Les Polítiques Econòmiques en la UEM, un Poder de Decisió Dividit

Aquest treball de recerca pretén analitzar les conseqüències de tenir el poder de decisió separat entre la política fiscal i la política monetària en la UEM. Alguns autors han anomenat aquest fet com el pecat original de l’eurozona, considerant que aquesta àrea monetària ha patit un error de disseny des d’un bon principi1. El creixement econòmic d’alguns EM, ha amagat aquesta dialèctica constant, retardant la decisió entre les Institucions Europees i els EM eternament, fins a tal punt que la recessió econòmica actual ha evidenciat la necessitat de coordinació entre aquestes dues polítiques econòmiques i s’ha començat a instrumentalitzar nous mecanismes per millorar l’estructura actual

Ideas, Possibilities and Limitations of Sustainable Economic Policy – the Example of Ecological Economics

A mesura que el suport del creixement econòmic constitueix un objectiu fonamental de la formulació de polítiques econòmiques, cal assenyalar que aquest tipus de creixement està limitat naturalment per un planeta finit. Aquest article argumenta que, des del punt de vista de la justícia intergeneracional, la realització d'un concepte de desmaterialització i, com a efecte, d'una economia que no creix (en el sentit de dissociació absoluta del creixement econòmic i consum d'energia i materials) es pot justificar. Per tant, el creixement pot ser també entesa com la millora de la qualitat de vida sobretot en comptes d'ampliar quantitats escarpats de sortida. Per tant, una dràstica reducció del cabal de material es necessita, sobretot en els països d'alts ingressos. Després de presentar alguns crítica de les propostes, en el focus d'aquest article es dibuixen en els arguments de per què la política econòmica en el futur han de ser etiquetats com "ecològic" i, a continuació, les opcions de posar en acció les idees del teòric presentat marc en tasques manejables polítiques seran discutides. En aquest cas, s'argumentarà que l'enfocament clàssic de internalització d'efectes externs sovint seguides de decisions de política econòmica ortodoxa no és completament capaç de reflectir canvis ecològics en les estructures de preus dels mercats. Per tant, formal (industrial i l'establiment de la política de consum) i institucions informals (llars) representen punts clau de la política econòmica sostenible, assenyalant l'individu com així com la responsabilitat col · lectiva per omplir aquest buit substancial.

Alternation and Cooperation in a Two-party System: Implications for Resource-Based Developing Economies

This paper studies cooperation in a political system dominated by two opportunistic parties competing in a resource-based economy. Since a binding agreement as an external solution might be difficult to enforce due to the close association between the incumbent party and the government, the paper explores the extent to which co-operation between political parties that alternate in office can rely on self-enforcing strategies to provide an internal solution. We show that, for appropriate values of the probability of re-election and the discount factor cooperation in maintaining the value of a state variable is possible, but fragile. Another result is that, in such political framework, debt decisions contain an externality element linked to electoral incentives that creates a bias towards excessive borrowing.

The Farm, the city, and the emergence of social security

We study the social, demographic and economic origins of social security. The data for the U.S. and for a cross section of countries suggest that urbanization and industrialization are associated with the rise of social insurance. We describe an OLG model in which demographics, technology, and social security are linked together in a political economy equilibrium. In the model economy, there are two locations (sectors), the farm (agricultural) and the city (industrial) and the decision to migrate from rural to urban locations is endogenous and linked to productivity differences between the two locations and survival probabilities. Farmers rely on land inheritance for their old age and do not support a pay-as-you-go social security system. With structural change, people migrate to the city, the land loses its importance and support for social security arises. We show that a calibrated version of this economy, where social security taxes are determined by majority voting, is consistent with the historical transformation in the United States.

