Transitional effects of a pension system change in Spain

This paper studies the output effects, transition costs and the change in pension benefits derived from the substitution of the current unfunded pension system by a fully funded pension system financed through mandatory savings.These effects are estimated by using reduced versions of the neoclassical and endogenous growth frameworks. Because of the greater capital accumulation during the transition phase, final output increases by 23,6% (neoclassicalframework); and a 24,5-31,5% (endogenous growth framework). The initial revenue loss for the government would represent a 4,8% of the GDP, raising very slowly during the transition period. Given the new growth rates, rates of return ofphysical capital, and financial intermediation costs, we have that the capitalization pension benefits obtained by all 30-contribution-year worker would be more than twice than those that guarantee the financial sustainability of thepublic pension system

Optimal fiscal policy in overlapping generations models

[eng] This paper provides, from a theoretical and quantitative point of view, an explanation of why taxes on capital returns are high (around 35%) by analyzing the optimal fiscal policy in an economy with intergenerational redistribution. For this purpose, the government is modeled explicitly and can choose (and commit to) an optimal tax policy in order to maximize society's welfare. In an infinitely lived economy with heterogeneous agents, the long run optimal capital tax is zero. If heterogeneity is due to the existence of overlapping generations, this result in general is no longer true. I provide sufficient conditions for zero capital and labor taxes, and show that a general class of preferences, commonly used on the macro and public finance literature, violate these conditions. For a version of the model, calibrated to the US economy, the main results are: first, if the government is restricted to a set of instruments, the observed fiscal policy cannot be disregarded as sub optimal and capital taxes are positive and quantitatively relevant. Second, if the government can use age specific taxes for each generation, then the age profile capital tax pattern implies subsidizing asset returns of the younger generations and taxing at higher rates the asset returns of the older ones.

Trade policy and regional inequalities

This paper aims to analyse the effects of trade policies in the pattern of regional inequalities within a country. Inspired firstly, by the debate concerning the role of protectionist policies in the settlement of a pattern of striking regional inequalities in the Spanish industrialisation process and secondly, by current evidence of an increase in these inequalities following the entry of Spain in the EU (1986), we set a model that shows that trade liberalisation increases regional inequalities.

Hematopoietic stem cell transplantation in Switzerland: a comprehensive quality control report on centre effect.

Interest groups advocate centre-specific outcome data as a useful tool for patients in choosing a hospital for their treatment and for decision-making by politicians and the insurance industry. Haematopoietic stem cell transplantation (HSCT) requires significant infrastructure and represents a cost-intensive procedure. It therefore qualifies as a prime target for such a policy. We made use of the comprehensive database of the Swiss Blood Stem Cells Transplant Group (SBST) to evaluate potential use of mortality rates. Nine institutions reported a total of 4717 HSCT - 1427 allogeneic (30.3%), 3290 autologous (69.7%) - in 3808 patients between the years 1997 and 2008. Data were analysed for survival- and transplantation-related mortality (TRM) at day 100 and at 5 years. The data showed marked and significant differences between centres in unadjusted analyses. These differences were absent or marginal when the results were adjusted for disease, year of transplant and the EBMT risk score (a score incorporating patient age, disease stage, time interval between diagnosis and transplantation, and, for allogeneic transplants, donor type and donor-recipient gender combination) in a multivariable analysis. These data indicate comparable quality among centres in Switzerland. They show that comparison of crude centre-specific outcome data without adjustment for the patient mix may be misleading. Mandatory data collection and systematic review of all cases within a comprehensive quality management system might, in contrast, serve as a model to ascertain the quality of other cost-intensive therapies in Switzerland.

Audit report of the Governor’s Office of Drug Control Policy for the year ended June 30, 2012

Audit report of the Governor’s Office of Drug Control Policy for the year ended June 30, 2012

Policy -Strategy Option Description, January 30, 2009

Like many states, Iowa faces significant challenges on the energy front.  Energy prices have  surged in recent years to record levels before declining precipitously following the financial  crisis that broke in September 2008.  Despite this pullback, the fundamentals that contributed to  higher energy prices are expected to return once economies rebound. Oil prices have gone up  on increased demand, driven in large part by developing countries such as China and India,  whose economies have been rapidly expanding.  Natural gas prices have also fluctuated  dramatically, trading in a range from $4.50 to $13.00/MMBtu over the past year, but are unlikely  to remain at low levels over the long term.  As shown in our analysis later on in this report, the  difference in levelized cost of electricity from a gas‐fired combined cycle plant can vary  significantly depending on the fuel cost.    Dependence on others for energy supply involves significant risks and uncertainties.  Thus, if  Iowa wishes to reduce its dependence on others – or even achieve energy independence – Iowa  needs to pursue actions on a numbers of fronts.  Following the status quo is not an option.    A carbon tax would change the energy landscape in Iowa.  Since Iowa is currently 75%  dependent on coal, a carbon tax could mean that generators, and in turn ratepayers, could be on  the hook for higher electricity prices, though it remains to be seen exactly what the tax scheme  will be.  In addition to existing plants, a carbon tax would also have a significant impact on the  cost of new generation plant.  We have modeled carbon taxes ranging from $0‐50/ton in our  analysis in the Appendix.  However, if a more aggressive carbon policy came into play resulting  in market values of for example, $100/ton or even $200/ton, then that could raise the cost of coal‐  and gas‐fired generation significantly, making alternatives such as wind more economical.

Governor’s Office of Drug Control Policy Performance Report, FY2004

Agency Performance Report

Governor’s Office of Drug Control Policy Performance Report, FY2005

Agency Performance Report

Governor’s Office of Drug Control Policy Performance Report, FY2006

Agency Performance Report

Governor’s Office of Drug Control Policy Performance Report, FY2007

Agency Performance Report

Governor’s Office of Drug Control Policy Performance Report, FY2008

Agency Performance Report