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En este trabajo se analizan los potenciales efectos que diferentes políticas impositivas y de inversión pública tendrían sobre las características del ciclo económico. Se plantea un modelo de equilibrio general, calibrado con datos de la economía española, donde el stock de capital público aparece como un input adicional. La utilización de un determinado impuesto para ajustar las fluctuaciones de gastos e ingresos del gobierno, genera un comportamiento estocástico del tipo impositivo, que se transmite al precio del bien gravado, aumentando la volatilidad relativa de este bien. Así, los resultados indican que los impuestos tienen un efecto distorsionante diferenciado, provocando cambios en la transmisión de las fluctuaciones económicas. La imposición indirecta reduce las fluctuaciones del producto respecto a la imposición directa. Adicionalmente, se analiza el coste de bienestar del ciclo económico y los efectos de políticas procíclicas y contracíclicas de inversión pública sobre la inversión privada. ; The aim of this paper is to analize the potential effects that different tax and public investment policies would have on the business cycle features. We set a general equilibrium model, calibrated with Spanish economy data, where public capital stock is an additional input. The use of different taxes to fulfill the government budget constraint, induces an stochastic path for the tax rate, that affects the taxed good price, increasing the relative volatility of this good. So, distorting effects of taxes change business cycle properties. Consumption taxes reduce output fluctuations relative to direct taxation. We analize the welfare cost of the business cycle and the effect of the design of the public investment policy over the business cycle on private investment.

Energy security is becoming an increasingly important issue in the energy domain. However, from an economic point of view, many questions related to energy security are still unclear: from its definition and the costs associated to insecurity, to the design of policies intended to reduce it. In this paper we first illustrate why the security of energy supply is and will continue to be a major concern in the next few decades. We subsequently attempt, with a review of the limited literature on these matters, to provide an answer to some of the economic concepts associated to this issue and to the application of corrective public policies in the field. ; peer-reviewed

En este trabajo se presenta el estado actual de conocimiento del problema de la política fiscal óptima, así como hacia dónde se dirigen las líneas de investigación en este área. En particular se describen los principales resultados derivados de cómo un gobierno debe ejecutar la política fiscal óptima en una gran variedad de contextos: desde un marco estático hasta un marco dinámico tanto determinista como estocástico, y desde modelos con agente representativo hasta modelos de generaciones solapadas. Destacamos que los resultados no son muy dispares entre los diferentes tipos de contextos y modelos, para una estructura de preferencias comúnmente utilizada. En general, resultados como que el impuesto sobre las rentas de capital debe ser nulo a largo plazo, aunque inicialmente deben ser gravadas a tasas confiscatorias, y que los tipos impositivos sobre la renta del trabajo y sobre el consumo deben ser uniformes, son habituales en muy diferentes contextos. Sin embargo, han surgido nuevas líneas de investigación que tratan de, por un lado, obtener resultados que puedan llevarse a la práctica real, y, por otro, modelizaciones que eviten el problema de la inconsistencia temporal o el de la indeterminación de la política fiscal en contextos con incertidumbre. ABSTRACT: This paper presents the state of art in optimal fiscal policy, focusing on the more promising research lines in this topic. In particular, we show the main results on how the government must implement optimal fiscal policy in different frameworks: from static to dynamic stochastic settings and, from infinite horizon to overlapping generations models. For a commonly used structure of preferences (time separable and homothetic), results are not very different among the several settings. In general, results such as the optimal zero tax rate on capital income (but with high initial tax rates) and the optimality of the uniform taxation on labor income and consumption, are usual in different frameworks. However, new research lines have arisen, trying to obtain ...

Climate change and energy consumption are at the forefront of current environmental debate. Whilst energy is essential to the functioning and survival of our societies, the environmental impact that energy consumption is having, particularly on climate change, is a growing concern and the design and practicalities of energy and energy-related environmental policies are under constant scrutiny. This innovative new book not only addresses the economic assessment of environmental and energy policies but also discusses the efficiency and distributional consequences these policies have for producers and consumers. With contributions from leading academics in the field, this comprehensive volume uses a variety of methodological approaches with which to explore a number of pertinent issues, including several studies on the EU Emission Trading System, as well as more advanced topics such as indeterminacy and optimal environmental public policies, energy-saving technological progress, oil shocks and energy transitions and policy design. Combining theoretical and empirical work, this timely book is a significant contribution to the existing literature and deals with issues at the frontier of current economic knowledge. Economic Modelling of Climate Change and Energy Policies is a unique and informative book and will have widespread appeal amongst scholars, students and policymakers