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on Heterodox Microeconomics |
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Issue of 2020‒07‒27
eighteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Christian Bidard |
| Abstract: | For linear single-product models, the competitive long-run technique is wage maximising at a given rate of profit. The property is extended to multiple-product systems that satisfy an additional hypothesis called robustness. In particular, the nonsubstitution property implies that all prices are minimum in terms of wage. The result applies to several types of models, including production with fixed capital. On the robustness hypothesis, the wage-maximisation property can be seen as the counterpart in value terms of the golden rule. |
| Keywords: | Nonsubstitution, wage maximisation, golden rule, fixed capital, Sraffa. |
| JEL: | B24 C62 D41 D51 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2020-17&r=all |
| By: | Timo Kuosmanen (Aalto University School of Business); Natalia Kuosmanen (Natural Resources Institute Finland (Luke)); Andrea El-Meligi (European Commission - JRC); Tevecia Ronzon (European Commission - JRC); Patricia Gurria (European Commission - JRC); Susanne Iost (Thünen-Institut); Robert M’Barek (European Commission - JRC) |
| Abstract: | The critical role of the Circular Bioeconomy in the sustainable transition has been widely recognised, to the point that a number of countries worldwide have elaborated their bioeconomy strategies and others are in the process of framing their own. The purpose of this report is to advance more objective and rigorous measurement and analysis of the bioeconomy according to the broad definition of the European Commission in 2018. Our focus is mainly on the economic indicators, aiming at the inclusion of bio-based services derived from the symmetric input-output tables from the system of national accounts available from Eurostat and additional expert information. As the main conclusion of the report, we propose a synthesis of input- and output-based approaches. This is motivated by the fact that determining the bio-based weights according to the input-output tables implicitly assumes that the bio-based share of outputs is the same as that of inputs. Clearly, this is not the case for the primary bio-based production sectors – agriculture, forestry, fisheries and aquaculture. Where the outputs are completely bio-based for these sectors, the inputs are far from being 100% bio-based. On the other hand, relying exclusively on the bio-based content of the output would ignore the use of bio-based inputs in the production process. To take into account the bio-based content in both inputs and outputs, we propose to consider weighted averages for the industries. Before applying the new methodology, adjustments are performed with regard to the value added of the bioeconomy by adding the net subsidies, the bio-based shares of the wholesale and retail trade industries, the water supply, sewerage and recycling, as well as the sports and recreation sectors. Applying the methodology with the adjustments proposed, our estimate for the EU-28 bioeconomy in 2015 reaches €1,460.6 billion value added, which is 11% of the GDP. The nova-JRC methodology, used in many bioeconomy publications, calculates €621 billion value added for the same year. This difference is mainly explained by the contribution of €872 billion by the tertiary bioeconomy sectors in the proposed methodology. This novel methodology addresses different challenges for measuring the size of the bioeconomy and eventually providing a basis for evaluating its contribution for a sustainable transition. The approach allows for yearly updates following the calendar of Eurostat I-O tables, probably with a 3 to 4 years delay. It relies on a thorough estimation of the bio-based shares of the inputs and outputs of the various sectors. The authors believe that these are fundamental elements to ensure that “The next era of industry will be one where the physical, digital and biological worlds are coming together†(European Commission 2020a). Taking account of the diversity of EU’s bioeconomies and sectors, this report broadens the ongoing discussion on how to measure and determine the contribution of the bioeconomy to a sustainable and circular economy. |
| Keywords: | Bioeconomy, circular economy, economic indicators, monitoring, input-output tables |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc120324&r=all |
| By: | Radomir Mach (a Charles University, Faculty of Humanities, Environment Center, Jose Martiho 407/2; Prague 6, Czech Republic); Milan Scasny (Charles University, Environment Center, Jose Martiho 407/2, Prague 6, Czech Republic; Institute of Economic Studies, Faculty of Social Sciences, Charles University, Opletalova 26, 110 00, Prague, Czech Republic); Jan Weinzettel (Charles University, Environment Center, Jose Martiho 407/2, Prague 6, Czech Republic) |
| Abstract: | If environmental footprint attributable to various consumption patterns are evaluated, monetary transactions in the environmentally-extended input-output analysis need to be linked to household-specific expenditures. However, while the former are recorded in basic prices, the latter is typically recorded in purchaser's prices, adding a commodity tax and margins to basic prices. Product homogeneity assumption —inherent to input-output analysis — implies that two identical products sold to consumers with different retail trade margins are responsible for different footprints. In this paper we investigate how footprint attributable to Food and Goods is affected across household income classes if we relax the homogeneity assumption and assume different allocations of retail trade margins across the income classes. While different allocations affect footprints of the two Consumption groups significantly, in particular in the highest deciles, the effect on total footprint is very small, up to 10% even for two extreme cases of margins allocation. |
