No news in business cycles

This paper uses a structural, large dimensional factor model to evaluate the role of 'news' shocks (shocks with a delayed effect on productivity) in generating the business cycle. We find that (i) existing small-scale VECM models are affected by 'non-fundamentalness' and therefore fail to recover the correct shock and impulse response functions; (ii) news shocks have a limited role in explaining the business cycle; (iii) their effects are in line with what predicted by standard neoclassical theory; (iv) the bulk of business cycle fluctuations are explained by shocks unrelated to technology.

Estudi per la implantació d'un ERP de codi obert en una empresa de fabricació de mobles

Un sistema ERP és una aplicació informàtica que permet gestionar tots els processos de negoci d’una empresa de forma integrada. Aquest projecte tracta sobre l’estudi previ que s’ha de realitzar en una empresa abans de la implantació d’un sistema ERP. L’empresa escollida per l’estudi és una pyme de fabricació de mobles. En primer lloc, s’inclou una base teòrica sobre els sistemes ERP. Després, s’analitza el funcionament i requeriments de l’empresa escollida. Finalment, s’estudien tres sistemes ERP de codi obert, es selecciona el que millor s’adapta i es fa una proposta de la seva futura implantació.

How The 1996 Hotel Majestic agreement may explain a future PP/CiU relationship in Madrid

Some historians have argued that 1996 marked a ‘second transition’ for Spain because of the return to power of the political right in Madrid and that the relationship and eventual pact between the Partido Popular (PP) and Convergència i Unió (CiU) meant that the state could finally escape the ghosts of its Francoist past. For this research, face-to-face interviews were conducted with Catalan Members of Parliament who served under either José María Aznar or Jordi Pujol in Madrid or Barcelona. Drawing upon both interviews and other evidence, including the analysis of election results and the 1996 Hotel Majestic Agreement, the research seeks to provide a better understanding of the previous relationships between the PP and CiU and their leaders in order to understand what lessons might be learnt that would contribute to anticipating and explaining possible future negotiations between the two parties. This is attempted by first examining the potential costs and benefits of political pacts between centre (Madrid) and periphery (Barcelona). Secondly, due to many interviewees making reference to Salvador Espriu’s work La Pell de Brau, the three routes of Espriu’s Catalan nationalism are put into the context of the political pacts. Finally, the likelihood of future agreements between PP and CiU are hypothesized, not only how those agreements may (or may not) come about, but also, what might the result of those negotiations be. Ultimately, it is concluded that the benefits of the Hotel Majestic Agreement outweighed the costs, thus leaving the door open for future negotiations, even if some of those interviewed disagreed.

Productivity and human capital: a business-level analysis

This paper aims to analyse the impact of human capital on business productivity, focusing the analysis on the possible effect of the complementarity that exists between human capital and new production technologies, particularly advanced manufacturing technologies (AMTs) for the specific case of small and medium enterprises (SMEs) in Catalonia. Additionally, following the theory of skill-biased technological change, the paper analyses whether technological change produces bias exclusively in the skills required for managers, or whether the bias extends to the skills required of production staff. With this objective, we have compared the possible existence of complementarity between AMTs and the level of human capital for different occupational groups. The results confirm the complementary relationship between human capital and new production technologies. The results by occupational group confirm that to maximise the productivity of new technologies, skilled staff are needed both in management and production, with managers and professionals as well as skilled operatives playing a vital role. Keywords: human capital, process technologies, complementarity, business productivity. (JEL D24, J24, O30).

Organizational form and business performance

This project deals with the generation of profitability and the distribution of its benefits. Inspired by Davis (1947, 1955), we define profitability as the ratio of revenue to cost. Profitability is not as popular a measure of business financial performance as profit, the difference between revenue and cost. Regardless of its popularity, however, profitability is surely a useful financial performance measure. Our primary objective in this project is to identify the factors that generate change in profitability. One set of factors, which we refer to as sources, consists of changes in quantities and prices of outputs and inputs. Individual quantity changes aggregate to the overall impact of quantity change on profitability change, which we call productivity change. Individual price changes aggregate to the overall impact of price change on profitability change, which we call price recovery change. In this framework profitability change consists exclusively of productivity change and price recovery change. A second set of factors, which we refer to as drivers, consists of phenomena such as technical change, change in the efficiency of resource allocation, and the impact of economies of scale. The ability of management to harness these factors drives productivity change, which is one component of profitability change. Thus the term sources refers to quantities and prices of individual outputs and inputs, whose changes influence productivity change or price recovery change, either of which influences profitability change. The term drivers refers to phenomena related to technology and management that influence productivity change (but not price recovery change), and hence profitability change.