Factor saving innovations and factor income shares

We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovations respond to changes in factors supply. Therefore, as an economy becomes more capital abundant agents try to use capital more intensively. Consequently, (a) the elasticity of output with respect to reproducible factors depends on the capital abundance of the economy and (b) the income share of reproducible factors increases as the economy grows. Another insight of the model is that in some economies the production function converges to an AK in the long run, while in others long-run growth is zero

Factor shares at the sector level, Colombia 1990-2005

In general, empirical studies on economics rely on the assumption of constant capital share of income both at the aggregate level and at the sector level. However, there is no empirical evidence supporting the constancy of capital share at the sector level. In this paper, using Colombian data, we measure capital share for 48 sectors during the period 1990-2005. We also explore the relation between capital's share and factor prices and the behavior of capital share during the business cycle. The main results are the following: (i) capital share is not constant but, rather, has an increasing trend; (ii) capital shares growth rates positively correlate with sector value-added growth; (iii) the capital shares behave pro-cyclically; and (iv) there is a positive correlation between capital shares and real wages and a negative correlation between capital shares and interest rates. These results suggest that the usual assumption of constant factor shares is not accurate.

If factor shares are not constant then we have a measurment problem. can we solve it?

Recent evidence show that factor shares, if properly measured, are far from constant. Moreover, the shares of natural resources and raw labor seem to be negatively correlated with income per capita while the share of human and physical capital is positively correlated with income per capita. Now, if factor shares are not constant then (i) growth accounting exercises rely on a false assumption and (ii) there is a measurement problem. The effect that change s in factor shares ha ve on output depend on the relative abundance of factors and, fo r this reason, it is necessary to have correct measures. We propose an empiri cal methodology to solve the measurement issue and estimate TFP growth.

Confidence sets for asset correlations in portfolio credit risk

Asset correlations are of critical importance in quantifying portfolio credit risk and economic capitalin financial institutions. Estimation of asset correlation with rating transition data has focusedon the point estimation of the correlation without giving any consideration to the uncertaintyaround these point estimates. In this article we use Bayesian methods to estimate a dynamicfactor model for default risk using rating data (McNeil et al., 2005; McNeil and Wendin, 2007).Bayesian methods allow us to formally incorporate human judgement in the estimation of assetcorrelation, through the prior distribution and fully characterize a confidence set for the correlations.Results indicate: i) a two factor model rather than the one factor model, as proposed bythe Basel II framework, better represents the historical default data. ii) importance of unobservedfactors in this type of models is reinforced and point out that the levels of the implied asset correlationscritically depend on the latent state variable used to capture the dynamics of default,as well as other assumptions on the statistical model. iii) the posterior distributions of the assetcorrelations show that the Basel recommended bounds, for this parameter, undermine the levelof systemic risk.

Mis lenguas, mis joyas : el Portfolio europeo de las lenguas, un instrumento para fomentar el respeto a la diversidad lingüística y cultural.

Resumen basado en el de la publicación. Resumen en inglés. Monográfico: Las lenguas del mundo

El portfolio escolar.

Resumen tomado de la publicación. Suplemento El Portfolio escolar, n. 2

¿A qué viene esto del Portfolio?

Suplemento El Portfolio escolar ; n. 0

El portfolio escolar.

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El portfolio escolar.

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El portfolio escolar.

Resumen tomado de la publicación. Suplemento El portfolio escolar, n. 5

El Portfolio europeo de las lenguas y su aplicación en la Comunidad de Madrid.

Resumen tomado de la publicación

El Portfolio en la práctica : ¿cómo empezar?

Del simposio celebrado en 1991 conocido por PEL, surge la idea de la creación de un grupo de trabajo para investigar las formas y funciones de un Portfolio Europeo, en que el que se incluyan todas las experiencias y calificaciones de las lenguas que se aprendan. En 1997 se acuerda su desarrollo definitivo. A efectos prácticos, en la carpeta del Porfolio se pueden archivar documentos diversos, que muestran las competencias que un individuo tiene de los idiomas aprendidos. La estructura del Portfolio ofrece 3 bloques: La Biografía Lingüística, el Pasaporte y el Dossier. Esta herramienta puede hacer más transparente la valoración del progreso individual de aprendizaje del alumno.

Nuevas metodolog??as para una did??ctica de la escritura como proceso funcional-comunicativo: los proyectos, el Marco Com??n Europeo de Referencia para las Lenguas y el Portfolio

Resumen tomado de la publicaci??n

Dimensión social del e-portfolio en el aprendizaje.

Resumen tomado de la publicación

Material complementario para el uso del 'Portfolio europeo de las lenguas de adultos (16+)' : educación y formación a lo largo de la vida.

Contiene ejemplos de actividades para el uso del Portafolio europeo de las lenguas para adultos en la Educación de Personas Adultas.