| Keywords: | Environmentally extended input–output analysis, carbon footprint, GHG emissions, retail trade margins, product homogeneity assumption, sensitivity analysis |
| JEL: | C67 R15 Q56 Q57 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2020_19&r=all |
| By: | Mohammad Ghaderi |
| Abstract: | Complexity, resulting from interactions among many components, is a characterizing property of healthcare systems and related decisions. Such complexity scales up quickly in the face of pandemics, where multiple sources of uncertainty are involved and various contextual factors interacting with policy parameters yield outcome distribution. This paper presents a uni ed framework to assist and inform policy decisions in confronting pandemics. The general framework consists of a model of contagion that makes the policy- relevant variables explicit and exogenous, establishes links between them and the main features of the environment in which the policy is going to be implemented, and treats various sources of uncertainty at different layers of the system. At the macro level, special attention is devoted to the network structure, for which we provide a simple characterization based on two constructive factors. Our results show that by conditioning on these two factors, a large proportion of the stochasticity resulted from the inherent randomness in the network can be captured. Components of the model are synthesized in a broader agent-based model that enables accounting for heterogeneous individual-level attributes that collectively yield the macro-level outcomes. Using several stylized examples and a comprehensive controlled experiment, insights on the overall tendency of the complex system in terms of multidimensional outputs are derived across a range of scenarios and under various types of policy conditions. |
| Keywords: | public health interventions, social contagion, random networks, social distancing, simulation |
| JEL: | C6 C54 C32 I1 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1193&r=all |
| By: | Loske, Reinhard |
| Abstract: | This paper reflects on the links between the current COVID-19-crisis and the climate and biodiversity crises. It argues that the present pandemic and nonsustainable development on a global scale have similar roots: from ignoring natural boundaries to denying scientific facts, from over-globalisation to a one-sided economic understanding of public services, from a systematic undervaluation of caring activities to consumerism and growth-fetishism. As result our societies became less resilient and more vulnerable over the last decades. Various policy proposals to overcome these undesirable developments are presented in the paper, including selective de-globalisation, regionalization, circular economy, global fairness, the strengthening of public goods and a strategy of democracydriven "glocalisation". |
| Keywords: | COVID-19-crisis,climate and biodiversity crises,common roots,re-embedding the economy in nature and society,global fairness,"glocalisation" |
| JEL: | B52 B59 D62 F02 F41 F55 F60 G38 Q01 Q57 Q58 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:62&r=all |
| By: | Pradesha, Angga; Amaliah, Syarifah; Noegroho, Anang; Thurlow, James |
| Abstract: | Sustained economic growth and a declining trend in poverty over the years in Indonesia potentially will come to a halt this year. This development cost comes as a result of the COVID-19 pandemic outbreak that recently hit the country. Like in many other countries, one of the largest costs of COVID-19 comes from the social distancing policy, which is a proven public health measure to reduce the spread of the virus by limiting people’s movements and interactions for a certain period of time. The government of Indonesia adopted this approach by gradually introducing in certain regions the Large-scale Social Restriction (PSBB) policy from early April 2020. PSBB restricts non-essential economic activities and people’s movement in order to contain the virus. IFPRI, the National Development Planning Agency of Indonesia (BAPPENAS), and IPB University used a SAM multiplier model to measure the economic impact of PSBB if restrictions were to be in place for four weeks and to explore potential recovery processes after the policy ends. Some of the key findings were: • National GDP is estimated to fall by 24 percent during the four-week PSBB period, • External sector shocks – reduced export demand, lower remittances, and lower foreign investments – contribute around one-third of total GDP losses; • The GDP of Indonesia’s agri-food system falls by 13 percent despite agriculture activities being excluded from restrictive measures; • National poverty is expected to jump by 13 percentage points – an additional 36 million people will fall into poverty during the four-week PSBB period; and • By the end of 2020, due to COVID-19 the annual GDP growth is expected to be between 5.3 and 7.3 percent lower than under a baseline scenario without COVID-19. |
| Keywords: | INDONESIA, SOUTHEAST ASIA, SOUTH EAST ASIA, ASIA, Coronavirus, coronavirus disease, Coronavirinae, economics, poverty, poverty alleviation, policies, gross national product, agrifood systems, food systems, models, Covid-19, SAM multipliers, Social Accounting Matrix (SAM) |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:prnote:133789&r=all |
| By: | Cioni, Martina; Federico, Giovanni; Vasta, Michelangelo |
