A comment on the cost of capital for investments with non-homogeneous components

In this paper, the expression for the cost of capital is derived when net and replacement investments exhibit differences in their effective prices due to a different fiscal treatment. It is shown that, contrary to previous results in the literature, the cost of capital should be constructed under an opportunity cost criterion rather than a historical one. This result has some important economic consequences, since the optimizing firm will take into account not only the effective price for the new investments but also consider the opportunity cost of replacing them.

User cost of capital with delayed investment grants

The usual assumption when considering investment grants is that grant payments are automatic when investments are undertaken. However, evidence from case studies shows that there can exist some time lag until funds are received by granted firms. In this paper the effects of delays in grant payments on the optimal investment policy of the firm are analyzed. It is shown how these delays lead not only to a higher financing cost but to an effective reduction in the investment grant rate, and in some cases, how benefits from investment grants could be canceled due to interactions with tax effects.

Qüestionari de trajectòria educativa i capital social acadèmic

Projecte de recerca (EDU2011-25960) Ministerio de Economía y Competitividad

Factor shares, the price markup, and the elasticity of substitution between capital and labor

[spa] La participación del trabajo en la renta nacional es constante bajo los supuestos de una función de producción Cobb-Douglas y competencia perfecta. En este artículo se relajan estos supuestos y se investiga si el comportamiento no constante de la participación del trabajo en la renta nacional se explica por (i) una elasticidad de sustitución entre capital y trabajo no unitaria y (ii) competencia no perfecta en el mercado de producto. Nos centramos en España y los U.S. y estimamos una función de producción con elasticidad de sustitución constante y competencia imperfecta en el mercado de producto. El grado de competencia imperfecta se mide a través del cálculo del price markup basado en laaproximación dual. Mostramos que la elasticidad de sustitución es mayor que uno en España y menor que uno en los US. También mostramos que el price markup aleja la elasticidad de sustitución de uno, lo aumenta en España, lo reduce en los U.S. Estos resultados se utilizan para explicar la senda decreciente de la participación del trabajo en la renta nacional, común a ambas economías, y sus contrastadas sendas de capital.

The role of unions in an endogenous growth model with human capital

In this paper we study the relationship between unions and growth in a two-sector overlapping generations model with altruism and humancapital. This relationship depends on the interaction between the technology in the sector that produces human capital, the degreeof unionization of the economy and the operativeness of the bequest motive.

La història cultural i l'intel·lectual professional. Una visió personal

The author exposes the main research lines in the history of local culture. He briefly considers the main lines in cultural contemporary history investigation. The author studies the introduction and development of cultural history based on the concept of intellectual professional in Catalan historiography at a moment when economical and social research were preferred by a large part of local historians.

Quinze anys. Una biografia intel·lectual col·lectiva

Jordi Casassas, academic coordinator of the GEHCI (Group of Studies on the History of Culture and Intellectuals), offers a brief approach to the history of this research group, which began its activity in 1989. He exposes the main projects of its members and the works published throughout this time.

El llegat intel·lectual de Miquel Batllori

The Catalan historian Miquel Batllori (1909-2003), had developed an important performance in many aspects of intellectual activities. He developed an extensive studies in many historical subjects. The author considers mainly the Batllori works connected with cultural history.

La història cultural i l'intel·lectual professional. Una visió personal

The author exposes the main research lines in the history of local culture. He briefly considers the main lines in cultural contemporary history investigation. The author studies the introduction and development of cultural history based on the concept of intellectual professional in Catalan historiography at a moment when economical and social research were preferred by a large part of local historians.

Quinze anys. Una biografia intel·lectual col·lectiva

Jordi Casassas, academic coordinator of the GEHCI (Group of Studies on the History of Culture and Intellectuals), offers a brief approach to the history of this research group, which began its activity in 1989. He exposes the main projects of its members and the works published throughout this time.

El llegat intel·lectual de Miquel Batllori

The Catalan historian Miquel Batllori (1909-2003), had developed an important performance in many aspects of intellectual activities. He developed an extensive studies in many historical subjects. The author considers mainly the Batllori works connected with cultural history.

Does human capital stimulate investment in physical capital?: Evidence from a cost system framework

The direct effect of human capital on economic growth has been widely analysed in the economic literature. This paper, however, focuses on its indirect effect as a stimulus for private investment in physical capital. The methodological framework used is the duality theory, estimating a cost system aggregated with human capital. Empirical evidence is given for Spain for the period 1980-2000. We provide evidence on the indirect effect of human capital in making private capital investment more attractive. Among the main explanations forthis process, we observe that higher worker skill levels enable higher returns to be extracted from investment in physical capital.

Human capital spillovers, productivity and regional convergence in Spain

This paper analyses the differential impact of human capital, in terms of different levels of schooling, on regional productivity and convergence. The potential existence of geographical spillovers of human capital is also considered by applying spatial panel data techniques. The empirical analysis of Spanish provinces between 1980 and 2007 confirms the positive impact of human capital on regional productivity and convergence, but reveals no evidence of any positive geographical spillovers of human capital. In fact, in some specifications the spatial lag presented by tertiary studies has a negative effect on the variables under consideration.

Family burden related to clinical and functional variables of people with intellectual disability with and without a mental disorder

Few studies have been found that to assess the factors that explain higher levels of familyburden in adults with intellectualdisability (ID) and intellectualdisability and mental disorders (ID-MD). The aims of this study were to assess familyburden in people with ID and ID-MD and to determine which sociodemographic, clinical and functionaldisabilityvariables account for familyburden. The sample is composed of pairs of 203 participants with disability and their caregivers, of which 33.5% are caregivers of people with ID and 66.5% of ID-MD. Assessments were performed using scales of clinical and functionaldisability as the following instruments: Weschler Adult Intelligence Scale-III (WAIS-III), Inventory for Client and Agency Planning (ICAP), Psychiatric Assessment Schedule for Adults with Development Disability (PAS-ADD checklist), Disability Assessment Schedule of the World Health Organization (WHO-DAS-II) and familyburden (Subjective and Objective FamilyBurden Inventory - SOFBI/ECFOS-II). People with ID-MD presented higher levels of functionaldisability than those with ID only. Higher levels of familyburden were related to higher functionaldisability in all the areas (p < 0.006-0.001), lower intelligence quotient (p < 0.001), diagnosis of ID-MD (p < 0.001) and presence of organic, affective, psychotic and behavioral disorders (p < 0.001). Stepwise multiple regression showed that behavioral problems, affective and psychotic disorder, disability in participation in society, disability in personal care and presence of ID-MD explained more than 61% of the variance in familyburden. An integrated approach using effective multidimensional interventions is essential for both people with ID and ID-MD and their caregivers in order to reduce familyburden.