DigitalUM :: Browsing by browse.metadata.contributordepartment "Fundamentos del Análisis Económico"

Browsing by browse.metadata.contributordepartment "Fundamentos del Análisis Económico"

Now showing 1 - 20 of 52

Open Access
Artistic Creation and Intellectual Property
(2009-06-16T10:59:34Z) Alcalá, Francisco; González Maestre, Miguel; Fundamentos del Análisis Económico
Promoting high-quality artistic creation requires sorting the most talented people of each generation and developing their skills. This paper takes a professional-career perspective in analyzing the determinants of artistic creation. The paper builds an overlapping-generations model of artists with three features: (i) the number of highly talented artists in a given period is positively linked to the number of young artists starting the career in the previous period; (ii) artistic markets are superstar markets; iii) promotion expenditures play an important role in determining market shares. In this framework, the paper analyzes the consequences for high-quality artistic creation of changes in the length of the copyright term, increases in market size, and progress in some communication technolo- gies. It is shown that increasing superstars’ returns do not always increase the expected return to starting an artistic career. As a result, in the long run, longer copyrights do not always stimulate artistic creation.
Open Access
Biased survival expectations and behaviours: Does domain specific information matter?
(Springer, ) Costa-Font, Joan; Vilaplana Prieto, Cristina; Fundamentos del Análisis Económico
We study the formation of biased expectations across domains and examine whether they have a unique infuence on health and fnancial behaviors. Combining individual-level longitudinal, retrospective, and end of life data from several European countries for more than a decade, we estimate the time-varying individual level bias in ‘survival expectations’ (BSE) and compare it to a similar type of bias in the formation of ‘meteorological expectations’ (BME). We exploit the variation across individual’s family history (parental age at death) to evaluate the causal efect of BSE on health and fnancial behaviors, and we compare it to the efect of BME. This allows to investigate whether the BSE efect is due to private information, or another mechanism. We fnd that BSE increases the likelihood of engaging in less risky health and fnancial behaviors. We estimate that a one standard deviation increase in BSE reduces the average individual probability of smoking by 48% (and increase the probability of holding retirement accounts by 69%). In contrast, BME has little efect on healthy behaviors, and is only associated with a change in some fnancial behaviors.
Open Access
Caregiving subsidies and spousal early retirement intentions
(Cambridge University Press, 2022-07-29) Costa-Font, Joan; Vilaplana Prieto, Cristina; Fundamentos del Análisis Económico
Balancing caregiving duties and employment can be both financially and emotionally burdensome, especially when care is provided to a spouse at home. Caregiving subsidies can play a role in helping caregivers to cope with such duties. This paper demonstrates how providing financial respite for caregivers can influence individuals' decisions to retire early. We investigate the impact of a reform that extended longterm care (LTC) benefits (in the form of subsidies and supports) on the intention of a caregiving spouse to retire early in Spain. We subsequently examine the effect of austerity spending cuts reducing such publicly funded benefits, and we compare the estimates to the effects of an early retirement reform among private sector workers around the same time. Our preferred estimates suggest evidence of a 10pp reduction in early retirement intentions after the extension of LTC benefits even though the effect is heterogeneous by type of benefit. Consistently, austerity spending cuts in benefits are found to weaken retirement intentions. Even more importantly, our estimates suggest that cuts in caregiving subsidies exert a much stronger effect on early retirement intentions than actual early retirement reforms.
Open Access
Caring for carers? The effect of public subsidies on the well-being of unpaid carers
(The University of Chicago Press, 2023-10-23) Costa-Font, Joan; D´Amico, Francesco; Vilaplana Prieto, Cristina; Fundamentos del Análisis Económico
We study the effect of long-term care subsidies and supports on the well-being of unpaid caregivers. We draw on evidence from a policy intervention, which universalized previously means-tested caregiving supports in Scotland, known as free personal care (FPC). We document causal evidence of an increase in the well-being (happiness) of unpaid carers after the introduction of FPC. Our estimates suggest economically relevant improvements in happiness (12 percentage point increase in subjective well-being) among caregivers exposed to FPC and who provide at least 35 hours of care per week. Consistently, these results are larger among women and non-actively employed caregivers (17 percentage point increase in happiness). Estimates are not driven by selection into caregiving; they are explained by income effects of FPC among caregivers.
