Retirement incentives, individual heterogeneity and labour transitions of employed and unemployed workers

In this paper we analyze the sensitivity of the labour market decisions of workers close toretirement with respect to the incentives created by public regulations. We improve upon the extensiveprior literature on the effect of pension incentives on retirement in two ways. First, bymodeling the transitions between employment, unemployment and retirement in a simultaneousmanner, paying special attention to the transition from unemployment to retirement (which is particularlyimportant in Spain). Second, by considering the influence of unobserved heterogeneity inthe estimation of the effect of our (carefully constructed) incentive variables.Using administrative data, we find that, when properly defined, economic incentives have astrong impact on labour market decisions in Spain. Unemployment regulations are shown to be particularlyinfluential for retirement behaviour, along with the more traditional determinants linked tothe pension system. Pension variables also have a major bearing on both workers reemploymentdecisions and on the strategic actions of employers. The quantitative impact of the incentives, however,is greatly affected by the existence of unobserved heterogeneity among workers. Its omissionleads to sizable biases in the assessment of the sensitivity to economic incentives, a finding thathas clear consequences for the credibility of any model-based policy analysis. We confirm theimportance of this potential problem in one especially interesting instance: the reform of earlyretirement provisions undertaken in Spain in 2002. We use a difference-in-difference approach tomeasure the behavioural reaction to this change, finding a large overestimation when unobservedheterogeneity is not taken into account.

The transmission of US shocks to Latin America

I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability of LatinAmerican macrovariables, producing continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed.

Resistance to reform: Reconsidering the role of individual-specific uncertainty

Individual-specific uncertainty may increase the chances of reform beingenacted and sustained. Reform may be more likely to be enacted because amajority of agents might end up losing little from reform and a minoritygaining a lot. Under certainty, reform would therefore be rejected, butit may be enacted with uncertainty because those who end up losing believethat they might be among the winners. Reform may be more likely to besustained because, in a realistic setting, reform will increase theincentives of agents to move into those economic activities that benefit.Agents who respond to these incentives will vote to sustain reform infuture elections, even if they would have rejected reform under certainty.These points are made using the trade-model of Fernandez and Rodrik (AER,1991).

A zero-delay sequential scheme for lossy coding of individual sequences

We consider adaptive sequential lossy coding of bounded individual sequences when the performance is measured by the sequentially accumulated mean squared distortion. Theencoder and the decoder are connected via a noiseless channel of capacity $R$ and both are assumed to have zero delay. No probabilistic assumptions are made on how the sequence to be encoded is generated. For any bounded sequence of length $n$, the distortion redundancy is defined as the normalized cumulative distortion of the sequential scheme minus the normalized cumulative distortion of the best scalarquantizer of rate $R$ which is matched to this particular sequence. We demonstrate the existence of a zero-delay sequential scheme which uses common randomization in the encoder and the decoder such that the normalized maximum distortion redundancy converges to zero at a rate $n^{-1/5}\log n$ as the length of the encoded sequence $n$ increases without bound.

The variability of money velocity in a generalized cash-in-advance model

This paper presents a general equilibrium model of money demand wherethe velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant and equal to one as in cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). Despite its simplicity, in terms of paramaters to calibrate, the model performs surprisingly well. In particular, it approximates the variability of money velocity observed in the U.S. for the post-war period. The model is then used to analyze the welfare costs of inflation under uncertainty. This application calculates the errors derived from computing the costs of inflation with deterministic models. It turns out that the size of this difference is small, at least for the levels of uncertainty estimated for the U.S. economy.

The role of incidental variables of time in mood assessment

Determining what influences mood is important for theories of emotion and research onsubjective well-being. We consider three sets of factors: activities in which people areengaged; individual differences; and incidental variables that capture when mood ismeasured, e.g., time-of-day. These three factors were investigated simultaneously in a studyinvolving 168 part-time students who each responded 30 times in an experience samplingstudy conducted over 10 working days. Respondents assessed mood on a simple bipolarscale from 1 (very negative) to 10 (very positive). Activities had significant effects but,with the possible exception of variability in the expression of mood, no systematicindividual differences were detected. Diurnal effects, similar to those already reported inthe literature, were found as was an overall Friday effect. However, these effects weresmall. Lastly, the weather had little or no influence. We conclude that simple measures ofoverall mood are not greatly affected by incidental variables.

