Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns

This paper evaluates, from an Allyn Youngian perspective, the neoclassical Solow model of growth and the associated empirical estimates of the sources of growth based on it. It attempts to clarify Young’s particular concept of generalised or macroeconomic “increasing returns” to show the limitations of a model of growth based on an assumption that the aggregate production function is characterised by constant returns to scale but “augmented” by exogenous technical progress. Young’s concept of endogenous, self-sustaining growth is also shown to differ in important respects (including in its policy implications) from modern endogenous growth theory.

Industrial Structure, Trade and Regional Economics : Market Segmentation

We consider a general equilibrium model a la Bhaskar (Review of Economic Studies 2002): there are complementarities across sectors, each of which comprise (many) heterogenous monopolistically competitive firms. Bhaskar's model is extended in two directions: production requires capital, and labour markets are segmented. Labour market segmentation models the difficulties of labour migrating across international barriers (in a trade context) or from a poor region to a richer one (in a regional context), whilst the assumption of a single capital market means that capital flows freely between countries or regions. The model is solved analytically and a closed form solution is provided. Adding labour market segmentation to Bhaskar's two-tier industrial structure allows us to study, inter alia, the impact of competition regulations on wages and - financial flows both in the regional and international context, and the output, welfare and financial implications of relaxing immigration laws. The analytical approach adopted allows us, not only to sign the effect of policies, but also to quantify their effects. Introducing capital as a factor of production improves the realism of the model and refi nes its empirically testable implications.

Interprovincial disparities in China since the reforms: Convergence or divergence?

This paper investigates the extent of disparities amongst the provinces of China since the economic reform in 1978 up to the most recent year for which data is available. After a brief review of theoretical and in particular recent empirical literature on regional inequality in China it investigates whether or not the dynamic economic growth in China has been coupled with increasing disparities amongst the Chinese provinces. The paper utilises a few models of convergence along the lines of those hypothesised by neoclassical economists. It employs per capita income and per capita consumption to identify the possible absolute and conditional convergence since the economic reforms. The coverage and impact of the disparities in terms of the relative size of population affected are then taken into account in the analysis of inequality in income and consumption.

Estimating Phillips Curves in Turbulent Times using the ECB’s Survey of Professional Forecasters

This paper uses forecasts from the European Central Bank's Survey of Professional Forecasters to investigate the relationship between inflation and inflation expectations in the euro area. We use theoretical structures based on the New Keynesian and Neoclassical Phillips curves to inform our empirical work. Given the relatively short data span of the Survey of Professional Forecasters and the need to control for many explanatory variables, we use dynamic model averaging in order to ensure a parsimonious econometric speci cation. We use both regression-based and VAR-based methods. We find no support for the backward looking behavior embedded in the Neo-classical Phillips curve. Much more support is found for the forward looking behavior of the New Keynesian Phillips curve, but most of this support is found after the beginning of the financial crisis.

Time-consistent fiscal policy under heterogeneity: Conflicting or common interests?

This paper studies the aggregate and distributional implications of Markov-perfect tax-spending policy in a neoclassical growth model with capitalists and workers. Focusing on the long run, our main fi ndings are: (i) it is optimal for a benevolent government, which cares equally about its citizens, to tax capital heavily and to subsidise labour; (ii) a Pareto improving means to reduce ine¢ ciently high capital taxation under discretion is for the government to place greater weight on the welfare of capitalists; (iii) capitalists and workers preferences, regarding the optimal amount of "capitalist bias", are not aligned implying a conflict of interests.

The marginal utility of money: A modern Marshallian approach to consumer choice

We reformulate neoclassical consumer choice by focusing on lambda, the marginal utility of money. As the opportunity cost of current expenditure, lambda is approximated by the slope of the indirect utility function of the continuation. We argue that lambda can largely supplant the role of an arbitrary budget constraint in partial equilibrium analysis. The result is a better grounded, more flexible and more intuitive approach to consumer choice.

Forward Looking and Myopic Regional Computable General Equilibrium Models. How Significant is the Distinction?

