Optimal Fiscal Policy with Rationing in the Labor Market

Published as an article in: Topics in Macroeconomics, 2005, vol. 5, issue 1, article 17.

Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

A Non-Parametric Dimension Test of the Term Structure

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 3, article 6.

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

El sector económico de las mascotas en españa y su impacto en el PIB y la creacion de empleo

El principal objetivo de este Trabajo de Fin de Grado titulado “El sector económico de las mascotas en España y su impacto en el PIB y en la creación de empleo” es intentar dar a conocer a la sociedad el peso que tienen las mascotas en la economía en general y en la española en particular. Para comenzar el trabajo, analizamos los comienzos de la domesticación así como la historia y la importancia de los animales de compañía para el ser humano desde el punto de vista social y económico. Para visualizar el impacto económico de los animales de compañía nos centramos en los dos subsectores más relevantes desde la perspectiva del empleo y del impacto en el PIB: la alimentación y las prestaciones veterinarias. En lo que respecta a la alimentación, se analiza la producción en toneladas y euros así como la estructura de las empresas más relevantes y un análisis del líder en el sector. En cuanto al sector veterinario, se analiza su estructura en toda España en términos de empleo, número de empresas y resultados económicos. A lo largo del trabajo podemos observar que el sector de los animales de compañía se mantiene en continuo crecimiento debido al mayor número de animales domésticos que encontramos en los hogares. Para finalizar el desarrollo del Trabajo de Fin de Grado, elaboramos unas conclusiones en relación a los resultados más relevantes obtenidos en la realización de este estudio.

Reform of Spain's profesional services market: Implementation of the EU Services Directive

The implementation of the European Commission Services Directive initiated the modernization process of services markets within the European Union. The objective was to guarantee the creation of a single market by ensuring the freedom of establishment and circulation. The transposition of the Directive in Spain triggered an initial wave of reforms in the Spanish legal system. A second package of reforms is currently underway, following recommendations by the EC, IMF and OECD, which highlight the relative lack of competition in Spain’s services as one of the major imbalances in its economy, alongside the public deficit and unemployment. Both the implemented and planned reforms represent a major step forward. Nevertheless, the government has recently announced modifications to the draft bill of the Professional Services and Associations Law, which is expected to soon be submitted for parliamentary debate and approval. Taking into consideration modifications already introduced, together with anticipated further changes, it will be important to maintain the main points of the draft bill and to introduce a deeper review of the legal framework for professional services, of the professional associations themselves, and for the activities that are subject to compulsory membership within a professional association. Spain’s territorial map of professional associations must too be redrawn.

Geographical mobility and the labour market

This paper studies the e ect of home-owners' migration costs on migration and unemployment in an economy where workers move both for work- and nonwork- related reasons. To this end, a search model with heterogeneous locations is developed and calibrated to the U.S. economy. Consistent with the empirical evidence, the model predicts that home-owners have a lower unemployment rate than renters despite their higher migration costs. The result is due to home-owners' higher transition rate to employment and lower transition rate to unemployment.In addition, the model generates lower inequality in home-owners' local unemployment rates than in renters'. In line with this result, it is documented that, for the period 1996-2013, home-owners had less unemployment dispersion across metropolitan areas than renters.

NAFTA Itunaren ondorioak Mexikoko ekonomian

The objective of this Final Project focuses on explaining how the North American Free Trade Agreement (NAFTA) has affected the economy of Mexico. To achieve this, we have conducted a documentary research based on analysis of existing general and specific scientific literature on the subject from the objectives and hypotheses a priori. The framework is divided into several sections where the following issues are addressed: the processes of negotiation and adjustment plans that occurred before to signing the agreement; the aim and purpose of the agreement; the consequences of the covenant in the economy of Mexico, considering the decomposition of the status and importance of immigration; and finally, an analysis of the current situation of Mexico. This paper concludes with a set of final thoughts with hypothesis testing, and a theory about how different countries should cooperate in order to have a beneficial development in all parties.

The position of a social economy in the Czech Republic at present

The Social Economy is a new phenomenon in the Czech Republic. It means the economy with its social effects that is being supported within public politics. Some analyses have been done at J.E:purkynI University in Ústí nad Labem during the last years. The topics of this research were the transformation of public administration, non-profit sector(respectively the civil mix sector), co-operatives, and social enterprises, and it is still ongoing.