The Economic Case for Fiscal Federalism in Scotland

In this paper we consider the case for assigning tax revenues to Scotland, by which we mean that taxes levied on Scottish tax bases should be returned to the Scottish budget. The budget, however, would continue to be supplemented by transfers from the Westminster budget. This arrangement differs from the current situation whereby public spending is largely financed by a bloc grant from Westminster. Our suggestion falls short of full fiscal federalism for Scotland . meaning that Scotland had control over choice of tax base and of tax rates, and fiscal transfers from Westminster would be minimal. We use propositions drawn from the theory of fiscal federalism to argue for a smaller vertical imbalance between taxes retained in Scotland and public spending in Scotland. A closer matching of spending with taxes would better signal to beneficiaries the true costs of public spending in terms of taxes raised. It would also create more complete incentives for politicians to provide public goods and services in quantities and at qualities that voters are actually willing to pay for. Under the current bloc grant system, the marginal tax cost of spending does not enter into political agents. calculations as spending is out of a fixed total budget. Moreover, the Scottish electorate is hindered in signaling its desire for local public goods and services since the size of the total budget is determined by a rigid formula set by Westminster. At the present time we reject proposals for full fiscal federalism because in sharply reducing vertical imbalance in the Scottish budget, it is likely to worsen horizontal balance between Scotland and the other UK regions. Horizontal balance occurs where similarly situated regions enjoy the same per capita level of public goods and services at the same per capita tax cost. The complete removal of the bloc grant under full fiscal federalism would remove the mechanism that currently promotes horizontal equity in the UK. Variability in own-source tax revenues creates other problems with full fiscal federalism. Taxes derived from North Sea oil would constitute a large proportion of Scottish taxes, but these are known to be volatile in the face of variable oil prices and the pound-dollar exchange rate. At the present time variability in oil tax revenue is absorbed by Westminster. Scotland is insulated through the bloc grant. This risk sharing mechanism would be lost with full fiscal federalism. It is true that Scotland could turn to financial markets to tide itself over oil tax revenue downturns, but as a much smaller and less diversified financial entity than the UK as a whole it would probably have to borrow on less favorable terms than can Westminster. Scotland would have to bear this extra cost itself. Also, with full fiscal federalism it is difficult to see how the Scottish budget could be used as a macroeconomic stabilizer. At present, tax revenue downturns in Scotland - together with the steady bloc grant - are absorbed through an increase in vertical imbalance. This acts as an automatic stabilizer for the Scottish economy. No such mechanism would exist under full fiscal federalism. The borrowing alternative would still exist but on the less favorable terms - as with borrowing to finance oil tax shortfalls.

Wage Premia in Employment Clusters: Agglomeration Economies or Worker Heterogeneity?

The correlation between wage premia and concentrations of firm activity may arise due to agglomeration economies or workers sorting by unobserved productivity. A worker's residential location is used as a proxy for their unobservable productivity attributes in order to test whether estimated work location wage premia are robust to the inclusion of these controls. Further, in a locational equilibrium, identical workers must receive equivalent compensation so that after controlling for residential location (housing prices) and commutes workers must be paid the same wages and only wage premia arising from unobserved productivity differences should remain unexplained. The models in this paper are estimated using a sample of male workers residing in 33 large metropolitan areas drawn from the 5% Public Use Microdata Sample (PUMS) from the 2000 U.S. Decennial Census. We find that wages are higher when an individual works in a location that has more workers or a greater density of workers. These agglomeration effects are robust to the inclusion of residential location controls and disappear with the inclusion of commute time suggesting that the effects are not caused by unobserved differences in worker productivity. Extended model specifications suggest that wages increase with the education level of nearby workers and the concentration of workers in an individual's own industry or occupation.

