SCALE‐INDEPENDENT TECHNOLOGICAL‐KNOWLEDGE BIAS,HUMAN‐CAPITAL ACCUMULATION AND GENDER INEQUALITY

We present a dynamic, non‐scale general‐equilibrium model with female and male human capital where Schumpeterian R&D and human‐capital accumulation are the engines of growth and gender wage inequality. Gender wage inequality is encouraged by changes in relative supply and relative demand of both human‐capital types. Relative supply restricts the levels of employed human capital. Relative demand is affected by the technological‐knowledge bias, which is driven by the price channel and is affected by human‐capital accumulation. In particular, the female‐premium per unit of human capital and per worker increases when the observed discrimination against women decreases or is removed.     

Tropospheric ozone,air pollution and tourism: a case study of Mallorca

This study explores tourists’ contribution to air pollution through an analysis of tropospheric ozone levels. Although the ozone layer in the upper atmosphere is beneficial, preventing damaging ultraviolet light from reaching the Earth's surface, ozone in the lower atmosphere, known as tropospheric ozone, can damage plant species, both natural materials and manufactured goods, and can damage lung tissues in humans. Additionally, ozone in the upper troposphere exerts a considerable impact on global warming. Using the case study of Mallorca (Spain) – an isolated, intensive tourist destination in the Mediterranean – a daily indicator of tourist numbers is used in order to capture direct and induced pressure on the environment. Models based on daily data are estimated using meteorological, daily tourist numbers and other significant variables, showing how rising tourism activity in Mallorca is associated with rising daily concentrations of tropospheric ozone, created by transport, air conditioning and other activities. The estimated models make different simulations possible, showing the consequences of increasing tourism numbers during different seasons. The concluding section shows the potential to develop the models used here for other destinations.     

How farmers benefit from plant clinics: an impact study in Bolivia

Between 2000 and 2009, nine plant clinics in three agro-ecological areas of Bolivia (Andes, lowlands and valleys) served about 800 communities in an area roughly 300 × 100km. Over 6000 farmers consulted these clinics with 9000 queries. Many found the advice so useful that they visited the clinics repeatedly. A survey of 238 clinic users found that most adopted the clinics' recommendations. Fruit and vegetable growers who followed the clinic recommendations tended to spend less on pesticides. As for certain crops like potato, citrus and peach palm, a modest increase in pesticides helped improve the quality and quantity of the harvest. Farmers improved their incomes by following the clinics' advice. The poorest farmers enjoyed the greatest increase in income per hectare. This was the first study to explore the impact of plant clinics; future studies need to be improved, for example by obtaining baseline data and by comparing clinic users to their peers who have not used clinics.     

An axiomatic characterization of the Theil inequality ordering

We axiomatically characterize the Theil ordering of income inequality. In addition to the uncontroversial axioms of anonymity, homogeneity, replication invariance, strong directedness, and a standard continuity property, we appeal to both an independence and a decomposability axioms. These two axioms are ordinal implications of Theil decomposability, the central axiom in previous characterizations of the Theil index. To the best of our knowledge, the present is the first fully ordinal characterization of this index.     

Re-examining International Technological-Knowledge Diffusion

In the standard models of North-South technological-knowledge diffusion, the larger the initial technological-knowledge gap between countries, the greater the Southern catching up. However, this result does not adjust well to Southern reality as a whole. The purpose of this paper is to demonstrate that the disparity between the theoretical outcome and the empirical findings can be reduced by considering that: (i) the South can only imitate Northern technological knowledge when it is sufficiently close to the Northern frontier; (ii) the advantage of the South's moderate backwardness, together with its imitation capacity, is a mechanism of catching up with the North; and (iii) the Southern catching-up specification can be country specific. In particular, we show that the behavior of the South's relative level of employed human capital affects Southern imitation capacity and depends on the catching-up specifications.     

Measuring Productivity from Vertically Integrated Sectors

There are many ways to measure productivity. The choice will depend on the suitability of each index to the main purpose the researcher has in mind. Whenever we are interested in 'competitiveness', the proper measure will be the inverse of the total labour embodied in one unit of final product; or, what amounts to the same, the labour employed in the vertically integrated sector corresponding to each final good. A weighted mean of these yields an index of aggregate productivity suitable for measuring social welfare. Another index of aggregate productivity (this one related to the profit rate and potential growth) coincides with the inverse of the maximum eigenvalue of the 'socio-technical matrix'. These indices are computed for the Spanish economy and compared with more conventional ones.     

The Efficiency of Net Asset Values for Asian–Country Mutual Funds in the US

The net asset values for Asian–country mutual funds in the US come from the underlying market's close a half–day earlier and create inefficiencies that improve returns 6 to 12 times in a pure sense. While these are mitigated because of loads, restrictions on trading and fair value pricing, informational biases exist in trading such funds. These can be exploited with a simple rule: If one plans to trade at all, then one should buy (sell) the fund after its own Asian–country index falls (rises). Basing NAVs on the underlying market's close after the NY market closes can eliminate this inefficiency.     

Announcements,financial operations or both? Generalizing central banks’ FX reaction functions

This paper generalizes the reaction functions of central banks’ FX interventions to include oral interventions alongside actual ones. Using Japanese data for the 1991–2004 period, we estimate an ordered-probit model explaining the occurrence of each type of intervention and evaluating the extent to which oral and actual interventions are substitutes or complements. In addition, the effectiveness of interventions is examined using an event-study approach. Our results indicate that the Japanese authorities tended to adopt progressively stronger measures as the exchange rate was found to behave in an increasingly unfavorable way. This suggests that words and deeds were only coordinated (i.e. used in a complementary way) in extreme cases. Overall, interventions are found to be moderately successful in correcting unwanted exchange-rate developments, especially volatility.