| Abstract: | Economic history is back in fashion among economists, both in its traditional version, focusing on the economics of the past, and in a new version, dealing with the persistent effect of events in the past upon the present. Economic history is said to be increasingly integrated into economics. We systematically explore this issue with a comprehensive database of 3,286 economic history articles published from 2001 to 2018 in top economic history journals and in thirteen leading economics journals. We argue, however, that this integration is more limited than is widely assumed. The share of economic history articles in economics journals has increased very little, cross-citations are limited and only a small minority of authors publish in both economics and economic history journals. Furthermore, we show that many economists adopt a radically different approach, dealing with the persistent effect of events of the past up to the present rather than looking at the economic life in the past. In the second part of the paper, we measure the citational success of articles by publication outlet (economic history vs. economics journals) and by the nature of the work ("traditional" economic history vs. "persistence studies"). We show that publishing in the top five economics journals, when compared to publishing in economic history journals, substantially increases the number of citations, while the gap between the latter and other economics journals is much smaller. Finally, we speculate about the possible future evolution of the field. |
| Keywords: | economic history; economics journals |
| JEL: | N01 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:14192&r=all |
| By: | McMahon, James |
| Abstract: | A recent New Political Economy article by Baines and Hager (2020) critiqued Shimshon Bichler and Jonathan Nitzan's capital-as-power (CasP) model of the stock market (Bichler & Nitzan, 2016). Bichler and Nitzan's model of the stock market seeks to explain how financial crises are tied to the (upper) limits of redistributing income through power. Bichler and Nitzan use American financial data to show that "U.S.-based capitalists" have risen to a great height of power, relative to the underlying population. This height also produces a "forward-looking" fear about the ability to accumulate even more (Bichler & Nitzan, 2016). Baines and Hager took the important step of examining the CasP model with financial data from four other countries-France, Germany, Great Britain and Japan. They argue that these countries follow some of the patterns of the United States, but not all. These differences in patterns matter because Baines and Hager are curious to know how the CasP model of the stock market can function as a general model of capital accumulation at an international level. This paper will respond to the part of Baines and Hager's paper where they analyze "systemic fear" in the stock markets of France, Germany, Great Britain and Japan. It argues that Baines and Hager were perhaps too quick to dismiss systemic fear as a concept to study national and regional differences in international political economy. This concept is still in its infancy and, with more consideration, there are opportunities to investigate the characteristics of systemic fear. By re-examining systemic fear in twelve countries, this paper will show the potential for the concept of systemic fear to support the study of capitalist crisis and national diversity in capitalist development. |
| Keywords: | capital as power,stock market,systemic crisis,systemic fear |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:capwps:202004&r=all |
| By: | Lidia Farré; Yarine Fawaz; Libertad González Luna; Jennifer Graves |
| Abstract: | The covid-19 pandemic led many countries to close schools and declare lockdowns during the Spring of 2020, with important impacts on the labor market. We document the effects of the covid-19 lockdown in Spain, which was hit early and hard by the pandemic and suffered one of the strictest lockdowns in Europe. We collected rich household survey data in early May of 2020. We document large employment losses during the lockdown, especially in "quarantined" sectors and non-essential sectors that do not allow for remote work. Employment losses were mostly temporary, and hit lower-educated workers particularly hard. Women were slightly more likely to lose their job than men, and those who remained employed were more likely to work from home. The lockdown led to a large increase in childcare and housework, given the closing of schools and the inability to outsource. We find that men increased their participation in housework and childcare slightly, but most of the burden fell on women, who were already doing most of the housework before the lockdown. Overall, we find that the covid-19 crisis appears to have increased gender inequalities in both paid and unpaid work in the short-term. |
| Keywords: | COVID-19, gender roles, labor market, household work, childcare |
| JEL: | D13 J13 J16 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1728&r=all |
| By: | Lars Hornuf; Eliza Stenzhorn; Tim Vintis |
| Abstract: | In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate whether they suffer from a default shock that was recently identified by Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after the event and if investors experience more than two insolvencies. Moreover, we find that sustainability-oriented investors pledge larger amounts of money and invest in more campaigns than ordinary crowd investors. The results also suggest that sustainability-oriented crowd investors care about non-financial returns, as they react more sensitively after experiencing a default in their equity crowdfunding portfolios, which indicates that they suffer beyond the pure financial loss. These findings contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and personal experiences affect investment decisions. |
