We explore an economy with two regions and independent local administrations. Local governments collect taxes to finance public education, but once educated agents can choose to migrate to the other region. The Nash equilibrium of the long-run game between the two governments is compared to a...

This paper aims at studying the interaction between growth of real output and human capital accumulation when education requires investment of physical resources. To this end we investigate the aggregate implications of individual specific uncertainty about returns to investment in education in...

The new U.S. data from NIPA contradict some of the well-known Kaldor stylized facts, and call for a reformulation of the modern theory of economic growth. Among these new facts, three must be stressed: A permanent decline in the relative price of durable goods, a permanent increase in the real...

Finding solutions to the Bellman equation often relies on restrictive boundedness assumptions. In this paper we develop a method of proof that allows to dispense with the assumption that returns are bounded from above. In applications our assumptions only imply that long run average (expected)...

The permanent decline of equipment prices relative to nondurable consumption prices rendered fixed-base quantity indexes obsolete, because of the well-known substitution bias. National Income and Product Accounts (NIPA) responded by switching to a flexible-base quantity index to measure GDP...

La caida sostenida del precio de los bienes de equipo, relativo al de los bienes de consumo, se interpreta como unamanifestación de progreso técnico incorporado (PTI). En este artículo revisaremos la metodología de la medición del crecimiento y veremos que la presencia de PTI nos obliga a...

In a previous work, Forner and Marhuenda (2001) find that the contrarian strategy, thatis, the forming of a zero-investment portfolio that buys the stocks that have performed poorly inthe past (losers) and sells those that have performed well (winners), does not yield abnormallypositive returns...

In our study we focus on the determinants of reputation and, in particular, on the relation between the quality of annual report disclosures of companies and their reputation. We try to bring together two strands of literature: the literature on corporate reputation and the literature on...

The management of a life insurance portfolio or pension fund must take intoaccount the temporal evolution of its liabilities and its assets through some variables:the factors and returns. Their behaviour is analysed statistically and we deduce it to avector error correction model (VECM). Using...

This study puts forward a procedure for assessing the results of television advertising media plans. It innovates by requiring only information on audience figures for the television media, to determine the distribution of exposures generated by plans using multiple media vehicles and multiple...