Capacidad de crecimiento de la Argentina en el largo plazo

Resumen: En los últimos cuatro años la Argentina creció 39% aproximadamente. Varios factores se conjugaron para permitir este crecimiento, pero sin duda, uno clave fue la existencia de una importante capacidad productiva ociosa, algo que se está diluyendo. En este contexto es importante conocer cuánto margen hay para crecer en el corto plazo, o sea, cuánto es el output gap o brecha del producto, y a qué ritmo se puede crecer en el largo plazo, o sea, la tasa de crecimiento del PBI potencial. Para ello en el presente artículo se calcula el PBI potencial en base al “método de la función de producción”. La principal conclusión es que para crecer a 4% en el largo plazo, una tasa mucho menor a la registrada recientemente, se requiere un esfuerzo inversor mayor al actual, tanto en cantidad como en calidad.

Decomposing the Gender Wage Gap: The effect of firms, occupations and Job Stratification

This paper presents new evidence on the role of segregation into firms, occupations within a firm and stratification into professional categories within firm-occupations in explaining the gender wage gap. I use a generalized earnings model that allows observed and unobserved group characteristics to have different impact on wages of men and women within the same group. The database is a large sample of individual wage data from the 1995 Spanish Wage Structure Survey. Results indicate that firm segregation in our sample accounts for around one-fifth of the raw gender wage gap. Occupational segregation within firms accounts for about one-third of the raw wage gap, and stratification into different professional categories within firms and occupations explains another one-third of it. The remaining one-fifth of the overall gap arises from better outcomes of men relative to women within professional categories. It is also found that rewards to both observable and unobservable skills, particularly those related to education, are higher for males than for females within the same group. Finally, mean wages in occupations or job categories with a higher fraction of female co-workers are lower, but the negative impact of femaleness in higher for women.

Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks

The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their economic impact on the US economy at both the aggregate and the sectoral level. We find mixed support for the explanation of the great moderation in terms of shrinking oil shock volatilities and observe that increases (decreases) in oil shock volatilities are contrasted by a weakening (strengthening) in their transmission mechanism. Across sectors, services are the least affected by any oil shock. As the contribution of services to the GDP volatility increases over time, we conclude that a composition effect contributed to moderate the conditional volatility to oil shocks of the US GDP.

Stability of Switched Feedback Time-Varying Dynamic Systems Based on the Properties of the Gap Metric for Operators

The stabilization of dynamic switched control systems is focused on and based on an operator-based formulation. It is assumed that the controlled object and the controller are described by sequences of closed operator pairs (L, C) on a Hilbert space H of the input and output spaces and it is related to the existence of the inverse of the resulting input-output operator being admissible and bounded. The technical mechanism addressed to get the results is the appropriate use of the fact that closed operators being sufficiently close to bounded operators, in terms of the gap metric, are also bounded. That philosophy is followed for the operators describing the input-output relations in switched feedback control systems so as to guarantee the closed-loop stabilization.