"Ripple Effects" and Forecasting Home Prices in Los Angeles, Las Vegas, and Phoenix

We examine the time-series relationship between housing prices in Los Angeles, Las Vegas, and Phoenix. First, temporal Granger causality tests reveal that Los Angeles housing prices cause housing prices in Las Vegas (directly) and Phoenix (indirectly). In addition, Las Vegas housing prices cause housing prices in Phoenix. Los Angeles housing prices prove exogenous in a temporal sense and Phoenix housing prices do not cause prices in the other two markets. Second, we calculate out-of-sample forecasts in each market, using various vector autoregessive (VAR) and vector error-correction (VEC) models, as well as Bayesian, spatial, and causality versions of these models with various priors. Different specifications provide superior forecasts in the different cities. Finally, we consider the ability of theses time-series models to provide accurate out-of-sample predictions of turning points in housing prices that occurred in 2006:Q4. Recursive forecasts, where the sample is updated each quarter, provide reasonably good forecasts of turning points.

The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study using Propensity Scores

We examine the impact of seller's Property Condition Disclosure Law on the residential real estate values. A disclosure law may address the information asymmetry in housing transactions shifting of risk from buyers and brokers to the sellers and raising housing prices as a result. We combine propensity score techniques from the treatment effects literature with a traditional event study approach. We assemble a unique set of economic and institutional attributes for a quarterly panel of 291 US Metropolitan Statistical Areas (MSAs) and 50 US States spanning 21 years from 1984 to 2004 is used to exploit the MSA level variation in house prices. The study finds that the average seller may be able to fetch a higher price (about three to four percent) for the house if she furnishes a state-mandated seller.s property condition disclosure statement to the buyer. When we compare the results from parametric and semi-parametric event analyses, we find that the semi-parametric or the propensity score analysis generals moderately larger estimated effects of the law on housing prices.

Can a Newly Proposed Mechanism for Allocating Contracts in U.S. Electricity Wholesale Markets Lead to Lower Prices? A Game Theoretic Analysis

This study of the wholesale electricity market compares the cost-minimizing performance of the auction mechanism currently in place in U.S. markets with the performance of a proposed replacement. The current mechanism chooses an allocation of contracts that minimizes a fictional cost calculated using pay-as-offer pricing. Then suppliers are paid the market clearing price. The proposed mechanism uses the market clearing price in the allocation phase as well as in the payment phase. In concentrated markets, the proposed mechanism outperforms the current mechanism even when strategic behavior by suppliers is taken into account. The advantage of the proposed mechanism increases with increased price competition.

A Catalogue of One Thousand Fine & Valuable Books Manuscripts, Autograph Letters, Prints and Drawings [Third Part] Offered at the Net Prices Affixed by Joseph Baer & Co. No. 750 .

Indexheft beiliegend

Allied postage stamps of the Great War and after : 1914-1923 : a descriptive catalogue and guide for collectors : with prices at which the stamps may be obtained from the publisher

Field's war stamp catalogue

La comunicación gráfica pública marginal

El espacio público, atravesado por lugares de tránsito e interacción comunes de los individuos, constituye un terreno fundamental de la comunicación de todas las épocas. Este espacio mantiene a través de la historia del hombre significante su fuerza instrumental como espacio de difusión de significaciones. Éstas se producen ubicando mensajes, señales, símbolos en un segmento visual apropiado y de acceso público. En la construcción de este espacio visual público de comunicación intervienen sujetos comunicativos - locutores- que interpelan a las sociedades colaborando en la conformación de sus identidades y reproducen o trastocan sus representaciones, sus creencias, sus valores, sus conocimientos. Los mensajes son heterogéneos en sus formas, intenciones y lenguajes. El conjunto de estas marcas en el espacio varía, apareciendo y desapareciendo, reemplazándose, tomando nuevas formas y actualizándose necesariamente con el tiempo. Es un espacio continuamente mutante en sus formas y contenidos. Para el analista cultural representan una valiosa fuente de información para el acercamiento a la comprensión de la(s) identidad(es) de una sociedad. Cada texto existente en un momento y lugar determinado funciona entonces como un mensaje para los intervinientes en el proceso comunicativo del signo y además como una marca cultural de la época en la que se produce.

