Interest rate determination in the interbank market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data.

An ordinal shapley value for economic environments

We propose a new solution concept to address the problem of sharing a surplus among the agents generating it. The sharing problem is formulated in the preferences-endowments space. The solution is defined in a recursive manner incorporating notions of consistency and fairness and relying on properties satisfied by the Shapley value for Transferable Utility (TU) games. We show a solution exists, and refer to it as an Ordinal Shapley value (OSV). The OSV associates with each problem an allocation as well as a matrix of concessions ``measuring'' the gains each agent foregoes in favor of the other agents. We analyze the structure of the concessions, and show they are unique and symmetric. Next we characterize the OSV using the notion of coalitional dividends, and furthermore show it is monotone in an agent's initial endowments and satisfies anonymity. Finally, similarly to the weighted Shapley value for TU games, we construct a weighted OSV as well.

The daily market for funds in Europe: what has changed with the EMU?

This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings.

Sequential formation of coalitions through bilateral agreements

We study a sequential protocol of endogenous coalition formation based on a process of bilateral agreements among the players. We apply the game to a Cournot environment with linear demand and constant average costs. We show that the final outcome of any Subgame Perfect Equilibrium of the game is the grand coalition, provided the initial number of firms is high enough and they are sufficiently patient.

The principal-agent matching market

We propose a model based on competitive markets in order to analyze an economy with several principals and agents. We model the principal-agent economy as a two-sided matching game and characterize the set of stable outcomes of this principal-agent matching market. A simple mechanism to implement the set of stable outcomes is proposed. Finally, we put forward examples of principal-agent economies where the results fit into.

Settlement in tax evasion prosecution

It is often argued that even if optimal ex-post, settlement dilutes deterrence ex-ante. We analyze the interest for the tax authority of committing, ex-ante, to a settlement strategy. We show that to commit to the use of settlements is ex-ante optimal when the tax authority receives signals that provide statistical information about the taxpayers' true tax liability. The more informative the signal, the larger the additional expected evenue raised by the tax authority when using settlement as a policy tool.

Bidding for the surplus: realizing efficient outcomes in general economic environments

In this paper, we consider two classes of economic environments. In the first type, agents are faced with the task of providing local public goods that will benefit some or all of them. In the second type, economic activity takes place via formation of links. Agents need both to both form a network and decide how to share the output generated. For both scenarios, we suggest a bidding mechanism whereby agents bid for the right to decide upon the organization of the economic activity. The subgame perfect equilibria of this game generate efficient outcomes.

Endogeneizing know-how flows through the nature of R&D investments

In this paper we carefully link knowledge flows to and from a firms innovation process with this firms investment decisions. Three types of investments are considered: investments in applied research, investments in basic research, and investments in intellectual property protection. Only when basic research is performed, can the firm effectively access incoming knowledge flows and these incoming spillovers serve to increase the efficiency of own applied research.. The firm can at the same time influence outgoing knowledge flows, improving appropriability of its innovations, by investing in protection. Our results indicate that firms with small budgets for innovation will not invest in basic research. This occurs in the short run, when the budget for know-how creation is restricted, or in the long-run, when market opportunities are low, when legal protection is not very important, or, when the pool of accessible and relevant external know-how is limited. The ratio! of basic to applied research is non-decreasing in the size of the pool of accessible external know-how, the size and opportunity of the market, and, the effectiveness of intellectual property rights protection. This indicates the existence of economies of scale in basic research due to external market related factors. Empirical evidence from a sample of innovative manufacturing firms in Belgium confirms the economies of scale in basic research as a consequence of the firms capacity to access external knowledge flows and to protect intellectual property, as well as the complementarity between legal and strategic investments.

In whose backyard? A generalized bidding approach

We analyze situations in which a group of agents (and possibly a designer) have to reach a decision that will affect all the agents. Examples of such scenarios are the location of a nuclear reactor or the siting of a major sport event. To address the problem of reaching a decision, we propose a one-stage multi-bidding mechanism where agents compete for the project by submitting bids. All Nash equilibria of this mechanism are efficient. Moreover, the payoffs attained in equilibrium by the agents satisfy intuitively appealing lower bounds..

