Suchergebnisse

I develop an intertemporal general equilibrium two‐sector model for a small dependent economy. Firms in the non‐tradable‐good sector are assumed to be large, both at the industry and the economy levels, and to compete over quantities. The exchange rate is fixed and financial capital is perfectly mobile. I study the effects of government purchases of goods on the macroeconomic short‐ and long‐run equilibria when entry is possible. Sufficient conditions for welfare improvement are also derived.

This paper analyses a simple imperfectly competitive general equilibrium model where the entry mechanism generates an endogenous markup. In this second‐best world fiscal policy is more effective than in Walrasian or in fixed‐markup monopolistic competition models, as it produces efficiency gains through entry.

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, I develop a simple intertemporal model allowing us to study the steady-state role of optimal capital stock in the fiscal policy transmission mechanism. I demonstrate the results depend strongly on the set of parameter values chosen and on the output definition. Using plausible numerical values the multiplier is larger in the walrasian case for small initial government purchases, and smaller for intermediate values.

Mestrado em Finanças ; Since the early nineties,PPP use has been increasing over the years across most of the developed countries in the world.Despite, or because of,its growing usage and importance in government financial sheets,its valuation has always been controversial, with the literature being less than unanimous. In this article we will propose a different valuation method forthis type of project based on the Black-Scholes Model and show how to take into account other non-explicit advantages that the use ofoption valuation can bring to the project being studied. ; Desde o início da década de 90, o uso de PPPs tem crescido em todo os países desenvolvidos do planeta. Apesar de, ou motivado por, a sua utilização e importância para os Governos ser cada vez maior, a sua avaliação sempre foi controversa, com a literatura disponível a não ser unanime. Neste trabalho iremos propor um método de avaliação diferente para este tipo de projecto, baseado no modelo Black-Scholese mostrar algumas vantagens não explícitas que o uso da avaliação através de opções pode ter quando estudada.

We demonstrate that the cyclical behaviour of markups is related to the cyclical behaviour of government spending. For plausible parameter assumptions, pro-cyclical spending results in less counter-cyclical mark-ups. Evidence for thirteen OECD countries confirms a weak version of this hypothesis.

We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show that the mark-up (i) depicts a pro-cyclical behaviour with productivity shocks and (ii) a mildly counter-cyclical behaviour with fiscal spending shocks. We also use a Panel Vector Auto-Regression analysis, increasing the efficiency in the estimations, which confirms the countryspecific results.