El Procés d'elaboració de l'enquesta pública prèvia al Pla Comarcal de Muntanya de la Garrotxa

According to the Law regulating Mountainous Areas passed by the Catalan Parliament (211983 dated 9th March), the Regional Mountain Plan (Pla Comarcal de Muntanya) is defined as the basic instrument for the development of and policy application in mountainous areas. Consequently, other measures contemplated in the same law are subordinate to the Plan. The mentioned law is to be enforced in nine regions in Northern Catalonia, one of which is the Garrotxa district

Airline Consolidation and the Distribution of Traffic between Primary and Secondary Hubs

Several airline consolidation events have recently been completed both in Europe and in the United States. The model we develop considers two airlines operating hub-and-spoke networks, using different hubs to connect the same spoke airports. We assume the airlines to be vertically differentiated, which allows us to distinguish between primary and secondary hubs. We conclude that this differentiation in air services becomes more accentuated after consolidation, with an increased number of flights being channeled through the primary hub. However, congestion can act as a brake on the concentration of flight frequency in the primary hub following consolidation. Our empirical application involves an analysis of Delta s network following its merger with Northwest. We find evidence consistent with an increase in the importance of Delta s primary hubs at the expense of its secondary airports. We also find some evidence suggesting that the carrier chooses to divert traffic away from those hub airports that were more prone to delays prior to the merger, in particular New York s JFK airport. Keywords: primary hub; secondary hub; airport congestion; airline consolidation; airline networks JEL Classi fication Numbers: D43; L13; L40; L93; R4

Airport Congestion and Airline Network Structure

This paper provides a theoretical and empirical analysis of the relationship between airport congestion and airline network structure. We find that the development of hub-and-spoke (HS) networks may have detrimental effects on social welfare in presence of airport congestion. The theoretical analysis shows that, although airline pro ts are typically higher under HS networks, congestion could create incentives for airlines to adopt fully-connected (FC) networks. However, the welfare analysis leads to the conclusion that airlines may have an inefficient bias towards HS networks. In line with the theoretical analysis, our empirical results show that network airlines are weakly infl uenced by congestion in their choice of frequencies from/to their hub airports. Consistently with this result, we con firm that delays are higher in hub airports controlling for concentration and airport size. Keywords: airlines; airport congestion; fully-connected networks, hub-and-spoke net- works; network efficiency JEL Classifi cation Numbers: L13; L2; L93

A fractionally integrated approach to monetary policy and inflation dynamics

This paper relaxes the standard I(0) and I(1) assumptions typically stated in the monetary VAR literature by considering a richer framework that encompasses the previous two processes as well as other fractionally integrated possibilities. First, a timevarying multivariate spectrum is estimated for post WWII US data. Then, a structural fractionally integrated VAR (VARFIMA) is fitted to each of the resulting time dependent spectra. In this way, both the coefficients of the VAR and the innovation variances are allowed to evolve freely. The model is employed to analyze inflation persistence and to evaluate the stance of US monetary policy. Our findings indicate a strong decline in the innovation variances during the great disinflation, consistent with the view that the good performance of the economy during the 80’s and 90’s is in part a tale of good luck. However, we also find evidence of a decline in inflation persistence together with a stronger monetary response to inflation during the same period. This last result suggests that the Fed may still play a role in accounting for the observed differences in the US inflation history. Finally, we conclude that previous evidence against drifting coefficients could be an artifact of parameter restriction towards the stationary region. Keywords: monetary policy, inflation persistence, fractional integration, timevarying coefficients, VARFIMA. JEL Classification: E52, C32

Rational Partisan Theory with fiscal policy and an independent central bank

The empirical evidence testing the validity of the rational partisan theory (RPT) has been mixed. In this article, we argue that the inclusion of other macroeconomic policies and the presence of an independent central bank can partly contribute to explain this inconclusiveness. This article expands Alesina s (1987) RPT model to include an extra policy and an independent central bank. With these extensions, the implications of RPT are altered signi ficantly. In particular, when the central bank is more concerned about output than public spending (an assumption made by many papers in this literature), then the direct relationship between in flation and output derived in Alesina (1987) never holds. Keywords: central bank, conservativeness, political uncertainty. JEL Classi fication: E58, E63.

