This paper studies the impact of partisan national fiscal policy on the optimal central bank design of a two-country monetary union. In each country two parties with different preferences compete for office, their succession in power being formalized as zero-mean political shocks. These contrast...

As teorias do investimento em capital humano, enquanto ramo da abordagem neo- clássica da Economia do Trabalho, ultrapassam em muito a modelização das decisões individuais. No entanto, constitui este um dos domínios onde mais proficua se tem manifestado a endogeneizaçio das críticas de...

This paper examines the determinants of vertical intra-industry trade (VIIT) in the automobile components industry between Portugal and the European Union 27 (EU-27) and the BRIC countries (Brazil, Russia, India and China) during the period 1995-2006. Using a static and a dynamic panel data...

This paper analyzes regulation, ownership and unobserved managerial ability as factors affecting the performance of a representative sample of European airports by means of frontier models. The Alvarez, Arias and Greene (2004) frontier model is used. These airports are ranked according to their...

In static general equilibrium models considering imperfectly competitive goods markets, the effectiveness of fiscal policy to stir output is shown to be greater than in the walrasian case. However, labour is the only input in these models. Here, 1 develop a simple intertemporal model allowing us...

With the fiscal theory of the price level (FTPL), Leeper- Sims-Woodford (LSW) argued that the government budget constraint plays a key role in determining the price level. Indeed, there could even be a dispute vis-à-vis the role of monetary policy in the formation of the price level. Apart from...

In this paper we examine the effects of asymmetric information on the nature of financial equilibrium and on the capital structure of firms. In the first model presented, the financial contracts on offer involve pooling equilibrium with no adverse selection. However, in the special case...

This paper aims at the presentation of some preliminary outcomes from the ongoing research project on the history of the Portuguese welfare state and the process of its construction along the 20th century in the period of Estado-Novo. It is part of the research in its quantitative content,...

The purpose in this article is to investigate the relationship between probability and logics in order to understand the notion of expectation in Keynes, and to examine the contributions that a set of postkeynesian authors has made to clarify the sense and the meaning of the notion of...

During the last three decades, a vast literature emerged on the empirical evidence of productivity spillovers from FDI. This is related to the fact that multinational firms own intangible assets which may be transmitted to domestic firms and thereby raise their productivity level. Results...