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The government wage bill and private activity

  • Bermperoglou, Dimitrios
  • Pappa, Evi
  • Vella, Eugenia
We estimate the effects of public wage expenditures on output and the labor market in U.S. data by identifying shocks to public employment and public wages using sign restrictions. Public wage shocks do not induce significant effects on output, but disaggregating by government level reveals that their effects can be contractionary at the federal level and expansionary at the state and local level. Public employment shocks are expansionary at all government levels by crowding in private consumption and increasing labor force participation and private-sector employment. Local government wage shocks lead to a similar crowd in of private consumption, while shocks to federal government wages lead to public-private wage spillovers, inducing a negative labor demand effect, a sharp fall in private-sector employment and an increase in unemployment. We develop a DSGE model with public good production, search and matching frictions, and endogenous labor force participation that matches the qualitative properties of the empirical evidence. The sign of the output response for public wage shocks depends crucially on the degree of complementarity between public and private goods in the consumption bundle., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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Is the macroeconomy locally unstable and why should we care?

  • Beaudry, Paul
  • Galizia, Dana
  • Portier, Franck
In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in the sense that, in the absence of shocks, the economy would converge to the steady state. In this paper, we examine whether the time series behavior of macroeconomic aggregates (especially labor market aggregates) is in fact supportive of this local-stability view of macroeconomic dynamics, or if it instead favors an alternative interpretation in which the macroeconomy may be better characterized as being locally unstable, with nonlinear deterministic forces capable of producing endogenous cyclical behavior. To do this, we extend a standard AR representation of the data to allow for smooth nonlinearities. Our main finding is that, even using a procedure that may have low power to detect local instability, the data provide intriguing support for the view that the macroeconomy may be locally unstable and involve limit-cycle forces. An interesting finding is that the degree of nonlinearity we detect in the data is small, but nevertheless enough to alter the description of macroeconomic behavior. We complete the paper with a discussion of the extent to which these two different views about the inherent dynamics of the macroeconomy may matter for policy., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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The mystery of the printing press monetary policy and self-fulfilling debt crises

  • Corsetti, Giancarlo
  • Dedola, Luca
We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary scale and monetary policymakers. When purchasing sovereign debt, the central bank effectively swaps risky government paper for monetary liabilities only exposed to inflation risk, thus yielding a lower interest rate. As central bank purchases reduce the (ex ante) costs of debt, we characterize a critical threshold beyond which, absent fundamental fiscal stress, the government strictly prefers primary surplus adjustment to default. Because default may still occur for fundamental reasons, however, the central bank faces the risk of losses on sovereign debt holdings, which may generate inefficient inflation. We show that these losses do not necessarily undermine the credibility of a backstop, nor the monetary authorities´ ability to pursue its inflation objectives. Backstops are credible if either the central bank enjoys fiscal backing or fiscal authorities are sufficiently averse to inflation., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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On the limits of EU economic policy coordination

  • Leino, Päivi
  • Saarenheimo, Tuomas
Successive EMU roadmaps have presented the expansion of EU controls over Member States’ economic policies as an integral part of monetary union, vital to its survival. Possible alternatives have been hardly discussed. In this contribution we trace the evolution of the EU economic policy coordination framework from a relatively narrow, rules-based exercise into a largely discretionary process that reaches even the most politically salient areas of the Member States' economic policies. We then discuss how the extensive coercive powers the EU formally possesses have turned out to be difficult to use in practice. This reflects the fundamental limits of the EU’s legitimate use of power over its Member States, set by its current level of political and cultural integration. To have a chance of success, further designs EMU need to respect these limits., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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La percepció com a cognició

  • Arumí Blancafort, Maria
En aquest treball, la professora Maria Arumí estudia l'oposició creada entre la prioritat verbal/visual. Després d'una senzilla anàlisi del problema, l'autora constata que les operacions cognitives que s'anomenen pensament no són privilegi del raonament lògic. Segons ella, l'actitud envers la validesa de la informació produïda en la percepció permet valorar el problema i, alhora, prendre'n consciència.
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Com s'arriba a ser el que un és

  • Turró Ortega, Guillem
En aquest article es desplega una recomposició d'un dels aspectes més interessants de la filosofia nietzschiana: la construcció de la identitat. A partir de la crítica a tota la tradició judeocristiana, es proposa un nou tipus d'antropologia vertebrada, aquest cop, entorn de conceptes com la voluntat de poder, la vida, el sentit i el valor.
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L'art i la vida

  • Turró Ortega, Guillem
En aquest article, el professor Guillem Turró assaja una interpretació del fet artístic des d'una clau filosòfica. Basant-se en diferents textos que mostren la seva extraordinària erudició, l'autor estudia les relacions entre l'art i la vida i la funció de l'art en la cultura globalment considerada. Segons la seva perspectiva l'art representa un despullament del món i permet un accés a allò més nuclear i essencial de viure.
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La vida i l'autenticitat

  • Turró Ortega, Guillem
En aquest article plantegem una introducció a una filosofia de l’autenticitat. Considerem tots aquells conceptes que es vertebren al voltant d’aquesta noció tan important dins la filosofia existencialista del segle passat. Seguint fonamentalment Ortega y Gasset, mostrem les traces d’una ètica humanista centrada al voltant del sentit i el valor de la vida.
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Tipologia documental citada en tesis doctorals d'informàtica: bases empíriques per a la gestió equilibrada de col·leccions

  • Urbano, Cristóbal
Podeu consultar la versió en castellà a http://hdl.handle.net/2445/8928, Anàlisi de citacions en tesis doctorals d'informàtica de la Universitat Politècnica de Catalunya (UPC), presentades entre 1996-1998, per determinar l'ús d'informació segons la tipologia i el suport documental. Com a punt de partida per al disseny del projecte desenvolupat, s'analitzen els fonaments del mètode emprat en vista d'una revisió de la bibliografia sobre desenvolupament de col·leccions i estudis d'usuaris. Les dades obtingudes entre els doctorands de la UPC són consistents amb les característiques apuntades en la bibliografia sobre els investigadors de l'àrea de ciències de la computació: una elevada obsolescència de la bibliografia professional, el control de la bibliografia mitjançant les citacions en les lectures efectuades, la prioritat per les fonts més pròximes i accessibles, la consulta de cercadors de recursos web, la visita a llocs web d'investigadors i institucions de solvència en el seu terreny, i el contacte amb els col·legues mitjançant la comunicació electrònica, configuren un ús per tipus de documents que fa prevaler els congressos i la literatura grisa en més gran mesura que en altres àrees cientificotècniques.
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A gated single-photon avalanche diode array fabricated in a conventional CMOS process for triggered systems

  • Vilella Figueras, Eva
  • Diéguez Barrientos, Àngel
A bidimensional array based on single-photon avalanche diodes for triggered imaging systems is presented. The diodes are operated in the gated mode of acquisition to reduce the probability to detect noise counts interfering with photon arrival events. In addition, low reverse bias overvoltages are used to lessen the dark count rate. Experimental results demonstrate that the prototype fabricated with a standard HV-CMOS process gets rid of afterpulses and offers a reduced dark count probability by applying the proposed modes of operation. The detector exhibits a dynamic range of 15 bits with short gated"on" periods of 10ns and a reverse bias overvoltage of 1.0V.
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