Standardized Latin and Medieval Economic Growth

Traditional explanations for Western Europe's demographic growth in the High Middle Ages are unable to explain the rise in per-capita income that accompanied observed population changes. Here, we examine the hypothesis that an innovation in information technology changed the optimal structure of contracts and raised the productivity of human capital. We present historical evidence for this thesis, offer a theoretical explanation based on transaction costs, and test the theory's predictions with data on urban demographic growth. We find that the information-technology hypothesis significantly increases the capacity of the neoclassical growth model to explain European economic expansion between 1000 and 1300.

The Macroeconomic Effects of Infrequent Information with Adjustment Costs

In the last decade, the potential macroeconomic effects of intermittent large adjustments in microeconomic decision variables such as prices, investment, consumption of durables or employment – a behavior which may be justified by the presence of kinked adjustment costs – have been studied in models where economic agents continuously observe the optimal level of their decision variable. In this paper, we develop a simple model which introduces infrequent information in a kinked adjustment cost model by assuming that agents do not observe continuously the frictionless optimal level of the control variable. Periodic releases of macroeconomic statistics or dividend announcements are examples of such infrequent information arrivals. We first solve for the optimal individual decision rule, that is found to be both state and time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. Our model has the distinct characteristic that a vast number of agents tend to act together, and more so when uncertainty is large. The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. We show that these results differ substantially from the ones obtained with full information adjustment cost models.

Amparo promovido por los señores Larrache y Compañía Sucesores contra la sentencia de graduación pronunciada por el juez segundo de lo civil de esta capital el 21 de julio de 1878 en el concurso hipotecario á bienes de Don Blas Pereda

UANL

The Transmission of Monetary Policy in a Multi-Sector Economy

This paper constructs and estimates a sticky-price, Dynamic Stochastic General Equilibrium model with heterogenous production sectors. Sectors differ in price stickiness, capital-adjustment costs and production technology, and use output from each other as material and investment inputs following an Input-Output Matrix and Capital Flow Table that represent the U.S. economy. By relaxing the standard assumption of symmetry, this model allows different sectoral dynamics in response to monetary policy shocks. The model is estimated by Simulated Method of Moments using sectoral and aggregate U.S. time series. Results indicate 1) substantial heterogeneity in price stickiness across sectors, with quantitatively larger differences between services and goods than previously found in micro studies that focus on final goods alone, 2) a strong sensitivity to monetary policy shocks on the part of construction and durable manufacturing, and 3) similar quantitative predictions at the aggregate level by the multi-sector model and a standard model that assumes symmetry across sectors.

Why Have Aggregate Skilled Hours Become So Cyclical Since the Mid-1980's?

This paper documents and discusses a dramatic change in the cyclical behavior of aggregate hours worked by individuals with a college degree (skilled workers) since the mid-1980’s. Using the CPS outgoing rotation data set for the period 1979:1-2003:4, we find that the volatility of aggregate skilled hours relative to the volatility of GDP has nearly tripled since 1984. In contrast, the cyclical properties of unskilled hours have remained essentially unchanged. We evaluate the extent to which a simple supply/demand model for skilled and unskilled labor with capital-skill complementarity in production can help explain this stylized fact. Within this framework, we identify three effects which would lead to an increase in the relative volatility of skilled hours: (i) a reduction in the degree of capital-skill complementarity, (ii) a reduction in the absolute volatility of GDP (and unskilled hours), and (iii) an increase in the level of capital equipment relative to skilled labor. We provide empirical evidence in support of each of these effects. Our conclusion is that these three mechanisms can jointly explain about sixty percent of the observed increase in the relative volatility of skilled labor. The reduction in the degree of capital-skill complementarity contributes the most to this result.

Noticias históricas de la instrucción por el clero en León, desde el año de 1576 en que se fundó la ciudad hasta el de 1862 en que fué ergida capital del obispado

UANL

Manifestación que hace el Dr. D. José María Díez de Sollano como rector de escuelas de esta capital, de la conducta que ha guardado al estinguirse la Nacional y Pontificia Universidad por decreto de 14 de septiembre de 1857

UANL

Novisimo manual de alcaldes o sea : instrucción breve y sumaria para los de la capital de México y para los alcaldes y jueces de paz de los estados

UANL

Distribución de premios, que hizo el sr. gobernador del estado entre los alumnos del Colegio Civil de esta capital, en el Teatro de Progreso la noche del 30 de agosto de 1862

UANL

Croissance économique, capital physique, et capital humain : théories et application dans les pays en développement.

Rapport de recherche

Quantifying historical, capital mobility in Canada : an error correction approach.

Rapport de recherche

Impact of Openness to Trade on Capital Formation in Developed and Emerging Markets: a Comparative Study.

Rapport de recherche

Capital humain et croissance du revenu - Une étude sur 56 zones métropolitaines aux États-Unis.

Rapport de recherche

Croissance economique de long terme et capital humain.

Rapport de recherche

Capital humain, ouverture et croissance.

Rapport de recherche