Browsing by Author "St. Aubyn, Miguel"
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- An horizontal innovation growth model with endogenous time allocation and non-stable demographyPublication . Guerra, Manuel; Pereira, João; St. Aubyn, MiguelWe propose a decentralized endogenous growth model in order to study the transitional dynamics associated with the process of population aging in a small open economy. The model features endogenous time allocation and two growth engines: R&D and human capital accumulation. Per capita output growth is affected negatively by the difference in the rates of growth of labor force and of the total population in the period where the weight of the labor force decreases to a new and lower level. The biggest impact of aging on per capita output growth is during the period where labor force grows at a lower rate than the population unless it is compensated by some other effect. Under some assumptions, a decrease in the corporate tax improves growth.
- Assessing health efficiency across countries with a two-step and bootstrap analysisPublication . Afonso, António; St. Aubyn, MiguelRegressing Data Envelopment Analysis (DEA) output efficiency scores on nondiscretionary variables, with a two-stage DEA/Tobit and bootstrap procedures, we show that health inefficiency in Organization for Economic Co-operation and Development (OECD) countries is related to Gross Domestic Product (GDP) per head, education level, obesity and smoking habits.
- Comparing macroeconomic returns on human and public capital: an empirical analysis of the portuguese case (1960-2001)Publication . Pina, Álvaro; St. Aubyn, MiguelThe impact of human and public capital on growth is a major issue in economic theory and in policy evaluation. Using a cointegrated VAR, we estimate a Cobb-Douglas production function for Portugal with public and human capital. Return rates are then computed with and without dynamic feedbacks. Without these, human capital yields a return comparable to private investment, and smaller than public investment. Considering dynamic feedbacks, private capital responds positively to a shock in public capital, but negatively to a shock in human capital. Consequently, the dynamic feedbacks return on human capital is much lower than on public capital.
- Convergence across industrialised countries : 1890-1989: new results using time series methodsPublication . St. Aubyn, MiguelAugmented Dickey Fuller (ADF) and Kalman filter convergence tests are applied to annual GDPs per head for 16 industrialised countries from 1890 to 1989. Results favour convergence towards the US with a structural break following the Second World War. Estimates suggest that steady-states were higher after the war and that speeds of convergence are different across countries. The Kalman filter method dismissed the no convergence hypothesis more often than its ADF counterpart. This could explain the apparent contradiction in earlier empirical work on similar data sets (cross-section methods tended to favour convergence while time series methods could not dismiss no convergence).
- Coordenação de políticas orçamentais na Europa da união económica e monetáriaPublication . St. Aubyn, MiguelApós uma introdução que situa o texto, e comparada a estrutura orçamental comunitária com a dos estados federais. A diminuta importância do orçamento comunitário e um argumento favorável à coordenação das políticas orçamentais dos Estados membros. É apresentado um modelo teórico de coordenação de políticas orçamentais (entendidas como políticas de estabilização) em dois países que constituem uma união económica e monetária (UEM) e que perseguem objectivos para a balança de transações correntes comum e para o nível de rendimento/emprego em cada um deles. Discute-se em seguida a importância que um objectivo para o equilíbrio externo pode assumir no contexto da UEM europeia. É analisada a possível indesejabilidade da coordenação das políticas quando existe a possibilidade dos políticos acreditarem num modelo errado. O presente trabalho termina com algumas conclusões sobre a oportunidade da coordenação de políticas orçamentais na UEM europeia.
- Credit rationing and monetary transmission : evidence for PortugalPublication . Afonso, António; St. Aubyn, Miguel
- Credit rationing and monetary transmission : evidence for PortugalPublication . St. Aubyn, Miguel; Afonso, AntónioThe hypothetical existence of rationing in the credit market is of paramount importance to understand the transmission mechanism of monetary policy. Two indirect empirical tests of credit rationing are presented and discussed using Portuguese data. The first test is a stickiness test to the response of loan rates to changes in money market conditions. For the second test a VAR is estimated in orderto analyse the implied causality relations.
- Cross-country efficiency of secondary education provision : a semi-parametric analysis with nondiscretionary inputsPublication . Afonso, António; St. Aubyn, MiguelWe address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per student, time spent at school). We estimate a semi-parametric model of the education production process using a two-stage procedure. By regressing data envelopment analysis output scores on non-discretionary variables, both using Tobit and a single and double bootstrap procedure, we show that inefficiency is strongly related to GDP per head and adult educational attainment.
- Cross-country efficiency of secondary education provision : a semi-parametric analysis with nondiscretionary inputsPublication . Afonso, António; St. Aubyn, MiguelWe address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per student, time spent at school). We estimate a semi-parametric model of the education production process using a two-stage procedure. By regressing data envelopment analysis output scores on non-discretionary variables, both using Tobit and a single and double bootstrap procedure, we show that inefficiency is strongly related to GDP per head and adult educational attainment.
- Cross-country efficiency of secondary education provision: a semi-parametric analysis with non-discretionary inputsPublication . Afonso, António; St. Aubyn, MiguelWe address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per student, time spent at school). We estimate a semi-parametric model of the education production process using a two-stage procedure. By regressing data envelopment analysis output scores on non-discretionary variables, both using Tobit and a single and double bootstrap procedure, we show that inefficiency is strongly related to GDP per head and adult educational attainment.