The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Policy Coordination in an Oligopolistic Housing Market

This paper analyzes the consequences of the interaction between two different levels of government (regulators) in the development of housing policy when their decisions determine the level of competition in the housing market. The analysis discusses the implications derived from a lack of coordination between a local regulator who controls the supply of land for housing development and a central regulator who decides on housing subsidies. The results suggest that lack of coordination has significant effects on prices and supply of houses, housing developers’ profits, and buyers’ surplus.

R&D Policy in Economies with Endogenous Growth and Non-Renewable Resources

The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy with endogenous growth and non-renewable resources. We know from Scholz and Ziemens (1999) and Groth (2006) that in infinitely lived agents (ILA) economies, any active R&D policy increases the growth rate of the economy. To see if this result also appears in economies with finite lifetime agents, we developed an endogenous growth overlapping generations (OLG) economy à la Diamond which uses non-renewable resources as essential inputs in final good’s production. We show analytically that any R&D policy that reduces the use of natural resources implies a raise in the growth rate of the economy. Numerically we show that in economies with low intertemporal elasticity of substitution (IES), active R&D policies lead the economy to increase the depletion of non-renewable resources. Nevertheless, we find that active R&D policies always imply increases in the endogenous growth rate, in both scenarios. Furthermore, when the IES coefficient is lower (greater) than one, active R&D policies affect the growth rate of the economy in the ILA more (less) than in OLG economies.

Optimal fiscal policy in a multisector model with minimum expenditure requirements

This paper investigates optimal fiscal policy in a static multisector model. A Ramsey type planner chooses tax rates on each good type as well as spending levels on each good type subject to an exogenous total expenditure constraint and requirements that some minimum amount of spending be undertaken in each sector. It is shown that optimal policy does not equally spend in each sector but instead results in one of the minimum expenditure constraints binding.

Second-best tax policy in a growing economy with externalities

This paper investigates the exploitation of environmental resources in a growing economy within a second-best scal policy framework. Agents derive utility from two types of consumption goods one which relies on an environmental input and one which does not as well as from leisure and from environmental amenity values. Property rights for the environmental resource are potentially incomplete. We connect second best policy to essential components of utility by considering the elasticity of substitution among each of the four utility arguments. The results illustrate potentially important relationships between environmental amentity values and leisure. When amenity values are complementary with leisure, for instance when environmental amenities are used for recreation, taxes on extractive goods generally increase over time. On the other hand, optimal taxes on extractive goods generally decrease over time when leisure and environmental amenity values are substitutes. Unders some parameterizations, complex dynamics leading to nonmonotonic time paths for the state variables can emerge.

The Optimality of the Common Fisheries Policy: the Northern Stock of Hake

We evaluate the management of the Northern Stock of Hake during 1986-2001. A stochastic bioeconomic model is calibrated to match the main features of this fishing ground. We show how catches, biomass stock and profits would have been if the optimal Common Fisheries Policy (CFP) consistent with the target biomass implied by the Fischler’s Recovery Plan had been implemented. The main finding are: i) an optimal CFP would have generated profits of more than 667 millions euros, ii) if side-payments are allowed (implemented by ITQ’s, for example) these profits increase 26%.

A participação da mulher na política brasileira : a lei de cotas

Apresenta e discute os dados obtidos em uma pesquisa sobre a participação da mulher na política brasileira a partir da Lei de Cotas. Estuda a questão das cotas como ação afirmativa e a sua votação no legislativo brasileiro como resultado de discussões e embates nacionais e internacionais que constataram a falta ou a pouca participação da mulher na política. Aborda a conquista da cidadania feminina, a dívida da sociedade para com elas e a conquista do voto feminino no Brasil. Apresenta a trajetória do feminismo brasileiro na ditadura militar, destacando-o como um movimento de caráter mais político, que lutava contra o regime ditatorial.

Should Fiscal Policy be different in a Non-Competitive Framework?

Published as an article in: Journal of Monetary Economics, 2003, vol. 50, issue 6, pages 1311-1331.

Optimal Fiscal Policy with Rationing in the Labor Market

Published as an article in: Topics in Macroeconomics, 2005, vol. 5, issue 1, article 17.

