Abstract En este trabajo se presenta una metodología para la construcción de un Sistema de Cuentas Públicas Territorializadas (SCPT) elaborado desde la óptica carga-beneficio, así como una aplicación de esta metodología al caso del año 2011. El SCPT ofrece una radiografía detallada de la distribución regional de los flujos de gastos e ingresos públicos y…
Abstract There appears to be notable differences in average effort at work (pace and attentiveness) across countries, which affect relative TFP and comparative advantage. These differences are typically assumed to be the consequence of an exogenous cultural trait: industriousness; more industrious countries would thrive relative to more indolent ones. However, it is hard to accept…
Abstract We assess the effects of reforms in product and labor markets in a model economy featuring credit restrictions and pre-existing long-term debt. Both elements, which are core features of the current scenario faced by some Euro area countries, combine to produce a slow deleveraging of the private sector and a persistent recession following a…
ABSTRACT: We consider a monetary union where discretionary monetary policy creates the classical inflation bias. We analyze how the design of the central bank interacts with fiscal policy under distortionary taxation. We show that when countries share a single currency the perils of not having a conservative enough central bank are more severe. This result…
Abstract We use detailed information on labor earnings and employment from Social Security records to document earnings inequality in Spain from 1988 to 2010. Male earnings inequality was strongly countercyclical: it increased around the 1993 recession, showed a substantial decrease during the 1997-2007 expansion and then a sharp increase during the recent recession. These developments were partly driven by…