We present a stylized intertemporal forward-looking model able that accommodates key regional economic features, an area where the literature is not well developed. The main difference, from the standard applications, is the role of saving and its implication for the balance of payments. Though maintaining dynamic forward-looking behaviour for agents, the rate of private saving is exogenously determined and so no neoclassical financial adjustment is needed. Also, we focus on the similarities and the differences between myopic and forward-looking models, highlighting the divergences among the main adjustment equations and the resulting simulation outcomes.

Still More On Why We Should Bury The Marginal Productivity Theory Of The Price Of Capital: A Supplementary Note

The purpose of this note is to supplement the author’s earlier remarks on the unsatisfactory nature of the neoclassical account of how the return on capital is determined. (See Strathclyde Discussion Paper 12-03: “The Marginal Productivity Theory of the Price of Capital: An Historical Perspective on the Origins of the Codswallop”). The point is made via a simple illustration that certain matters which are problematical in neoclassical terms are perfectly straightforward when viewed from a classical perspective. Basically, the marginalist model of the nature of an economic system is not fit for purpose in that it fails to comprehend the essential features of a surplus-producing economic system as distinct from one merely of exchange.

Matching and Sorting in a Global Economy

We develop a neoclassical trade model with heterogeneous factors of production. We consider a world with two factors, labor and .managers., each with a distribution of ability levels. Production combines a manager of some type with a group of workers. The output of a unit depends on the types of the two factors, with complementarity between them, while exhibiting diminishing returns to the number of workers. We examine the sorting of factors to sectors and the matching of factors within sectors, and we use the model to study the determinants of the trade pattern and the effects of trade on the wage and salary distributions. Finally, we extend the model to include search frictions and consider the distribution of employment rates.

Tractable Consumer Choice

We derive a rational model of separable consumer choice which can also serve as a behavioral model. The central construct is [lambda] , the marginal utility of money, derived from the consumer's rest-of-life problem. We present a robust approximation of [lambda], and show how to incorporate liquidity constraints, indivisibilities and adaptation to a changing environment. We fi nd connections with numerous historical and recent constructs, both behavioral and neoclassical, and draw contrasts with standard partial equilibrium analysis. The result is a better grounded, more flexible and more intuitive description of consumer choice.

Pessebre virtual: disseny i exportació

Aquest projecte és una part d’un projecte més ampli consistent en estudiar un format gràfic que permeti exportar una escena modelada en Blender i importar aquesta mateixa escena en un entorn interactiu basat en Visual C++ amb OpenGL. D’aquesta forma, disposem de la capacitat de modelat de Blender i de la interacció i visualització de la llibreria OpenGL. Aquest format ha de representar geometria i textures imprescindiblement, i si és possible, d’altres factors importants com il·luminació, visualització i moviment. La part del projecte explicada en aquesta memòria consisteix en estudiar el format gràfic més adient per representar els diferents factors de realisme de l’escena (geometria, textura, etc.) havent triat el format OBJ per la seva capacitat de representació i fàcil edició. Per a provar el format, s’ha dissenyat un diorama de pessebre utilitzant les capacitats de modelatge de Blender. Pel que respecta les figures, aspecte important per a considerar l’escena com a pessebre, s’ha utilitzat un escàner 3D que ha obtingut representacions de malla 3D, a partir de figures reals de pessebre, que posteriorment han estat texturades. S’ha generat un vídeo del diorama de pessebre que permet veure’n tots els detalls navegant amb el punt de vista per l’escena. Aquest vídeo s’ha exposat en la mostra de pessebres de la Associació Pessebrista de Sabadell el Nadal del 2008.