Open Access
Copying, superstars and artistic creation
(2009-09-28T11:13:58Z) Alcalá, Francisco; González Maestre, Miguel; Fundamentos del Análisis Económico
We provide a new perspective on the impact of unauthorized copying and copy levies on artistic creation. Our analysis emphasizes three important aspects of artistic markets: the predominance of superstars, the dynamics of talent sorting, and the importance of promotion expenditures. In the short run, piracy reduces superstars’ earnings and market share, and increases the number of rich and young artists. From a dynamic perspective, piracy may help more young artists start their careers, thereby increasing the number of highly talented artists in the long run. The long run impact on artistic creation of levies on copy equipment may crucially depend on whether their yields primarily accrue to superstars or are allocated to help young artists.
Open Access
Corruption, quality of institutions and growth
(Emerald, 2023) Arielle Beyaert; García Solanes, José; López Gómez, Laura; Métodos Cuantitativos para la Economía y la Empresa; Fundamentos del Análisis Económico
Purpose This paper aims to apply regression-tree analysis to capture the nonlinear effects of corruption on economic growth. Using data of 103 countries for the period 1996–2017, the authors endogenously detect two distinct areas in corruption quality in which the members share the same model of economic growth. Design/methodology/approach The authors apply regression tree analysis to capture the nonlinearity of the influences. This methodology allows us to split endogenously the whole sample of countries and characterize the different ways through which corruption impacts economic growth in each group of countries. Findings The traditional determinants of economic growth have different impacts on countries depending on their level of corruption, which, in turn, confirms the parameter heterogeneity of the Solow model found in other strands of the literature. Originality/value The authors apply a new approach to a worldwide sample obtaining novel results.
Open Access
Debt Spillovers in a Monetary Union: A Novel Rationale for Central Bank Independence
(2022-01) Campoy Miñarro, J. C.; Negrete Mediavilla, J. C.; Fundamentos del Análisis Económico
Central bank independence has been championed on the grounds that it avoids political business cycles, the time-inconsistency problem of discretionary monetary policy, and political conflicts. However, after the financial crisis, central banks have resorted to unconventional monetary policies and embraced additional tasks, making monetary authorities more exposed to political interference. This new reality has put into question the long-lasting consensus on the desirability of central bank independence. We add to this debate a new argument in support of that independence, namely, it internalizes the fiscal spillovers that arise in a monetary union, which is not a full fiscal union.
Open Access
Did the Euro Really Increase Corruption in the Eurozone? A Counterfactual Analysis.
(Instituto de Estudios fiscales, 2023) Arielle Beyaert; García Solanes, José; López Gómez, Laura; Fundamentos del Análisis Económico; Economía Aplicada; Métodos Cuantitativos para la Economía y la Empresa
In this paper we apply the Synthetic Control Method developed by Abadie, Diamond and Hainmüeller (2010) to assess the extent to which the adoption of the euro has affected corruption in three groups of Eurozone countries: the core, southern and eastern countries. To do so, we construct counterfactuals for each group and for individual countries and compare them with the actual evolution of the corruption-control indicator. Except in the case of the Netherlands, where significant negative effects are detected, we find evidence that the adoption of the euro has either contributed to reducing corruption or has not affected it significantly.
Embargo
Do public caregiving subsidies and supports affect the provision of care and transfers?
(Elsevier, 2022-05-25) Costa-Font, Joan; Jiménez-Martín, Sergi; Vilaplana Prieto, Cristina; Fundamentos del Análisis Económico
We study whether caregiving and intergenerational transfer decisions are sensitive to changes in economic incentives following the inception of a new unconditional and universal system of allowances and supports, after the introduction of the 2006 Promotion of Personal Autonomy and Care for Dependent Persons Act (SAAD in Spanish), and the ensuing effects of its austerity cuts after 2012. We find that whilst the introduction of a caregiving allowance (of a maximum value of €530 in 2011) increased the supply of informal caregiving by 20-22 percentual points (pp), the inception of a companion system of publicly subsidised homecare supports did not modify the supply of care. Consistent with an exchange motive for intergenerational transfers, we estimate an average 17 pp (8.2-8.7pp) increase (decrease) in downstream (upstream) transfers among those receiving caregiving allowances. Our estimates resulting from the reduction in the allowances and supports after the austerity cuts in 2012 are consistent with our main estimates, and suggest stronguer effects among lower-income families.
Open Access
Do Social Networks Prevent Bank Runs?
(2010-01-18T14:58:19Z) Garcia Rosa, Alfonso; Kiss, Hubert Janos; Rodríguez Lara, Ismael; Fundamentos del Análisis Económico
We develop, both theoretically and experimentally, a stereotypical environment that allows for co-ordination breakdown, leading to a bank run. Three depositors are located at the nodes of a network and have to decide whether to keep their funds deposited or to withdraw. One of the depositors has immediate liquidity needs, whereas the other two depositors do not. Depositors act sequentially and observe others’ actions only if connected by the network. Theoretically, a link connecting the first two depositors to decide is sufficient to avoid a bank run. However, our experimental evidence shows that subjects’choice is not a¤ected by the existence of the link per se. Instead, being observed and the particular action that is observed determine subjects’choice. Our results highlight the importance of initial decisions in the emergence of a bank run. In particular, Bayesian analysis reveals that subjects clearly depart from predicted behavior when observing a withdrawal.