Annual report 2000 - North Pacific Marine Science Organization (PICES). Ninth meeting, Hakodate, Hokkaido, Japan, October 20-28, 2000

Report of Opening Session (pdf 42 KB) Report of Governing Council Meetings (pdf 70 KB) Reports of Science Board and Committees: Science Board (pdf 57 KB) Biological Oceanography Committee (pdf 43 KB) Working Group 14: Effective Sampling of Micronekton Advisory Panel on Marine birds and mammals Fishery Science Committee (pdf 31 KB) Working Group 16 on Implications of Climate change to Fisheries Management Marine Environmental Quality Committee (pdf 47 KB) Working Group 8: Practical Assessment Methodology Working Group 15 on Ecology of Harmful Algal Blooms (HABs) in the North Pacific Physical Oceanography and Climate Committee (pdf 41 KB) Working Group 13: CO2 in the North Pacific Implementation Panel on the CCCC Program (pdf 120 KB) BASS Task Team Advisory Panel on Iron Fertilization Experiment MODEL Task Team MONITOR Task Team Advisory Panel on Continuous Plankton Recorder Survey in the North Pacific REX Task Team Technical Committee on Data Exchange (pdf 24 KB) Finance and Administration: Report of the Finance and Administration Committee (pdf 49 KB) Assets on 31st of December, 1999 Income and Expenditures for 1999 Budget for 2001 Report of the Fund-Raising Committee (pdf 20 KB) Composition of the Organization (pdf 27 KB) List of Participants (pdf 94 KB) List of Acronyms (pdf 13 KB)

Annual report 1994 - North Pacific Marine Science Organization (PICES). Third meeting, Nemuro, Hokkaido, Japan, October 15-24, 1994

Report of Opening Session Report of Governing Council Meetings Reports of Science Board and Committees: Science Board Biological Oceanography Committee Fishery Science Committee Marine Environmental Quality Committee Physical Oceanography and Climate Committee Reports of Workshops Report of PICES-GLOBEC Workshop (Summary) PICES-GLOBEC Science Plan Findings and Recommendations of the PICES-STA Workshop on Monitoring in the Subarctic North Pacific Finance and Administration: Report of the Finance and Administration Committee Assets on 31st of December, 1993 Income and Expenditures for 1993 Budget for 1995 Composition of the Organization List of Participants (Document has 95 pages.)

Bibliography of the Oceanography of the Japan/East Sea

This bibliography contains 1224 references on various aspects of oceanography of the Japan/East Sea published between 1832 and 1997. (PDF contains 100 pages)

Proceedings of the Second PICES Workshop on the Okhotsk Sea and Adjacent Areas [Nemuro, Japan, November 9-12, 1998]

Table of Contents [pdf, 0.01 Mb] Preface [pdf, 0.01 Mb] Masaaki Aota Long-term tendencies of sea ice concentration and air temperature in the Okhotsk Sea coast of Hokkaido [pdf, 0.05 Mb] Hajime Ito & Miki Yoshioka Geography of the seasonally ice covered seas [pdf, 0.5 Mb] George V. Shevchenko & Victor F. Putov On wind and tide induced sea-ice drift on the northeastern shelf of Sakhalin Island (analysis of radar data) [pdf, 0.96 Mb] Boris S. Dyakov, A.A. Nikitin, L. S. Muktepavel & T.A. Shatilina Variability of the Japan and Okhotsk Seas ice cover depending on geopotential field H500 over the Far-Eastern region [pdf, 0.10 Mb] Aleksandr G. Petrov & Nikolay A. Rykov Intermediate cold layer and ice cover in the Sea of Okhotsk [pdf, 0.37 Mb] Vladimir Ponomarev, Olga Trusenkova, Elena Ustinova & Dmitry Kaplunenko Interannual variations of oceanographic and meteorological characteristics in the Sea of Okhotsk [pdf, 0.16 Mb] George V. Shevchenko & Akie Kato Seasonal and interannual changes of atmospheric pressure, air and water temperature in the area of the Kuril Ridge [pdf, 0.13 Mb] George V. Shevchenko & Vladimir Yu. Saveliev Spatial variability of the wind field in the area of the Kuril Islands [pdf, 0.15 Mb] Alexander L. Figurkin & Igor A. Zhigalov Seasonal variability and specifity of the oceanological conditions in the northern Okhotsk Sea in 1997 [pdf, 1.04 Mb] Igor A. Zhabin Ventilation of the upper portion of the intermediate water in the Okhotsk Sea [pdf, 0.80 Mb] Vladimir A. Luchin & Alexander L. Figurkin Oceanographic conditions over the Kashevarov Bank [pdf, 0.61 Mb] Toshiyuki Awaji, Tomohiro Nakamura, Takaki Hatayama, Kazunori Akimoto & Takatoshi Takizawa Tidal exchange through the Kuril Straits [pdf, 2.01 Mb] Tomohiro Nakamura, Toshiyuki Awaji, Takaki Hatayama, Kazunori Akimoto, Takatoshi Takizawa & Masao Fukasawa Vertical mixing induced by tidally generated internal waves in the Kuril Straits [pdf, 0.83 Mb] Katsuro Katsumata & Ichiro Yasuda Water exchange between the Okhotsk Sea and the North Pacific Ocean estimated by simple models [pdf, 0.97 Mb] Konstantin A. Rogachev Oyashio west path culmination as the consequence of a rapid thermohaline transition in the Pacific Subarctic [pdf, 0.22 Mb] Yasuhiro Kawasaki On the year-to-year change in subarctic water characteristics around the Kuril Islands [pdf, 0.39 Mb] Alexander L. Figurkin & Evgeniy E. Ovsyannikov Influence of oceanological conditions of the West Kamchatka shelf waters on spawning grounds and on pollock egg distribution [pdf, 0.97 Mb] Igor E. Kochergin & Alexander A. Bogdanovsky Transport and turbulence characteristics for the northeastern Sakhalin shelf conditions [pdf, 0.08 Mb] Igor E. Kochergin, Alexander A. Bogdanovsky, Valentina D. Budaeva, Vyacheslav G. Makarov, Vasily F. Mishukov, S.N. Ovsienko, Victor F. Putov, L.A. Reitsema, J.W. Sciallabba, O.O. Sergucheva & P.V. Yarosh Modeling of oil spills for the shelf conditions of northeastern Sakhalin [pdf, 0.32 Mb] Valentina D. Budaeva & Vyacheslav G. Makarov A peculiar water regime of currents in the area of eastern Sakhalin shelf [pdf, 0.66 Mb] Nikolay A. Rykov The oceanographic databases on the Sakhalin shelf [pdf, 0.27 Mb] Akifumi Nakata, Iori Tanaka, Hiroki Yagi, Tomomi Watanabe, Gennady A. Kantakov & Andrew D. Samatov Formation of high-density water (over 26.8 sigma-t) near the La Perouse Strait (the Soya Strait) [pdf, 0.09 Mb] Minoru Odamaki & Kouji Iwamoto Currents and tidal observations by Hydrographic Department of Maritime Safety Agency, off the Okhotsk coast of Hokkaido [pdf, 0.16 Mb] Yasushi Fukamachi, Genta Mizuta, Kay I. Ohshima, Motoyo Itoh, Masaaki Wakatsuchi & Masaaki Aota Mooring measurements off Shiretoko Peninsula, Hokkaido in 1997-1998 [pdf, 0.19 Mb] Mikhail A. Danchenkov, David Aubrey & Stephen C. Riser Oceanographic features of the La Perouse Strait [pdf, 0.91 Mb] Iori Tanaka & Akifumi Nakata Results of direct current measurements in the La Perouse Strait (the Soya Strait), 1995-1998 [pdf, 0.06 Mb] Gennady A. Kantakov & George V. Shevchenko In situ observations of Tsushima and West-Sakhalin currents near La Perouse (Soya) Strait [pdf, 0.79 Mb] Irina Y. Bragina Geographical and biological characteristics of the net zooplankton in the southwestern part of the Sea of Okhotsk during 1987-1996 [pdf, 0.27 Mb] List of corresponding authors [pdf, 0.01 Mb] (Document pdf contains 193 pages)