Una casa, una història: patrimoni arquitectònic i humà d'una casa de la Selva del Camp

Treball de recerca realitzat per una alumna d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. El treball té com a objecte de recerca un habitatge del municipi de la Selva del Camp. Aquest, es centra tant en els aspectes artístics i decoratius, com en l’anàlisi de l’evolució patrimonial i l’ús social de l’edifici entre els segles XVIII-XX. En la recerca s’ha analitzat, per una banda, el procés de transformació de l’edifici des de l’any 1749 i els elements artístics que encara s’hi conserven com pintures neoclàssiques, treballs de ferro forjat, etc., els quals fan que sigui una de les cases més emblemàtiques del Carrer Major de la Selva. D’altra banda, s’ha indagat en les diferents generacions que, des de mitjan segle XVIII, n’han tingut la propietat i el paper que aquestes famílies han jugat dins la societat selvatana. La casa, en aquests anys, ha pertanyut a dues famílies i al Sindicat Agrícola. La primera, els Fortuny, terratinents i amb càrrecs al govern municipal; l'altra, els Carnicer, comerciants d'avellanes dels quals jo en sóc descendent. De 1910 a 1920 la casa fou al seu del Sindicat Agrícola i a partir de textos de Puig i Ferreter s’ha pogut descriure l’ambient que s'hi vivia i les activitats que s’hi duien a terme. Alhora, el fet d’analitzar les diferents funcions que l’edifici ha tingut al llarg d’aquests anys (residència familiar, corredoria de comerç, premsa d’oli, seu del Centre Republicà o del Sindicat Agrícola) ha permès explicar la història de la vila de la Selva a partir de la d’aquest edifici.

Anàlisi de l'obra cinematogràfica de quatre documentalistes russos o de repúbliques ex-soviètiques : la relació amb les noves tendències del documental i el llegat soviètic

El treball de recerca té com a principal objectiu l'estudi del cinema documental rus contemporani a través de l'obra cinematogràfica d'Alexander Sokurov, Sergei Dvortsevoi, Sergei Loznitsa i Victor Kossakovski. En un primer moment la investigació s'havia encaminat en un estudi comparatiu sobre les noves tendències del documental i els models de realisme proposats des de la Rússia post-comunista. El treball s'ha realitzat a partir de tres vies d'investigació. La primera ha consistit en una exhaustiva recerca bibliogràfica sobre cinema documental i cinema soviètic. La segona s'ha plantejat a partir d'un anàlisi acurat de les diverses pel•lícules. Finalment, la tercera via s'ha desenvolupat a partir d'un treball de camp realitzat durant una estada a Rússia, un període en el qual va ser possible entrevistar dos dels cineastes protagonistes de l'estudi, Sergei Dvortsevoi i Victor Kossakovski, així com el crític de cinema Andrei Xemijakin. També va ser fonamental l'assistència a la taula rodona i la master class impartida per Sergei Loznitsa en el marc del desè aniversari del Màster en Teoria i Pràctica de Documental Creatiu de la Universitat Autònoma de Barcelona. Tot i que es poden traçar vincles entre el treball dels quatre cineastes escollits i algunes de les pràctiques contemporànies en l'àmbit de la no-ficció, com pot ser l'experiència de Sergei Loznitsa en el terreny del found-footage, o els documentals experimentals de caràcter assagístic d'Alexander Sokurov, així com la tendència observacional i el pas al cinema de ficció de Segei Dvortsevoi, o l'ús de la tecnologia digital en les últimes pel•lícules de Victor Kossakovski. Tot i aquestes aproximacions, es pot afirmar que el model de realisme proposat per aquests cineastes troba el seu autèntic llegat en el cinema soviètic. Una herència que comença amb el cinema de Dziga Vertov –pioner del documental artístic i revolucionari- i acaba en el d'Artavadz Pelechian.

Implementació de les físiques d'un vehicle en un videojoc 3D

En la carrera del mundo de los videojuegos por alcanzar insospechables cotas de realismo con las que seguir sorprendiendo y enganchando al público, los motores de física se han convertido en la herramienta de presente y futuro. Atraídos por el auge de esta nueva tecnología, hemos lidiado con los motores referencia hoy día en el mercado, seleccionando luego uno de ellos e implementando un humilde videojuego de carreras como muestra de su potencial y de los conocimientos adquiridos.

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.