O contrato para a assunção de encargos relativos a obras de urbanização (gerais e especiais): um contrato entre dois territórios jurídicos?

Dissertação de mestrado em Direito Administrativo

A mobilidade da informação na Polícia de Segurança Pública. uma estratégia para a gestão operacional

Dissertação de Mestrado em Estratégia

Access as a motivational device: implications for human resource management

This paper analyzes the employment relationship on the basis of the notion of access. We argue that the degree of access provided by a job is an incentive to activate the employee’s self-actualization needs. We investigate the effect of access on the workers’ performance through an agency model and provide a number of propositions with practical implications for personnel policies. Our results are consistent with the intuition emerged from the real business practice as well as with many of the arguments on the substitutive role between monetary and non-monetary incentives frequently reported in the literature.

Material flow accounting of Spain

Material throughput is a means of measuring the so-called social metabolism, or physical dimensions of a society’s consumption, and can be taken as an indirect and approximate indicator of sustainability. Material flow accounting can be used to test the dematerialisation hypothesis, the idea that technological progress causes a decrease in total material used (strong dematerialisation) or material used per monetary unit of output (weak dematerialisation). This paper sets out the results of a material flow analysis for Spain for the period from 1980 to 2000. The analysis reveals that neither strong nor weak dematerialisation took place during the period analysed. Although the population did not increase considerably, materials mobilised by the Spanish economy (DMI) increased by 85% in absolute terms, surpassing GDP growth. In addition, Spain became more dependent on external trade in physical terms. In fact, its imports are more than twice the amount of its exports in terms of weight.

Retribution in a cheap-talk experiment

We use a two-person 3-stage game to investigate whether people choose to punish or reward another player by sacrificing money to increase or decrease the other person’s payoff. One player sends a message indicating an intended play, which is either favorable or unfavorable to the other player in the game. After the message, the sender and the receiver play a simultaneous 2x2 game. A deceptive message may be made, in an effort to induce the receiver to make a play favorable to the sender. Our focus is on whether receivers’ rates of monetary sacrifice depend on the process and the perceived sender’s intention, as is suggested by the literature on deception and procedural satisfaction. Models such as Rabin (1993), Sen (1997), and Charness and Rabin (1999) also permit rates of sacrifice to be sensitive to the sender’s perceived intention, while outcome-based models such as Fehr and Schmidt (1999) and Bolton and Ockenfels (1997) predict otherwise. We find that deception substantially increases the punishment rate as a response to an action that is unfavorable to the receiver. We also find that a small but significant percentage of subjects choose to reward a favorable action choice made by the sender.

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.

Resource-monotonicity for house allocation problems

We study a simple model of assigning indivisible objects (e.g., houses, jobs, offices, etc.) to agents. Each agent receives at most one object and monetary compensations are not possible. We completely describe all rules satisfying efficiency and resource-monotonicity. The characterized rules assign the objects in a sequence of steps such that at each step there is either a dictator or two agents "trade" objects from their hierarchically specified "endowments."

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.

Efficient priority rules

We study the assignment of indivisible objects with quotas (houses, jobs, or offices) to a set of agents (students, job applicants, or professors). Each agent receives at most one object and monetary compensations are not possible. We characterize efficient priority rules by efficiency, strategy-proofness, and renegotiation-proofness. Such a rule respects an acyclical priority structure and the allocations can be determined using the deferred acceptance algorithm.

On the choice of an exchange rate regime: target zones revisited

From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to produce, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.

The role of central bank operating procedures in an economy with productive government spending

The choice of either the rate of monetary growth or the nominal interest rate as the instrument controlled by monetary authorities has both positive and normative implications for economic performance. We reexamine some of the issues related to the choice of the monetary policy instrument in a dynamic general equilibrium model exhibiting endogenous growth in which a fraction of productive government spending is financed by means of issuing currency. When we evaluate the performance of the two monetary instruments attending to the fluctuations of endogenous variables, we find that the inflation rate is less volatile under nominal interest rate targeting. Concerning the fluctuations of consumption and of the growth rate, both monetary policy instruments lead to statistically equivalent volatilities. Finally, we show that none of these two targeting procedures displays unambiguously higher welfare levels.

Asymmetries in the capacity-inflation trade-off

This paper analyzes the joint dynamics of two key macroeconomic variables for the conduct of monetary policy: inflation and the aggregate capacity utilization rate. An econometric procedure useful for estimating dynamic rational expectation models with unobserved components is developed and applied in this context. The method combines the flexibility of the unobserved components approach, based on the Kalman recursion, with the power of the general method of moments estimation procedure. A 'hyb id' Phillips curve relating inflation to the capacity utilization gap and incorporating forward and backward looking components is estimated. The results show that such a relationship in non-linear: the slope of the Phillips curve depends significantly on the magnitude of the capacity gap. These findings provide support for studying the implications of asymmetricmonetary policy rules.

Caracterización de la privación y de la pobreza en Catalunya

Este trabajo contribuye a la escasa literatura sobre la evaluación multidimensional del nivel de bienestar de los individuos más desfavorecidos de nuestra sociedad. Se distingue claramente entre pobreza monetaria y privación multidimensional, para proceder entonces a su cuantificación y caracterización empleando una base de datos nueva (PaD) para Cataluña y utilizando, por vez primera, una metodología que nos permite considerar de forma conjunta la pobreza y la privación. Nuestros resultados empíricos deberían informar a la política social. Aportamos evidencia nueva sobre viejas y nuevas relaciones entre situaciones de desventaja económica y características de los individuos, algunas de las cuales invitan a reconsiderar viejas concepciones. This paper contributes to the scarce literature on the multidimensional assessment of the well-being of the worse off individuals. We document and characterise monetary poverty and multidimensional deprivation using a new database (PaD) for Catalonia. The econometric methodology we employ allows for a join analysis of poverty and deprivation, which has not been seen before. Our empirical findings should be informative for social policy. We provide new evidence on old and new relations between situations of economic disadvantage and individual characteristics, some of which invite to reconsider old conceptions.

Would Fiscal Authorities in the EMU prefer to coordinate?

This article studies whether fiscal authorities would prefer to operate like in the current EMU or to coordinate according to the theoretical literature. The EMU approach will lead to higher volatility of interest rates, output, inflation and average budget deficits, but the SGP deficit target will be breached less often. Keywords: fiscal policy coordination, monetary union, Stability and Growth Pact. JEL No. E61, E63, F33, H0

Financial incentives in academia: research versus development

This paper investigates the effects of monetary rewards on the pattern of research. We build a simple repeated model of a researcher capable to obtain innovative ideas. We analyse how the legal environment affects the allocation of researcher's time between research and development. Although technology transfer objectives reduce the time spent in research, they might also induce researchers to conduct research that is more basic in nature, contrary to what the skewing problem would presage. We also show that our results hold even if development delays publication.