Dal liberalismo al socialismo : errori religiosi e sociali che il secolo XIX ha tramandato al XX

UANL

Adriano Lemmi, Jefe Supremo de los francmasones recuerdos de un 33.

UANL

Nouveau dictionnaire Francais-Espagnol-Francais

UANL

Prolegomena, et dissertationes: in omnes, et singulos S. Scripturæ libros

UANL

Fr. Ignatii Hyacinthi Amat de Graveson... Opera omnia

UANL

The Economic Effects of Improving Investor Rights in Portugal

The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.

Legal Institutions, Sectoral Heterogeneity, and Economic Development

Poor countries have lower PPP–adjusted investment rates and face higher relative prices of investment goods. It has been suggested that this happens either because these countries have a relatively lower TFP in industries producing capital goods, or because they are subject to greater investment distortions. This paper provides a micro–foundation for the cross–country dispersion in investment distortions. We first document that firms producing capital goods face a higher level of idiosyncratic risk than their counterparts producing consumption goods. In a model of capital accumulation where the protection of investors’ rights is incomplete, this difference in risk induces a wedge between the returns on investment in the two sectors. The wedge is bigger, the poorer the investor protection. In turn, this implies that countries endowed with weaker institutions face higher relative prices of investment goods, invest a lower fraction of their income, and end up being poorer. We find that our mechanism may be quantitatively important.

Asset Pricing in a Production Economy with Chew–Dekel Preferences

In this paper we provide a thorough characterization of the asset returns implied by a simple general equilibrium production economy with Chew–Dekel risk preferences and convex capital adjustment costs. When households display levels of disappointment aversion consistent with the experimental evidence, a version of the model parameterized to match the volatility of output and consumption growth generates unconditional expected asset returns and price of risk in line with the historical data. For the model with Epstein–Zin preferences to generate similar statistics, the relative risk aversion coefficient needs to be about 55, two orders of magnitude higher than the available estimates. We argue that this is not surprising, given the limited risk imposed on agents by a reasonably calibrated stochastic growth model.

Cross–Sectoral Variation in Firm–Level Idiosyncratic Risk

We estimate firm–level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of the portion of growth in sales or TFP which is not explained by either industry– or economy–wide factors, or firm characteristics systematically associated with growth itself. We find that idiosyncratic risk accounts for about 90% of the overall uncertainty faced by firms. The extent of cross–sectoral variation in idiosyncratic risk is remarkable. Firms in the most volatile sector are subject to at least three times as much uncertainty as firms in the least volatile. Our evidence indicates that idiosyncratic risk is higher in industries where the extent of creative destruction is likely to be greater.

Le Caravage en représentation : continuités et ruptures d'un discours biographique

Pour respecter les droits d’auteur, la version électronique de ce mémoire a été dépouillée de certains documents visuels. La version intégrale du mémoire a été déposée au Service de la gestion des documents et des archives de l'Université de Montréal

Cross-sectoral variation in the volatility of plant-level idiosyncratic shocks

We estimate the volatility of plant–level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry– or economy–wide factors, or by establishments’ characteristics. Consistent with previous studies, we find that idiosyncratic shocks are much larger than aggregate random disturbances, accounting for about 80% of the overall uncertainty faced by plants. The extent of cross–sectoral variation in the volatility of shocks is remarkable. Plants in the most volatile sector are subject to about six times as much idiosyncratic uncertainty as plants in the least volatile. We provide evidence suggesting that idiosyncratic risk is higher in industries where the extent of creative destruction is likely to be greater.

Anémie falciforme, Votre don de sang va changer des vies

Contact: jean-simon.denault@umontreal.ca

La villa Montalto et l'idéal rustique de Sixte Quint

Constructed, beginning in 1576 by the architect Domenico Fontana, the Villa Montalto, named after the Cardinal Felice Peretti Montalto, was for a long rime described as having surpassed the splendor of all the villas in Rome. Located to the north of the city in an arid and practically deserted zone, between vineyards, Antique ruins and early Christian churches, the villa occupies a privileged place within the history of urban landscape. Elected pope in 1585, under the name of Sixtus V, Felice made his villa the largest that had ever existed inside of the walls, establishing the upper city of the Monti, the Città Felice, as a new economic and religious center, crystallizing his ambitions for a major territorial reform. By simultaneously focusing on the gardens, the painted decorations, the literature, and the architecture of the villa, but also on its economic and social role, this article proposes an original interpretation of the Villa Montalto, demonstrating the fundamental importance of the imagined landscape in the Rome of Sixtus V. Through the ideal space of his villa, the Pope sought to propose a new model of economic and social development necessary to the reform of the then poor and insalubrious Rome. The ultimate goal was none other than the reestablishment of a Christian Eden on Earth. Sixtus V thus placed himself within the lineage which, since Adam, had attempted through the virtue of agricultural labor, to atone for the original sin.

"Riesgo de oportunismo del Gobierno en el sector eléctrico colombiano". Aproximación al diseño institucional de la regulación eléctrica en Colombia

Análisis del riesgo de oportunismo del gobierno Colombiano planteado por el diseño institucional y normativo de la CREG, y favorecido por una notoria concentración de calidades en cabeza del Estado Colombiano como agente de mercado y regulador.

Incidencia del Tratado de Asunción (1991) en las dinámicas migratorias del Cono Sur. Un análisis de las migraciones laborales a Argentina. Periodo (1992-1997)

El Tratado de Asunción influye sobre las dinámicas migratorias del Cono Sur, y en especial de Argentina. Pues genera unas condiciones económicas especiales en el Cono Sur, que sumadas a los instrumentos institucionales, influyen a su vez jurídicamente, lo que refuerza la migración interregional al País Austral.