The hidden costs of hidden debt

We report evidence that salience may have economically signi.cant e¤ects on homeowners.borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of such a bias. We outline a simple model in which some consumers are biased and show that under plausible assumptions this affects prices in equilibrium. Market data support the predictions of the model.

Beyond GDP: Methodological and measurement issues in redefining “wealth”

In the last decades; a growing stock of literature has been devoted to the criticism of GDP as an indicator of societal wealth. A relevant question is: what are the perspectives to build, on the existing knowledge and consensus, alternative measures of prosperity? A starting point may be to connect well-being research agenda with the sustainability one. However, there is no doubt that there is a lot of complexity and fuzziness inherent in multidimensional concepts such as sustainability and well-being. This article analyses the theoretical foundations and the empirical validity of some multidimensional technical tools that can be used for well-being evaluation and assessment. Of course one should not forget that policy conclusions derived through any mathematical model depend also on the conceptual framework used, i.e. which representation of reality (and thus which societal values and interests) has been considered.

Passive modernization? the new human development index and its components in Italy’s regions (1871-2007)

The article presents and discusses estimates of social and economic indicators for Italy’s regions in benchmark years roughly from Unification to the present day: life expectancy, education, GDP per capita at purchasing power parity, and the new Human Development Index (HDI). A broad interpretative hypothesis, based on the distinction between passive and active modernization, is proposed to account for the evolution of regional imbalances over the long-run. In the lack of active modernization, Southern Italy converged thanks to passive modernization, i.e., State intervention: however, this was more effective in life expectancy, less successful in education, expensive and as a whole ineffective in GDP. As a consequence, convergence in the HDI occurred from the late XIX century to the 1970s, but came to a sudden halt in the last decades of the XX century.

On the foundations of well-being economics and policy

When one wishes to implement public policies, there is a previous need of comparing different actions and valuating and evaluating them to assess their social attractiveness. Recently the concept of well-being has been proposed as a multidimensional proxy for measuring societal prosperity and progress; a key research topic is then on how we can measure and evaluate this plurality of dimensions for policy decisions. This paper defends the thesis articulated in the following points: 1. Different metrics are linked to different objectives and values. To use only one measurement unit (on the grounds of the so-called commensurability principle) for incorporating a plurality of dimensions, objectives and values, implies reductionism necessarily. 2. Point 1) can be proven as a matter of formal logic by drawing on the work of Geach about moral philosophy. This theoretical demonstration is an original contribution of this article. Here the distinction between predicative and attributive adjectives is formalised and definitions are provided. Predicative adjectives are further distinguished into absolute and relative ones. The new concepts of set commensurability and rod commensurability are introduced too. 3. The existence of a plurality of social actors, with interest in the policy being assessed, causes that social decisions involve multiple types of values, of which economic efficiency is only one. Therefore it is misleading to make social decisions based only on that one value. 4. Weak comparability of values, which is grounded on incommensurability, is proved to be the main methodological foundation of policy evaluation in the framework of well-being economics. Incommensurability does not imply incomparability; on the contrary incommensurability is the only rational way to compare societal options under a plurality of policy objectives. 5. Weak comparability can be implemented by using multi-criteria evaluation, which is a formal framework for applied consequentialism under incommensurability. Social Multi-Criteria Evaluation, in particular, allows considering both technical and social incommensurabilities simultaneously.

