The Inflation Risk Premium on Government Debt in an Overlapping Generations Model

This paper presents a general equilibrium model in which nominal government debt pays an inflation risk premium. The model predicts that the inflation risk premium will be higher in economies which are exposed to unanticipated inflation through nominal asset holdings. In particular, the inflation risk premium is higher when government debt is primarily nominal, steady-state inflation is low, and when cash and nominal debt account for a large fraction of consumers' retirement portfolios. These channels do not appear to have been highlighted in previous models or tested empirically. Numerical results suggest that the inflation risk premium is comparable in magnitude to standard representative agent models. These findings have implications for management of government debt, since the inflation risk premium makes it more costly for governments to borrow using nominal rather than indexed debt. Simulations of an extended model with Epstein-Zin preferences suggest that increasing the share of indexed debt would enable governments to permanently lower taxes by an amount that is quantitatively non-trivial.

On the cost of rent-seeking by government bureaucrats in a Real-Business-Cycle framework

This paper studies the wasteful e ffect of bureaucracy on the economy by addressing the link between rent-seeking behavior of government bureaucrats and the public sector wage bill, which is taken to represent the rent component. In particular, public o fficials are modeled as individuals competing for a larger share of those public funds. The rent-seeking extraction technology in the government administration is modeled as in Murphy et al. (1991) and incorporated in an otherwise standard Real-Business-Cycle (RBC) framework with public sector. The model is calibrated to German data for the period 1970-2007. The main fi ndings are: (i) Due to the existence of a signi ficant public sector wage premium and the high public sector employment, a substantial amount of working time is spent rent-seeking, which in turn leads to signifi cant losses in terms of output; (ii) The measures for the rent-seeking cost obtained from the model for the major EU countries are highly-correlated to indices of bureaucratic ineffi ciency; (iii) Under the optimal scal policy regime,steady-state rent-seeking is smaller relative to the exogenous policy case, as the government chooses a higher public wage premium, but sets a much lower public employment, thus achieving a decrease in rent-seeking.

Government information transparency

This paper studies a model of announcements by a privately informed government about the future state of the economic activity in an economy subject to recurrent shocks and with distortions due to income taxation. Although transparent communication would ex ante be desirable, we find that even a benevolent government may ex-post be non-informative, in an attempt to countervail the tax distortion with a "second best" compensating distortion in information. This result provides a rationale for independent national statistical offices, committed to truthful communication. We also find that whether inequality in income distribution favors or harms government transparency depends on labor supply elasticity.

Problèmes d'échantillonnage lors d'une enquête sur la plombémie d'enfants citadin [Sampling problems in a survey of blood lead levels in city children].

A study on lead pollution was carried out on a sample of ca. 300 city children. This paper presents the errors producing bias in the sample. It is emphasized that, in Switzerland, the difference between the Swiss and the migrant population (the latter being mainly Italian and Spanish) must be taken into account.

El reciclatge a Cerdanyola del Vallès

Treball de recerca realitzat per alumnes d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. La hipòtesi plantejada ha estat si els joves estan més conscienciats que la gent gran en el reciclatge. Per tal de demostrar aquesta hipòtesi s’ha investigat sobre el procés que segueixen els diferents tipus de residus i les diferents estratègies que s'han de seguir per reciclar. Després de buscar informació sobre l'evolució del reciclatge a Cerdanyola es va elaborar un model d'enquesta per saber els diferents hàbits de reciclatge i es van comparar segons les diferents franges d'edat. Aquestes enquestes també van proporcionar informació sobre els problemes que tenen els ciutadans amb el servei de reciclatge a Cerdanyola. Posteriorment es va visitar la deixalleria de la ciutat i es va realitzar una entrevista a l'encarregat d'aquesta. Finalment, cal destacar tota la informació proporcionada per l'alcalde de Cerdanyola sobre la política mediambiental que té el govern local. La hipòtesi contrastada ha resultat certa.

Terrestrial Lidar investigation of the 2004 rockslide along Petit Champlain Street, Québec City (Quebec, Canada)

Au cours des 240 dernières années, 53 mouvements de versant se sont produits le long du promontoire de Québec, causant la mort de 88 personnes principalement lors de chutes de blocs. En octobre 2004, un petit éboulement a atteint la route dans une zone proche de l'éboulement de 1889 qui a tué 35 personnes et blessé 30 autres. Une image 3D a été créée par l'utilisation d'un scanner Lidar terrestre (SLT). Les sept familles de joints identifiées sont en accord avec les mesures effectuées dans de précédentes études. L'imagerie SLT a aussi permit d'estimer les volumes des instabilités passées et d'en analyser le mécanisme : un glissement rocheux qui affecte des blocs débités en parallélépipèdes par d'autres familles de joints. De plus la zone étudiée montre qu'elle est favorable aux chutes de blocs.