Ferréz en el círculo de los violentos : Ecos eruditos de la barca de Caronte en la escritura marginal en "O ônibus branco"

Aproximar la narración del cuento "O ônibus branco" a aquellas sobre el mito de la barca del inferno es observar rastros de lo hegemónico en la escritura marginal, dirigirse hacia un tipo de información que se encuentra relacionada con las construcciones simbólicas de una cultura de instrucción y lecturas eruditas. ¿De qué lugares toma referencias la escritura producida más allá de los márgenes de la ciudad formal? Tal cuestionamiento impone una investigación que incide sobre la idea de que ciertas narrativas populares encuentran eco en lecturas más allá de aquellas disponibles en los medios masivos y acogen un repertorio culto

La socialización marginal en el trabajo de servicio en la España del Siglo de Oro : Aproximación a su análisis

Durante la temprana modernidad parte de los pobres fueron marginados y criminalizados debido a que no se insertaban en el mercado laboral, motivo que condujo a que fueran instigados al trabajo compulsivamente. La falta de especialización de estos hombres, así como su carácter urbano, fueron factores que contribuyeron a su inserción en diversas ocupaciones de servicio. Los criados no eran económicamente productivos, sino que su función tenía sentido en el marco socio-cultural, ya que servían a la reproducción de status de sus amos. Este tipo de actividades fueron ampliamente descriptas en el corpus de novelas que compone el género de la picaresca española, en el cual podemos observar un retrato sobre cómo imaginaron los literatos -que refractaron en sus obras una concepción social- las prácticas de los servidores. El Guzmán de Alfarache ilustra, a través de las sucesivas ocupaciones de servicio en que se emplea el protagonista, las formas de socialización que existían entre los mozos en el espacio doméstico, donde reproducían las conductas marginales en el marco de socialización "no marginal" que les era impuesto. El análisis que proponemos pretende indagar acerca de este problema en la crítica ilustración realizada por Mateo Alemán en El Guzmán...

Apuntes iniciales para una polémica marginal : Aldo Pellegrini y Osiris Troiani; de Letra y Línea a Contorno

Entre mediados de 1954 y septiembre de 1955, en las jóvenes revistas Letra y Línea, Capricornio, y Contorno, se mantuvo una polémica dilatada entre Osiris Troiani y Aldo Pellegrini, cuya causa parecía justificarse en una nota de Carlos Latorre acerca de Sur y la literatura italiana. El propósito de este trabajo es, por un lado, dar cuenta de esa temporalidad desfasada y marginal en que se organiza esta disputa contra los preceptos del surrealismo, más precisamente, el surrealismo en Argentina, reparando en cuáles son las nuevas concepciones críticas y literarias que comienzan a ponerse en juego al momento de discutir. Por otro lado, aunque de forma breve, se amplía el contexto de revistas literarias y publicaciones periódicas que han sido introducidas, tanto en referencias como en repercusiones de esta polémica

Literatura marginal e a compreensão das dinâmicas sociais das periferias brasileiras

O presente artigo discute, a partir das noçoesde literatura e sociedade desenvolvidas por Antonio Candido e de campo social de Pierre Bourdieu, a produçao ficcional e a trajetória social e intelectual de determinados escritores no campo literário brasileiro. A manifestaçao cultural desses autores, caracterizada de periféricae denominada "literatura marginal", ganhou a cena pública brasileira no final da década de 1990 com a publicaçao dos romances Cidade de Deus, do carioca Paulo Lins e Capao Pecado, do paulistano Ferréz.O romance de Paulo Lins tornou-se mundialmente conhecido depois que o cineasta Fernando Meirelles filmou "Cidade de Deus" conquistando, inclusive, indicaçoes para a disputa do Oscar. Ferréz publicou outros livros e organizou a revista "Literatura Marginal", coletânea com diferentes moradores de bairros periféricos da cidade de Sao Paulo.A partir da análise das obras desses dois autores sugerimos que os morros, favelas e periferias têm suas próprias características e a literatura marginal pode indicar mais uma oportunidade para desvendar esse mundo que espacialmente está tao próximo, mas socialmente muito distante