O processo decisório legislativo na criação e reforma do Bacen e do CMN em 1964 e 1994 : incerteza, cooperação e resultados legislativos

Analisa o processo decisório legislativo nos casos da criação e reforma do Bacen e do CMN em 1964 e 1994, ocorridos no âmbito de planos exitosos de combate à inflação (PAEG e Plano Real, respectivamente). A definição de um formato institucional para a autoridade monetária é uma escolha dos legisladores em termos da produção da política pública de responsabilidade daqueles órgãos, que em ambos os casos foi importante na busca da estabilidade de preços. A partir da Teoria Política Formal utilizaram-se dados primários e fontes secundárias para construir modelo e hipóteses que consideraram as dimensões de interesse geral (combate à inflação) e de políticas particularistas/distributivistas (crédito rural e representação privada no CMN). Concluiu-se que em ambos os processos a iniciativa do Poder Executivo foi fundamental para o resultado final, contudo, em ambas as situações, mesmo durante o ano de 1964 (período militar), o Legislativo teve papel relevante na definição do formato final de ambas as decisões. No primeiro caso houve uma barganha entre os Poderes Executivo e Legislativo para aprovação da proposta, que envolveu concessões no sentido de garantir representação privada no CMN e a institucionalização do crédito rural. No segundo caso o uso da Medida Provisória caracterizou uma forma diferente de coordenação entre os poderes, em que a MP atuou para diminuir a incerteza em relação aos resultados do plano e às alterações na composição do CMN e assim permitir a aprovação da matéria. Os resultados da tese, favorecidos pela comparação de dois períodos diversos do sistema político brasileiro, colaboram com a análise das relações Executivo-Legislativo, sobretudo ao valorizar os instrumentos legislativos do Presidente da República e a forma de equacionamento da incerteza nos processos decisórios. Ainda, permite-se um maior conhecimento da realidade legislativa durante o ano de 1964, quando, ao menos para a Reforma Bancária, não se pode falar de solapamento dos poderes e prerrogativas do Congresso Nacional pelo governo militar.