Efficiency and prices in economies of overlapping generations

In a general economy of overlapping generations, I introduce a notion of uniform ine±ciency, corresponding to the occurrence of a Pareto improvement with a small uniform destruction of resources (Debreu [11]). I provide necessary and su±cient conditions for uniform ine±ciency in terms of competitive equilibrium prices. Minimal assumptions are needed for such a complete characterization; moreover, proofs reduce to simple and short direct arguments. Finally, I verify that uniform ine±ciency is preserved under perturbations of the endowments, a property that has not been established for the canonical notion of ine±ciency. Remarkably, an allocation is unifoOverlapping generations; e±ciency; competitive prices; Cass Criterion; social security

Asset prices, debt constraints and inefficiency

In this paper, we consider economies with (possibly endogenous) solvency constraints under uncertainty. Constrained ine±ciency corresponds to a feasible redistribution yielding a welfare improvement beginning from ev- ery contingency reached by the economy. A sort of Cass Criterion (Cass [10]) completely characterizes constrained ine±ciency. This criterion involves only observable prices and requires low interest rates in the long-run, exactly as in economies with overlapping generations. In addition, when quantitative limits to liabilities arise from participation constraints, a feasible welfare im- provement, subject to participation, coincides with the introduced notion of constrained ine±ciency.Private debt; solvency constraints; default; Cass Criterion; asset

A Note On The Characterization Of Inefficiency In Stochastic Overlapping Generations Economies

In this paper, we provide a characterization of interim ine±ciency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons, by considering longer, though uniformly bounded, horizons for generations. The characteri- zation exploits a suitably Modi¯ed Cass Criterion, grounded on the long-rung behavior of compounded safe interest rates and independent of the length of horizons of generations. Thus, the hypothesis of two-period horizons is purely heuristic in establishing a criterion for ine±ciency. In addition, for sequentially incomplete markets, we adopt a suitable notion of unambiguous ine±ciency, separating the ine±cient intertemporal allocation of resources from incomplete risk-sharing. Unambiguous ine±ciency reduces to ine±ciency when markets are sequentially complete.Stochastic overlapping generations economies; ine±ciency; com-

A characterization of inefficiency in stochastic overlapping generations economies

In this paper, we provide a characterization of interim inefficiency in stochastic economies ofoverlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons,by considering longer, though uniformly bounded, horizons for generations. The characterization exploits a suitably Modified Cass Criterion, grounded on the long-run behavior of compounded safe interest rates and independent of the length of horizons of generations. Thus, the hypothesis of two-period horizons is purely heuristic in establishing a criterion for inefficiency. In addition, for sequentially incomplete markets, we adopt a suitable notion of unambiguous inefficiency, separating the inefficient intertemporal allocation of resources from incomplete risk-sharing. Unambiguous inefficiency reduces to inefficiency when markets are sequentially complete.stochastic overlapping generations economies, inefficiency, competitive prices, cass criterion, social security, incomplete markets

Indeterminacy of competitive equilibrium with risk of default

We prove indeterminacy of competitive equilibrium in sequential economies, where limited commitment requires the endogenous determination of solvency constraints preventing debt repudiation (Alvarez and Jermann [3]). In particular, we show that, for any arbitrary value of social welfare in between autarchy and (constrained) optimality, there exists an equilibrium attaining that value. Our method consists in restoring Welfare Theorems for a weak notion of (constrained) optimality. The latter, inspired by Malinvaud [15], corresponds to the absence of Pareto improving feasible redistributions over nite (though inde nite) horizons.imited commitment; solvency constraints; Malinvaud efficiency Welfare Theorems; indeterminacy; Welfare Theorems; indeterminacy; Welfare Theorems indeterminacy;financial fragility; market collapse

A Characterization of Inefficiency in Stochastic Overlapping Generations Economies

In this paper, we provide a characterization of interim inefficiency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons, by considering longer, though uniformly bounded, horizons for generations. The characterization exploits a suitably Modified Cass Criterion, grounded on the long-rung behavior of compounded safe interest rates and independent of the length of horizons of generations. Thus, the hypothesis of two-period horizons is purely heuristic in establishing a criterion for inefficiency. In addition, for sequentially incomplete markets, we adopt a suitable notion of unambiguous inefficiency, separating the inefficient intertemporal allocation of resources from incomplete risk-sharing. Unambiguous inefficiency reduces to inefficiency when markets are sequentially complete.

Monetary Equilibria over an Infinite Horizon.

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a sequentially complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. A public authority, inheriting a strictly positive public debt, raises revenue from taxes and seignorage. Competitive equilibria exist, under mild solvency conditions. But, for a fixed path of rates of interest, there is a nontrivial multiplicity of equilibrium paths of prices of commodities. Determinacy requires that, subject to no-arbitrage and in addition to rates of interest, the prices of state-contingent revenues be somehow determined.money; equilibrium; indeterminacy; monetary policy; fiscal policy

Mujeres en la estiba. El caso de las estibadoras portuarias del puerto de Valencia

La profesión de la estiba portuaria se ha llevado a cabo en un mundo de hombres hasta hace muy pocas décadas, factor ese que ha motiva nuestro interés por conocer la profesión. Nos centraremos en el estudio de caso del Puerto de Valencia, segundo del Estado Español y primero del Mediterráneo en movimiento de contenedores. El estudio de esta profesión masculinizada, en la que desde hace menos de dos décadas se han insertado las mujeres, ha sido elegido en base a un triple eje de interés: a) se encuentra en un sector que todavía se mantiene íntegramente masculinizado en algún punto geográfico del Estado Español, lo que nos indica el nivel poder de decisión y la capacidad de control y resistencia que todavía tienen los hombres en la profesión; b) se trata de una profesión no regulada por el Estatuto de los Trabajadores (RDL 1/95) sino por una Relación Laboral de carácter Especial. A diferencia de la de las Empleadas del Hogar, este sector ofrece un alto nivel de protección y calidad en el empleo; y, c) es una profesión con barreras a la ocupación y que se rige por una «regulación comunitaria» en su acceso. En este artículo presentamos algunos resultados de una investigación enmarcada en el proyecto «Mujeres en mundo de hombres: socialización, organización laboral e imagen»1 .The profession of port stowage has been carried out in a world of men until very few decades ago, a factor that has motivated our interest in knowing the profession. We will focus on the case study of the Port of Valencia, second of the Spanish State and first of the Mediterranean in container movement. The study of this masculinized profession, in which women have been inserted for less than two decades, has been chosen for several reasons: a) It is located in a sector that still remains fully masculinized at some geographical point of the Spanish State, which indicates the level of power of decision and the capacity of control and resistance that still have the men in the profession; b) It is a profession or trade not regulated by the Statute of Workers (RDL 1/95) but by a Special Labor Relationship. Unlike the Household Employees, this sector offers a high level of protection and quality in employment; And c) is a profession with barriers to occupation and is governed by a «community regulation» in its access. In this article we present some results of a research framed in a larger project which aims to inquire about gender labour segmentation