Les Actituds del professorat de l'ESO vers les pràctiques inclusives: un estudi longitudinal

En aquest treball s’exposa l’estudi realitzat en un centre educatiu ordinari d’Educació Secundària Obligatòria. En aquest centre, el curs acadèmic 2002-2003 s’hi implanten dues unitats d’educació especial amb la finalitat d’aconseguir una escolarització amb un caràcter més normalitzat per als alumnes que les integren. Fruit d’aquesta implantació se’ns ofereix l’oportunitat de realitzar un estudi al voltant del funcionament d’aquest procés. Degut a la importància que tenen en els processos d’aquesta índole, entre d’altres motius, decidim decantar-nos per l’estudi de les actituds del professorat vers les pràctiques inclusives. Així doncs en aquest treball s’hi recullen quines són les actituds dels professorat d’aquest IES, en dos moments diferents al llarg del temps, al voltant de diferents aspectes relacionats amb les pràctiques inclusives, l’instrument dissenyat per a recollir aquestes actituds, així com també les pràctiques amb caràcter inclusiu que s’han dut a terme en aquest IES.

Análisis de agrupaciones provinciales a partir del enfoque de desigualdad y polarización: una nota

Con motivo de analizar las fuentes de las desigualdades interprovinciales de la renta en España las provincias vienen siendo agrupadas en función de su pertenencia a las CCAA. Este criterio de tipificación, de origen administrativo, no agota, sin embargo, las posibilidades existentes en orden a dividir a las provincias en grupos pretendidamente homogéneos. Disponemos, por ejemplo, de agrupaciones informales como las NUTS 1 europeas, los ejes de desarrollo (VILLAVERDE Y PÉREZ (1996) y las áreas geoeconómicas (ALCAIDE (2002) ó formales, como las sugeridas por AGHEVLI y MEHRAN (1981) y DAVIES y SHORROCKS (1989). El principal objeto de esta nota consiste en evaluar el atractivo asociado a esta variedad de agregaciones atendiendo a dos criterios básicos: el error de agregación y el número de grupos considerado.

Optimal monitoring to implement clean technologies when pollution is random

We analyze a model where firms chose a production technology which, together with some random event, determines the final emission level. We consider the coexistence of two alternative technologies: a "clean" technology, and a "dirty" technology. The environmental regulation is based on taxes over reported emissions, and on penalties over unreported emissions. We show that the optimal inspection policy is a cut-off strategy, for several scenarios concerning the observability of the adoption of the clean technology and the cost of adopting it. We also show that the optimal inspection policy induces the firm to adopt the clean technology if the adoption cost is not too high, but the cost levels for which the firm adopts it depend on the scenario.

Estudi urbanístic de Vilassar de Mar

Treball de recerca realitzat per un alumne d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2006. S’analitza la situació urbanística actual de Vilassar de Mar i es proposen nous equipaments centrant-se sobre tot en un projecte de mercat municipal. L’anàlisi inclou la identificació de la problemàtica del municipi, el plantejament d’un nou model de poble cap al que hauria de tendir, la definició de les actuacions escaients per al canvi de la vila i, finalment, una proposta per la construcció d'un nou mercat municipal a la vila de Vilassar de Mar.

Estudiant suite: la programació client-servidor

Treball de recerca realitzat per un alumne d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2006. Mitjançant un programa informàtic, creat per un estudiant de batxillerat, els alumnes compartiran, a través d’internet,resums o fitxers amb informació rellevant sobre les matèries que estan estudiant sense la necessitat de coincidir en línia. El programa servidor permet donar d'alta i de baixa usuaris, control e les connexions i dels fitxers. A més a més s'encarrega d'emmagatzemar i codificar la informació (fitxers) que aporten els usuaris. El client permet l'identificació mitjançant un nom d'usuari i una contrasenya i la visualització de la informació que conté el servidor, com també permet l'aportació i modificació d'aquesta.