A bayesian estimation of the economic effects of the Common Fisheries Policy on the Galician Fleet: a dynamic stochastic general equilibrium approach

What would have happened if a relatively looser fisheries policy had been implemented in the European Union (EU)? Using Bayesian methods a Dynamic Stochastic General Equilibrium (DSGE) model is estimated to assess the impact of the European Common Fisheries Policy (CFP) on the economic performance of a Galician (north- west of Spain) fleet highly dependant on the EU Atlantic southern stock of hake. Our counterfactual analysis shows that if a less effective CFP had been implemented during the period 1986–2012, fishing opportunities would have increased, leading to an increase in labour hours of 4.87%. However, this increase in fishing activity would have worsened the profitability of the fleet, dropping wages and rental price of capital by 6.79% and 0.88%, respectively. Welfare would also be negatively affected since, in addition to the increase in hours worked, consumption would have reduced by 0.59%.Da-Rocha, García-Cutrín and Gutiérrez acknowledge financial support from the European Commission (MINOUW, project H2020-SFS-2014-2, number 634495) and the Spanish Ministry of the Economy, Industry and Competitiveness (ECO2016-78819-R, AEI/FEDER, UE). Prellezo acknowledges financial support from the Basque Government (Department of Economic Development and Infrastructures of the Basque Government). Da-Rocha and García-Cutrín also acknowledge financial support from Xunta de Galicia (GRC 2015/014 and ECOBAS). Gutiérrez also acknowledges financial support from the Basque Government (MacLab IT-793-13). This publication reflects the views of the authors only and none of the funding parties may be held liable for any use which may be made of the information contained therein

Information aggregation for timing decision making.

In this paper I consider the issue of optimal information aggregation for timing decision making. In each period, a decision maker may choose an action which delivers an uncertain payoff, or wait until the next period, in when new information will arrive. The information is provided by a committee of experts. Each member in each period receives a signal correlated to the state. I obtain an optimal rule for aggregating information for each period

Information aggregation for timing decision making.

In this paper I consider the issue of optimal information aggregation for timing decision making. In each period, a decision maker may choose an action which delivers an uncertain payoff, or wait until the next period, in when new information will arrive. The information is provided by a committee of experts. Each member in each period receives a signal correlated to the state. I obtain an optimal rule for aggregating information for each period

Vinculando el talento de investigadores y emprendedores para la innovación

El objetivo de la presente investigación es analizar la vinculación entre el talento de investigadores y emprendedores, mediante un modelo de emparejamiento considerando las fricciones que pudieran existir (matching model with search frictions). La principal contribución se basa en ampliar el conocimiento en la modelación de la innovación exitosa como resultado de un proceso de búsqueda con fricciones. Se muestra evidencia de que los países que son creativos también son productores de conocimiento, y a la vez tienen mejores insumos para la innovación. Para lograr ser más competitivo a nivel país deben considerarse todos los factores (inputs) que impulsan la innovación (outputs). También se encontró que los países de mayor desarrollo han adoptado estrategias de innovación más articuladas a diferencia de los países con menor desarrollo, incluyendo la facilidad para la vinculación entre investigadores y emprendedores. