Suchergebnisse

In dynamic settings with public capital, it is common to assume that the government claims a constant fraction of public investment to total output each period, which is clearly a restrictive assumption. The goal of the paper is twofold: first, to find out a more reasonable rule for public investment, consistent with US data, than the constant-ratio rule; second, to analyze the impact of that rule on welfare and judge the public investment downsizing process held in US since the end of the sixties. Calibrating for US, the model simulation captures the public investment downsizing process held during 1960-2001, as well as the post-1970 slowdown in private factors productivity. Downsizing would be optimal whenever the public capital elasticity is approximately smaller than 0.09, a lower level than the general consensus in the literature. Thus, it is more likely that our result be consistent to Aschauer (1989) and Munnell (1990), which put forth that policymakers would have reduced the stock of public capital below its optimum level along this time.

Se analiza, dado un objetivo a largo plazo del ratio inversión pública/PIB, este ratio, además va a reaccionar a lo largo de la transición según el estado de la economía. Esta regla de inversión pública es mas flexible que la que es comunmente considerada en la literatura, donde la ratio inversión publica/PIB es constante. En comparación con esta simple regla, y bajo regímenes impositivos alternativos, se obtienen importantes ganancias de bienestar al coordinar de manera óptima la política de corto y largo plazo. Modelling the accumulation rule evolving public investment is an issue of utmost interest among economists and politicians. The present paper extends the Barro (1990) model of productive government expenditure by considering a time-adapted rule for the public investment/output ratio. The rule allows a particular target on the public investment ratio to be achievable in the long-run. Additionally, throughout the transition, the government may adjust its period-by-period public investment/output ratio in response to the current productivity of public capital relative to its long-run level. The degree of this response depends on a short-run policy instrument, which is decided by the fiscal authority simultaneously to the long-run target ratio. That way, the government problem could be interpreted as a coordination problem between short- and long-term policies. In comparison with a constant-ratio rule, and under alternative taxing scenarios, important welfare improvements are found when coordinating the short- and the long-run policy instruments in an optimal way.

This article aims to cover an important aspect of the economic history of Porfirian Mexico: the integration of agricultural domestic markets. Because corn was the staple crop of the commercial agricultural sector, it becomes the protagonist of this story. Panel techniques are applied to a price-convergence model. Although still unfinished on the eve of the Mexican Revolution, corn market integration substantially accelerated during the Porfiriato and ended up further integrated than estimated by Kuntz. Railroads were not only indispensable to the economic growth of Mexico, but also played a key role in the process of corn market integration.

RESUMENEste trabajo consta de tres partes principales: en la primera se examina la hipótesis consistente en la existencia de una «definición débil» de «mining-led growth» en la economía novohispana del siglo XVIII y se defiende una versión «moderadamente optimista» de las conexiones entre expansión minera y crecimiento económico; en la segunda parte se analizan los determinantes de la producción de plata, entre los que figuran variables de política económica (precio del mercurio yconsignacionesde las minas de Almadén), la cantidad de mercurio disponible en Nueva España y el precio del maíz, y se muestran algunos de los efectos positivos que tuvo la reconsideración del papel del Monopolio del mercurio en las finanzas de la Corona; en la tercera se presenta un ejercicio cuantitativo que pretende estimar el coste económico de la independencia de México, que resultaría ser elevado y atri-buible, en terminología de Coatsworth, no sólo a «lograr la independencia» sino a la «propia independencia».

Se demuestra que recaudar impuestos sobre la renta puede resultar una mejor alternativa que financiar el gasto público con impuestos de suma fija, en un modelo de crecimiento endógeno de un sector con gasto público productivo e improductivo y bajo ciertas restricciones fiscales realistas. Abstract In an infinitely-lived framework, taxing capital income may be growth and welfare enhancing when it allows for correcting distorting externalities in the competitive equilibrium allocation. This is the case when public capital is subject to congestion by private capital or total income [Fisher and Turnovsky (1998)] or when government expenditure exerts an external effect on physical capital [Corsetti and Roubini (1996)]. However, none of these features appear in simple one-sector endogenous growth models with public capital. Alternatively, we consider certain realistic fiscal policy constraints in a simple one-sector growth model with productive and unproductive public expenditures, to show that raising revenues through factor income taxes may be preferred to using lump-sum taxes.

En este trabajo revisamos nuestros resultados recientes acerca del vínculo entre el desempeño macroeconómico, el mix de tecnologías energéticas y la evolución de las emisiones de CO2. El marco teórico del análisis es el de los modelos de crecimiento económico con generaciones sucesivas de capital. Mostramos que las emisiones de CO2 dependen, fundamentalmente, del crecimiento económico sostenido por altos niveles de intensidad energética fósil. Finalmente, reflexionamos sobre la posibilidad de avanzar simultáneamente en la transición verde y la recuperación económica tras el impacto de la COVID-19.

AbstractWe study the contribution of students' circumstances to inequality of opportunity in educational achievement (IOpE) in Western Europe and explore the role of intermediate channelling variables in translating differences in circumstances into educational inequalities. Using the 2018 Programme for International Student Assessment (PISA) database, we find that differences in households' cultural environment and in parental occupation are the most important contributing circumstances, with school's circumstances being relevant mostly in Central Europe. Our results show that the relevant channels of IOpE in most countries are students' educational and occupational expectations, their reading habits and skills, and grade repetition in previous years. These findings can provide policymakers with key insights to aid in designing educational interventions that effectively increase educational opportunities across European countries.