Agency cost of government ownership: a study of voluntary audit comitte formation in China

In this paper, we investigate the agency costs of government ownership and their impact on corporate governance and firm value. China is used as a laboratory because of the prevalent state shareholdings in exchange-listed firms. In this context, we specifically consider the trade-offs involved in the voluntary formation of an audit committee when the controlling shareholder is the state. The decision to improve corporate governance (in this case, introduce an audit committee) is shown to be value relevant and a function of existing agency relationships and non-trivial implementation costs. Our findings are robust to the level of pyramid groups, the ownership-control wedge, and financial leverage. The research adds to the debate regarding the effect of government shareholdings on corporate culture and performance - a topic that hastaken on renewed importance in recent times.

Devolution dynamics of Spanish local government

Over the last few years, ther has been a devolutionary tendency in many developed and developing countries. In this article we propose a methodology to decompose whether the benefits in terms of effciency derived from transfers of powers from higher to municipal levels of government "the "economic dividend" of devolution) might increase over time. This methodology is based on linear programming approaches for effciency measurement. We provide anapplication to Spanish municipalities, which have had to adapt to both the European Stability and Growth Pact as well as to domestic regulation seeking local governments balanced budget. Results indicate that efficiency gains from enhaced decentralization have increased over time. However, the way through which these gains accrue differs across municipalities -in some cases technical change is the main component, whereas in others catching up dominates.

The Accessibility City. When Transport Infrastructure Matters in Urban Spatial Structure

Suburbanization is changing the urban spatial structure and less monocentric metropolitan regions are becoming the new urban reality. Focused only on centers, most works have studied these spatial changes neglecting the role of transport infrastructure and its related location model, the “accessibility city”, in which employment and population concentrate in low-density settlements and close to transport infrastructure. For the case of Barcelona, we consider this location model and study the population spatial structure between 1991 and 2006. The results reveal a mix between polycentricity and the accessibility city, with movements away from the main centers, but close to the transport infrastructure.

Factors conditioning the habitat and the density of Biomphalaria tenagophila (Orbigny, 1835) in an isolated schistosomiasis focus in Rio de Janeiro city

The present work was carried out in a watercress garden in Alto da Boa Vista, in the city of Rio de Janeiro, Brazil. The investigation was carried out in two phases. The first one (1985-86) involved the sampling of Biomphalaria tenegophila in two areas to determine its relative populational densities. The results showed that the populations presented similar densities and dynamics. The second phase (1988-89) involved the study of the influence of some environmental factors on the establishment of B. tenagophila in watercress garden. Two factors were identified as responsible for the establishment of B. tenagophila in the garden: (1) the quality of the water entering the irrigation system, to which domestic sewage is added, and (2) alterations in the nature of the substrate, due to inadequate fertilization techniques, which employ organic matter from adjacent pigsties. Aquatic plants and hydrological parameters of the irrigation system were subsidiary factors to the establishment of B. tenagophila in the garden.

A Salmonella agona outbreak in a pediatric hospital in the city of Rio de Janeiro, Brazil

Six Salmonella Agona strains from an outbreak of 15 days duration which occurred in a public hospital in Rio de Janeiro, Brazil, were analyzed. The outbreak involved six infants (mean age, 24 days; mean body weight, 1612 g), all of them with severe clinical signs and symptoms. Two of them had surgical implications, two were preterm and two had respiratory distress at birth. The Salmonella strains were resistant to nine antimicrobial agents (ampicillin, cephalotin, cefriaxone, gentamicin, amykacin, trimethoprim-sulfamethoxazole, chloramphenicol, and tetracyclin). Analysis of the plasmid pattern of the wild strains and of the transconjugants confirmed that these were identical strains.

Occurrence of Plesiomonas shigelloides in water environments of Rio de Janeiro city

Fresh and salt water samples analyzed in Rio de Janeiro city showed the presence of Plesiomonas shigelloides. Forty-six strains were isolated from both environments. A high incidence of P. shigelloides was achieved in polluted fresh and salt waters as well as in samples from non-polluted streams. P. shigelloides isolates had biochemical characteristics similar to those already described in the literature. None of the isolates analyzed produced enterotoxin in the suckling mouse assay. Hemolytic activity against sheep and human type A erythrocytes was detected in the strains tested. The results of the antibiotic susceptibility tests indicated that all the isolates were susceptible to the cephalosporins, penicillins combined with a beta-lactamase inhibitor, aminoglycosides, imipenem, norfloxacin, tetracycline, chloramphenicol and trimethoprim-sulfamethoxazole. All the isolates were resistant to the penicillins.