The importance of individual heterogeneity in the decomposition of measures of socioeconomic inequality in health: An approach based on quantile regression

This paper shows how recently developed regression-based methods for thedecomposition of health inequality can be extended to incorporateindividual heterogeneity in the responses of health to the explanatoryvariables. We illustrate our method with an application to the CanadianNPHS of 1994. Our strategy for the estimation of heterogeneous responsesis based on the quantile regression model. The results suggest that thereis an important degree of heterogeneity in the association of health toexplanatory variables which, in turn, accounts for a substantial percentageof inequality in observed health. A particularly interesting finding isthat the marginal response of health to income is zero for healthyindividuals but positive and significant for unhealthy individuals. Theheterogeneity in the income response reduces both overall health inequalityand income related health inequality.

Individual Strategies for Different Learners

Aquest treball fa un repàs a les diferents teories relacionades amb el camp d’estudi de les estratègies d’aprenentatge de segones llengües i respon a preguntes de recerca relacionades amb la freqüència d’ús de les estratègies i la relació amb les diferències individuals. La primera part és una introducció on s’hi plantegen les preguntes de recerca en les quals es basa el treball. La segona part, consisteix en un resum de les teories relacionades amb el tema de les estratègies d’estudi de segones llengües, i una posada en comú d’aquestes per mostrar les dificultats que hi ha per trobar consens en quant a la identificació i classificació de les estratègies. La tercera part, presenta la metodologia utilitzada per a la recollida de dades per tal de contestar les preguntes de recerca. En la quarta part es desenvolupa la recerca duta a terme; i finalment es presenten les conclusions extretes de cada pregunta de recerca plantejada.

Comparativa treball individual vs. treball de parella. Anàlisi a través de diferents tipologies de textos científics i preferències de l'alumnat

Els alumnes elaboren produccions de qualitat superior quan treballen en parelles que quan ho fan individualment. Sota aquesta màxima, l’estudi demostra que quan els alumnes escriuen textos científics descriptius, justificatius i descriptius-justificatius en parella milloren aspectes relacionats amb determinades habilitats inherents a qualsevol tipus de text, com l’estructuració de la informació i l’adequació del llenguatge al context, i d’altres específiques de textos descriptius i justificatius. És sorprenent constatar que aquesta millora es dóna en tot tipus d’alumnes, tant aquells amb hàbits d’estudi superiors com aquells amb dificultats d’aprenentatge, i que els avantatges d’aquesta metodologia de treball no es circumscriuen tan sols a l’àmbit acadèmic; els alumnes prefereixen treballar en parella perquè els permet compartir punts de vista i ajudar-se mútuament. Per tant, els resultats demostren que complementar les classes de ciències amb el treball en parella possibilita assolir amb més garanties l’aprenentatge significatiu dels nostres alumnes.

Study of the variability in chemical composition of bark layers of Quercus Suber L. from different production areas

Cork is the bark of the cork oak tree (Quercus suber L), a renewable and biodegradable raw bioresource concentrated mainly in the Mediterranean region. Development of its potential uses as a biosorbent will require the investigation of its chemical composition; such information can be of help to understand its interactions with organic pollutants. The present study investigates the summative chemical composition of three bark layers (back, cork, and belly) of five Spanish cork samples and one cork sample from Portugal. Suberin was the main component in all the samples (21.1 to 53.1%), followed by lignin (14.8 to 31%), holocellulose (2.3 to 33.6%), extractives (7.3 to 20.4%), and ash (0.4 to 3.3%). The Kruskal-Wallis test was used to determine whether the variations in chemical composition with respect to the production area and bark layers were significant. The results indicate that, with respect to the bark layer, significant differences were found only for suberin and holocellulose contents: they were higher in the belly and cork than in the back. Based on the results presented, cork is a material with a lot of potential because of its heterogeneity in chemical composition