El Sector turístic a les Illes Balears

Viatjar, conèixer noves cultures, endinsar-se en aventures inoblidables,descobrir noves experiències... Aquestes són tan sols algunes de lesmotivacions que impulsen als éssers humans a dur a terme una deles activitats més importants al nostre país i sobretot a les Illes Balears: el turisme.Però, és aquesta activitat beneficiosa per totes les parts? Es tracta d’unaactivitat respectuosa amb el medi ambient? És el turisme, avui dia, el principalmotor de l’economia balear? En què consisteix això que en diuen turismesostenible? Existeix aquest turisme a les Illes?Preguntes com aquestes són les que ens hem plantejat a l’hora de realitzaraquest estudi i a les quals intentarem donar resposta al llarg del nostre treball.Aquestes qüestions van més enllà de preguntes merament teòriques ja quesón realment preocupants pel govern i residents Balears. Per aquesta raó varemescollir desenvolupar aquest tema, amb el clar objectiu de fer palès fins quin puntés perjudicial continuar amb la tendència turística de sol i platja d’aquests últimsanys. Dos dels membres de l’equip han viscut en primera persona lesconseqüències d’aquest tipus de turisme a les Illes Balears, motiu que ens haincentivat a l’hora de buscar alternatives per poder conservar tot allò quecaracteritza aquesta comunitat autònoma, que a la llarga d’aquests anys s’haanat degradant.Sota les perspectives d’entendre la importància del turisme, la seva estructurai el seu funcionament, hem cregut necessari introduir diversos punts que ens hanpermès crear alternatives que combinin cultura, medi ambient i turisme.La primera etapa del nostre treball ha estat la que podríem denominar fased’anàlisi. En aquesta, hem realitzat una investigació sobre la importància que téactualment el turisme a les Balears. Hem cregut oportú definir el concepte desostenibilitat per tal d’aplicar-lo millor al sector turístic i seguidament identificar enquina situació es troba aquest sector a les Illes, veient les coincidències amb elmodel de Butler.Un cop fet l’anàlisi i situats en el context s’ha procedit a plantejar la hipòtesisdel treball, completant-la amb un anàlisi DAFO.Per poder oferir altres possibilitats ens calia saber quin era el perfil de turistaque visita cada illa i exemplificar-ho amb un hotel concret de l’illa de Menorca.Una vegada finalitzat això i observant els resultats, s’ha proposat unturisme alternatiu al que existeix actualment, amb la finalitat de que aquestaelecció no hipotequi les generacions futures.Amb la intenció d’assolir aquest objectiu, hem elaborat un paquet turísticsota la idea de sostenibilitat que alhora s’adeqüi al perfil del visitant de les Illes deMenorca i Eivissa analitzat prèviament.Dit això, convidem al lector a descobrir el sector turístic de les IllesBalears...OBJECTIUS DEL TREBALLAmb la finalitat de facilitar la lectura i la comprensió del nostre treball hemcregut adient afegir aquest punt on especifiquem de forma sistemàtica elsobjectius d’aquest.L’objectiu principal del treball és donar un nou enfocament al turismebalear, és a dir, crear un turisme sostenible que permeti conservar tant elpatrimoni cultural com natural. El que es pretén fer amb l’anàlisi i els diferentsestudis és demostrar que el turisme de les Illes es troba en una fased’estancament. És per això que hem mirat en quina etapa del model de Butler estroba el sector turístic de les Illes i hem intentat esbrinar el perquè, per poderoferir altres alternatives.Un cop vist que ens trobem en una fase d’estancament, hem procedit al’elaboració de dos paquets turístics sostenibles per les Illes d’Eivissa i Menorca.Concretament hem volgut oferir l’alternativa en aquestes dues Illes perquè són lesque pateixen més l’estacionalitat de manera que és també una proposta peracabar amb aquest problema, a banda d’oferir altres activitats al turista.Cal dir però, que amb aquestes alternatives que oferim no pretenemeliminar percomplet el turisme de sol i platja. Som conscients de que l’afluènciade visitants es deu en gran part al clima i medi ambient que ofereixen les Illes.Per això, ens veiem obligats a relacionar turisme i medi ambient, ja que si volemconservar l’afluència de turistes, hem de conservar primerament el medi.