| Keywords: | equity crowdfunding, individual investor behaviour, entrepreneurial finance, social , ethical, and environmental investing, socially responsible investing |
| JEL: | G11 G24 K22 M13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8339&r=all |
| By: | Mechthild Donner (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRA - Institut National de la Recherche Agronomique - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques); Romane Gohier (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRA - Institut National de la Recherche Agronomique - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques); Hugo de Vries (UMR IATE - Ingénierie des Agro-polymères et Technologies Émergentes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM2 - Université Montpellier 2 - Sciences et Techniques - UM - Université de Montpellier - INRA - Institut National de la Recherche Agronomique) |
| Abstract: | Circular economy is an economic model that aims to reconcile economic growth with the preservation of the environment. New and sustainable business models are needed for a transition to a circular economy. Our research aim is to identify and characterise different types of circular business models that valorise agricultural waste and by-products via cascading or closing loops. We have selected six European cases (out of 33 international cases studied in the EU project NOAW) that convert agricultural by-products into valuable products via a circular economy (cascading or closing loops) approach. Qualitative semi-structured interviews have been performed. The analysis has been done according to the type of organisational structure, resources and transformation processes, value propositions, key partners, customers, strategic approaches and type of business model innovation. The six cases differ in their way of value creation (from lower to higher value) and/or in their organisational form: biogas plant, upcycling entrepreneurship, environmental biorefinery, support structure, agricultural cooperative and agropark. The typology shows the diversity but also a complementarity of circular business models for valorising agro-waste and by-products. The typology is unique as an overarching model and in its specificity for the agricultural sector; it therefore contributes to a better conceptual understanding of circular business models. It is useful because it may provide best practices that could serve as reference for other businesses, and helps investors and resource or equipment suppliers in understanding the positioning and long-term perspectives of the business. However, typical agricultural characteristics still need to be integrated in this framework such as heterogeneity, fluctuating volumes of resources, or flexibility in production due to seasonality. These would make potential bottlenecks transparent. |
| Keywords: | business model,agro-waste management,value creation,circular economy |
| Date: | 2019–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02791116&r=all |
| By: | Muza, O.; Debnath, R. |
| Abstract: | Rural off-grid renewable energy solutions often fail due to uncertainties in household energy demand, insufficient community engagement, inappropriate financial models, policy inconsistency and lack of political will. Social shaping of technology (SST) of specific household electric appliances provides a critical lens of understanding the involved sociotechnical drivers behind these constraints. This study employs an SST lens to investigate appliance uptake drivers in Rwanda using the EICV5 micro dataset, such that these drivers can aid in policy design of a socially inclusive renewable energy transition. The methodology includes a systemic and epistemological review of current literature on the drivers of appliance uptake in the Global South. These drivers were then analysed using binary logistic regression on 14,580 households. Results show that appliance uptake is highly gendered and urban-centric in Rwanda. The type of appliance determines its diffusion across the welfare categories, commonly referred as to Ubudehe categories. Regression results show that mobile phones, radios and TV-sets have a higher likelihood of ownership than welfare appliances (refrigerator and laundry machine) by low-income households. There is also a high likelihood of uptake of power stabilisers in urban-higher income households, indicating poor power quality and distributive injustices. Policy implications were drawn using the lens of disruptive innovation. |
| Keywords: | Energy transition, Off-grid system, Sub-Saharan Africa, Social Shaping of Technology, Gender, Disruptive innovation |
| JEL: | D1 N37 P28 P46 Q4 |
| Date: | 2020–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2055&r=all |
| By: | Rafael Wildauer (Department of International Business and Economics, University of Greenwich); Stuart Leitch (University of Greenwich); Jakob Kapeller (Institute for Socio-Economics, University of Duisburg-Essen, Germany; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria) |
| Abstract: | The European Green Deal (EGD) is the European Union’s flagship strategy to tackle climate change. This policy study compares the ambition and scale of the EGD with the current relevant scientific literature. The goal is to assess whether the current proposals are capable of fulfilling the EU’s commitment to limit global warming to 1.5°C in line with the Paris Agreement. |
| Keywords: | Climate Change, European Green Deal, Global Warming |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:111&r=all |