Open Access
Endogenous market regulation in a signaling model of lobby formation
(Springer, 2018-01) Candel Sánchez, Francisco; Perote-Peña, Juan; Fundamentos del Análisis Económico
This paper aims at explaining industry protection in a context in which the government cannot observe the state of market demand. We develop an asymmetric information model and use the tools of contract theory in order to understand (i) how the level of industry protection is endogenously determined, and (ii) why some industries decide to engage in large lobbying costs to become politically active. Our model offers plausible explanations to phenomena such as the "loser's paradox", where weak industries receive the most protection although strong industries are the ones that spend more resources on lobbying activities. The model also allows for an analysis of the influence that lobbying costs have on the decision to organize actively as a lobby.
Open Access
Experimentos Económicos para Mejorar el Aprendizaje
(2019-12-20) Llinares Císcar, Juan Vicente; Baixauli Soler, Juan Samuel; Nebot Monferrer, César; Fundamentos del Análisis Económico
En este texto presentamos una serie de materiales que permiten llevar a la práctica distintas actividades docentes innovadoras en el aula con el fin de ayudar a los estudiantes a comprender y asimilar mejor conceptos básicos en economía (como son la oferta y la demanda de mercado, el proceso de la formación de precios de equilibrio, el desempleo y las decisiones sobre inversión y consumo) Con la realización de este tipo de actividades docentes, se persigue que los estudiantes de bachillerato que cursen la asignatura de Economía y Economía de la Empresa adquieran una visión más amplia y con fundamento del funcionamiento de los mercados y de algunos problemas importantes. De este modo, consideramos que, por una parte, se les ayudará a alcanzar una actitud reflexiva y consciente de la sociedad en la que vivimos y, por otra parte, les permitirá describir y entender mejor algunos fenómenos la realidad socioeconómica que les rodea. El objetivo principal de estas actividades docentes es conseguir una educación centrada en el aprendizaje donde el estudiante se sienta protagonista del proceso formativo. Se intentará explotar la curiosidad 3 natural que los alumnos tienen por los temas económicos, planteándoles una serie de situaciones en las que ellos serán los propios actores. Mediante la toma de decisiones en dichos contextos los alumnos comprobarán por sí mismos cómo los incentivos, las reglas del mercado, etc., les impulsan a actuar y se convierten en parte activa del proceso de aprendizaje. El elemento clave en todo momento es la motivación que puede conseguirse a través de actividades que permitan disfrutar y progresar a los estudiantes. El estudiante de bachillerato cuando se enfrenta a la asignatura de Economía debe asimilar conceptos que, en general, le resultan muy abstractos (tipo de interés, oferta y demanda, inflación, tipo de cambio, productividad, coste de oportunidad, desempleo, etc.) y cuyas definiciones formales no favorecen su comprensión. El manejo de todos estos conceptos es relativamente más sencillo cuando los individuos se enfrentan a ellos a través de sus vivencias; es decir, cuando solicitan préstamos para la adquisición de una vivienda, administran la economía doméstica de un hogar o viajan a otro país y cambian moneda nacional. La herramienta que se pretende utilizar para ello son los experimentos económicos que constituyen un nuevo recurso formativo para motivar y hacer comprender dichos conceptos económicos que, tradicionalmente, han sido considerados de difícil asimilación por los estudiantes de estos niveles. 4 Además, el experimento económico es una actividad amena de recreación que sirve de medio para desarrollar capacidades mediante una participación activa y afectiva de los estudiantes por lo que, en este sentido, el aprendizaje significativo se transforma en una experiencia feliz. Algunas características importantes que se asocian al uso de los experimentos económicos en las clases de economía son las que se indican a continuación: - Despiertan el interés hacia las asignaturas. - Provocan la necesidad de adoptar decisiones. - Crean en los estudiantes las habilidades del trabajo interrelacionado de colaboración mutua en el cumplimiento conjunto de tareas. - Sirven para fortalecer los conocimientos adquiridos. - Constituyen actividades pedagógicas dinámicas. - Rompen con los esquemas del aula con el papel protagonista e informador del profesor. - Se fomenta el aprendizaje activo, se desarrolla la comunicación y las relaciones interpersonales entre compañeros de clase y se plantean nuevas estrategias de actuación. La aplicación de experimentos en economía es cada vez más utilizada en las aulas de estudios universitarios como técnica para mejorar el aprendizaje de conceptos económicos básicos. El texto “Experimentos con los principios económicos” (Bergtrom y Miller, 2000) muestra una serie de experimentos que se llevaron a cabo con estudiantes universitarios de economía obteniendo un resultado