present literature is dominated by the Synthetic Control Method (SCM), but there are cases where it cannot perform and it was not created considering the trade-off between bias and variance, hence the accuracy of results…
Abstract I Parte: Presentación teórica. Modelos macroeconómicos para una unión monetaria En esta sección se va a presentar un marco general para el análisis macroeconómico. Para ello se desarrollará un modelo de carácter autocontenido, que tras describir una economía cerrada por el lado de la oferta y la demanda, se ampliará para poder representar una…
Abstract Following the ideas of the Tourism Area Life Cycle (TALC) theory, we propose a dynamic econometric model for tourism demand where the reputation effect (the effect of the lagged demand on the current tourism demand) is not constant, but dependent on congestion. We test the model using panel data from Spanish regions during the…
Abstract Recent research in international trade simultaneously has developed along two branches. Empirical research measures plants’ productivity and shows that exporters are more productive than non-exporters. Theoretical research develops models of heterogeneous firms and shows that exporters are more efficient than non-exporters. We argue that there is a disconnect: the measure of firm productivity used…
