Portuguese Economic Journal, 2014, Volume 13, Nº 2
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- On the joint production of research and trainingPublication . Freitas, António; Macho-Stadler, InêsUniversities and research institutions have the responsibility to produce science and to provide training to new generations of researchers. In this paper, we propose a model to analyze the determinants of a senior scientist’s decisions about allocating time between these tasks. The results of this decision depend upon the characteristics of the research project, the senior scientist’s concern for training and the expected innate ability of the junior scientist involved. We analyze the role that a regulator can play in defining both the value of scientific projects and the future population of independent scientists.
- The effect of education, family size, unemployment and childcare availability on birth stopping and timingPublication . Varga, MártonUsing data from Portugal’s Fertility and Family Survey, I analyze child- bearing decisions up to the third birth using a split-population (SP) model. The advantage of this approach is the separability of the covariates’ impact on birth tim- ing and birth stopping. This paper is the first to apply an SP model to investigate the effect of unemployment and the availability of childcare. I also address how educa- tion, family size, age at previous birth of the woman and sex composition of existing children influence childbearing decisions, and provide empirical support for each of these. Comparing these with estimates obtained using survival models that do not include a regression on birth stopping suggests that the results of the latter tend to be unreasonable.
- Do real interest rates converge across Latin american countries?Publication . Wen Long, Zhang; Hsu-Ling, Chang; Chi-Wei, SuIn this study, we apply the Sequential Panel Selection Method (SPSM), pro- posed by Chortareas and Kapetanios (Journal of Banking and Finance 33:390–404, 2009), to investigate and assess the non-stationary properties of the real interest rate parity (RIRP) for fourteen Latin American countries. Utilizing the SPSM, we can classify the entire panel into a group of stationary series and a group of non-stationary series. We clearly identify how many and which series in the panel are stationary processes and provide robust evidence that clearly indicate RIRP holds true for ten countries. Our findings note that these countries’ real interest rate convergence is a mean reversion toward RIRP equilib- rium values in a non-linear way. Our results have important policy implications for these Latin American countries under study.
- Product market competition with differentiated goods and social welfare in the presence of an industry-wide unionPublication . Buccella, DomenicoMainstream locus communis indicates that a more competitive product market leads to higher social welfare levels. Using a Conjectural Variation (CV) model, this research note analyzes the effects on welfare of different degrees of product market competition in a duopoly with differentiated goods. Bargaining between the firms and the industry-wide union occurs under the Efficient Bargaining (EB) model. The work indicates that, with close substitute goods, social welfare is maximized for the inter- mediate levels of market competition, whereas more independent goods lead to the standard result of a high welfare level under competitive markets.