positivo en esta aplicación. Algunos 5 autores concluyen que la utilización de experimentos en las clases de Introducción a la Microeconomía incrementa el aprendizaje y ofrece un mayor beneficio para los estudiantes (Dickie, 2006 y Emerson y Taylor, 2004). Se presentan tres experimentos: el mercado competitivo (Bergtrom y Miller, 2000), el paro friccional y las decisiones sobre consumo e inversión. Durante la realización de estos experimentos en las asignaturas de Economía de 1º y Economía de la Empresa de 2º de bachillerato, se ha constatado que su implementación ha sido viable y que los resultados han sido satisfactorios. Estos experimentos cubren parte de los objetivos planteados en el RD 1467/2007 para la enseñanza de la Economía y Economía de la Empresa en bachillerato. Estos son: - “Describir el funcionamiento del mercado, así como sus límites, en especial la desigual distribución de la renta, formulando un juicio crítico del sistema y del papel regulador del sector público.” Para lo cual, se dedica un bloque de los contenidos al estudio del “Intercambio y mercado”, en particular el estudio de la oferta, demanda, el equilibrio y la fijación de precios, y el funcionamiento de modelos distintos de mercado. - “Conocer y comprender el uso y significado de las principales magnitudes macroeconómicas como indicadores de la situación económica de un país.” Para lo cual, se dedica un bloque de los contenidos al estudio de la “Valoración de las interpretaciones del mercado de trabajo en relación con el desempleo.” 6 - “Obtener, seleccionar e interpretar información, tratarla de forma autónoma, utilizando, en su caso, medios informáticos, y aplicarla a la toma de decisiones empresariales.” Para lo cual, se dedica un bloque de los contenidos al estudio de “La función financiera: Estructura económica y financiera de la empresa. Concepto y clases de inversión. Valoración y selección de proyectos de inversión. Recursos financieros de la empresa. Análisis de fuentes alternativas de financiación interna y externa.”
Open Access
Extending the New Keynesian Monetary Model with Information Revision Processes: Real-time and Revised Data
(2009-06-23T09:40:50Z) María-Dolores Pedrero, Ramón; Vázquez, Jesús; Londoño, Juan M.; Fundamentos del Análisis Económico
This paper proposes an extended version of the New Keynesian Monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the influence of data revisions on the estimated monetary policy rule parameters. In line with the evidence provided by Aruoba (2008), by using the indirect inference principle, we observe that real-time data are not rational forecasts of revised data. This result along with the differences observed when estimating a model restricted to white noise revision processes provide evidence that policymakers decisions could be determined by the availability of data at the time of policy implementation.
Open Access
Las externalidades del capital humano en la empresa española
(Emerald Publishing, 2006) Alcalá, Francisco; Hernández, Pedro J.; Fundamentos del Análisis Económico
En este trabajo estudiamos las externalidades del capital humano a nivel de empresa utilizando la Encuesta de Estructura Salarial que contiene datos cruzados de trabajadores y empresas. Obtenemos que el nivel medio de educación de los trabajadores de la empresa tiene un muy significativo y cuantitativamente importante efecto positivo sobre el salario de todos sus trabajadores. El efecto es robusto a la inclusión de todos los controles habituales sobre características de trabajadores y empresas, siendo más importante sobre los trabajadores con mayor nivel de educación. Una vez tenemos en cuenta el impacto de la educación individual sobre la educación media de la empresa contratante y las externalidades de la educación, obtenemos una rentabilidad individual de la educación similar a la sugerida en trabajos previos y una rentabilidad social notablemente superior. La experiencia potencial previa y la antigüedad medias de los trabajadores de la empresa también ejercen un significativo efecto positivo sobre todos los salarios de la misma.
Open Access
Firms’ Main Market, Human Capital, and Wages
(Springer, 2010-01-08) Alcalá, Francisco; Hernández, Pedro Jesús; Fundamentos del Análisis Económico
The literature on the exporter wage premium has focused on an exporter/non-exporter dichotomy. Instead, this paper provides first evidence that there is a more continuous destination-market effect. Using Spanish data, we estimate wage premia for establishments selling to the national, European Union, and rest of the world markets (with respect to wages in local-market establishments). Controlling for worker and establishment characteristics, output-market wage premia are increasing in market remoteness and employee education. Establishment human capital is also increasing in output-market remoteness. The paper builds a theoretical model that provides a potential explanation for these empirical results, which is also consistent with the recent evidence on the positive relationship between output-market remoteness and quality of exports.