| By: | Rosario Quintero (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRA - Institut National de la Recherche Agronomique - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques, Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier, Secretaria Nacional de Cienca, Tecnologia et Innovacion - Partenaires INRAE); Leila Temri (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRA - Institut National de la Recherche Agronomique - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques, Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Sophie Drogue (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRA - Institut National de la Recherche Agronomique - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques) |
| Date: | 2018–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02786366&r=all |
| By: | Bellal Samir (REDYL, Ummto - REDYL, Universite de Tizi-ouzou - REDYL - Réformes Economiques et Dynamiques Locales) |
| Abstract: | This paper proposes to present some theoretical analysis on the question of institutional change. We will focus in particular on the approach of the new institutional economy (NEI), through the work of its principal representative, D. North, as well as the contribution of R. Boyer, representative of the Regulation School. The purpose of the presentation is to identify the factors of institutional change. Thus, while D. North's analysis puts forward the utilitarian-functionalist principle of institutions, that of R. Boyer insists, for his part, on the conflictual nature of change. |
| Abstract: | Ce papier se propose d'exposer quelques éléments d'analyse théorique sur la question du changement institutionnel. Nous nous intéresserons en particulier à l'approche de la nouvelle économie institutionnelle (NEI), à travers l'oeuvre de son principal représentant, D. North, ainsi qu'à l'apport de R. Boyer, représentant du courant dit de la Régulation. L'exposé a pour but d'identifier les facteurs du changement institutionnel. Ainsi, tandis que l'analyse de D. North met en avant le principe utilitariste-fonctionnaliste des institutions, celle de R. Boyer insiste, quant à elle, sur le caractère conflictuel du changement. |
| Keywords: | Institution,Efficiency,Accumulation regime,Regulation.,Régime d’accumulation,Efficacité |
| Date: | 2019–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01985360&r=all |
| By: | Dorothée Boccanfuso; Jean-Michel Cousineau; Raquel Fonseca |
| Abstract: | This paper explores the concept of a guaranteed minimum income (GMI), proposes an inclusive and operational definition that helps clarify the debate, and proposes an analysis that attempts to show the implications of implementing a GMI in Quebec in its absolute form, namely the universal allowance, or in the form of a negative tax. Our results show significant problems of equity, work incentives or social acceptability. The cost would also be important for public finances. We conclude that both forms of GMI would be difficult to implement in Quebec. |
| Keywords: | Universal Allowance,Negative Income Tax,Quebec, |
| JEL: | I38 P2 D63 H24 |
| Date: | 2020–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2020s-39&r=all |
| By: | Alvarez-Espinoza, Andrés Camilo; Romero Otálora, Germán; Riveros Salcedo, Leidy Cáterin; Melo Leon, Sioux Fanny; Ordoñez, Daniel |
| Abstract: | En este documento se presentan los procedimientos y aspectos a considerar para construir una Matriz de Contabilidad Social para el año 2012, que incorpore la información de las Cuentas Nacionales de Agua generadas por el DANE. Con esta herramienta es posible establecer el uso del recurso hídrico en la economía e identificar los efectos que sobre ésta tendría posibles cambios en su demanda o en su precio. Este trabajo se basa en la información del Estudio Nacional del Agua y en el Sistema de Cuentas Ambientales Económicas del Agua, para obtener la demanda por el recurso hídrico dentro de la economía. Por su parte, utiliza los reportes de la Tasa por Uso de Agua para plantear cinco propuestas de precios que permitirían cuantificar monetariamente esa demanda e incorporarla dentro de la matriz a construir. Finalmente, se presentan algunos agregados de la economía que se derivan del ejercicio realizado. |
| Keywords: | Matrices de Contabilidad Social; recurso hídrico; Sistema de Cuentas Nacionales; Sistema de Cuentas Ambientales de agua; Tasa por Uso de Agua |
| JEL: | E16 N56 Q25 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:rie:riecdt:57&r=all |
| By: | Romain Plassard (Université Côte d'Azur, France; GREDEG CNRS) |
| Abstract: | After the financial crisis of 2008, several central banks incorporated agent-based models (ABMs) into their toolkit. The Bank of England (BoE) is a case in point. Since 2008, it has developed four ABMs. Under which conditions could ABMs breach the walls of the BoE? Then, there is the issue of the size of the breach. In which divisions economists used ABMs? Was agent-based modeling used to inform a wide range of policies? Last but not least, there is the issue of the fate of ABMs at the BoE. Is the breach going to narrow or, on the contrary, to widen? What are the forces underlying the deployment of ABMs at the BoE? My article aims to address these issues. I show that institutional reforms were central to the use of ABMs at the BoE. I also show that so far, ABMs have been a marginal tool at the BoE. They were not used to inform monetary policy. Neither were they used to coordinate the BoE's microprudential, macroprudential, and monetary policies. ABMs were only used to inform the BoE's macroprudential policy. I conclude the article by examining the conditions for a broader use of ABMs at the BoE. |
| Keywords: | Bank of England, agent-based models, macroprudential policy, monetary policy, DSGE models |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2020-30&r=all |