Open Access
Gender earnings gap and glass ceiling at Spanish universities
(Taylor and Francis Group, 2024-03-31) Hernández Martínez, Pedro Jesús; Fundamentos del Análisis Económico
This study aims at analyzing the gender gap in salaries observed in Spanish public universities. It focuses on the glass ceiling problem and quantifies its importance in the gender earnings gap. This article shows that most of the gender earnings gap observed among the faculty of the University of Murcia is due to a glass ceiling problem in accessing the rank of Full Professor, and it includes a measure of research productivity in the analysis. Despite increases in the number of women promoted to the level of Full Professor has increased in recent years, women still comprise less than 30% of the total faculty at this academic rank. The second most important variable that explains most of the earnings gap is research productivity.
Open Access
Health shocks and housing downsizing: how persistent is ‘ageing in place’?
(Elsevier, 2022-12) Costa-Font, Joan; Vilaplana Prieto, Cristina; Fundamentos del Análisis Económico
Individual preferences for ‘ageing in place’ (AIP) in old age are not well understood. One way to test the strength of AIP preference is to investigate the effect of health shocks on residential mobility to smaller size or value dwellings, which we refer to as ’housing downsizing’. This paper exploits more than a decade worth of longitudinal data to study older people’s housing decisions across a wide range of European countries. We estimate the effect of health shocks on different proxies for housing downsizing (residential mobility, differences in home value, home value to wealth ratio), to examine the persistence of AIP preferences. Our findings suggest that consistently with the AIP hypothesis, after every decade of life, the likelihood of downsizing decreases by two percentage points (pp). However, the experience of a health shock partially reverts such culturally embedded preference for AIP by a non-negligible magnitude We estimate a 9pp increase in the probability of residential mobility after the onset of a degenerative illness), a 0.6 a fewer rooms after the onset of a degenerative illness. Such estimates are larger in northern and central European countries.
Open Access
How different is the exchange rate pass-through in new member states of the EU? Some potential explanatory factors
(2009-06-23T13:54:32Z) María-Dolores Pedrero, Ramón; Fundamentos del Análisis Económico
This paper uses data on import unit values for nine different product categories and bilateral imports to study the pass-through of exchange rate changes into the prices of imports that originated inside the Euro Area made by some New Member States (NMSs) of the European Union and one candidate country (Turkey). I estimate industry-specific rates of pass-through across and within countries using the methodological approach proposed by de Bandt, Banerjee and Kozluk (2008). I did not find evidence in favour of the hypothesis of Local Currency Pricing (zero pass-through) and the hypothesis of Producer Currency Pricing (complete pass-through) could be accepted in some countries for different industries. My results also show that there is a clear positive relationship between exchange rate pass-through and average inflation in these countries. I do find a slightly positive pattern for the relationship between exchange rate pass-through and openness. With reference to the relationship between exchange rate pass-through and the type of exchange rate regime I observe that a less volatile exchange rate implies a less degree of exchange rate pass-through. In industries I obtain a less degree of exchange rate pass-through in differentiated manufactured products. By including possible statistical break-dates in the estimation process I observe that some NMSs have decreased the exchange rate pass-through in recent years. Some of the breaks are close to the dates of some major institutional changes in these countries (changes in monetary policy and exchange rate regimes and the starting up of the EU membership).
Open Access
How does corporate altruism affect oligopolistic competition?
(Elsevier, 2024-06) Candel Sánchez, Francisco; Perote Peña, Juan; Fundamentos del Análisis Económico
This paper examines firms' corporate social responsibility (CSR) competition in a duopoly model with product differentiation. Firms exhibit different degrees of altruism, which is a characteristic positively valued by consumers; however, as each firm's degree of altruism (type) is private information, using CSR activities to signal the types becomes an additional tool for competition. We analyze a game where firms first signal about their types and then compete in standard price competition. Consumers observe the firms' CSR activities and infer their degree of altruism. Firms then simultaneously set prices, and consumers purchase goods from one firm or the other. In equilibrium, CSR is determined by the consumers' valuation of corporate altruism and the degree of product differentiation. The model examines the interaction between these two determinants, finding that more competition in the market (less product differentiation) might be detrimental to CSR when consumers' concern about firms' altruism is high enough.
Open Access
Incentives for prosocial behavior under reputation persistence and policy lags
(Springer, 2023-08) Candel Sánchez, Francisco; Perote Peña, Juan; Fundamentos del Análisis Económico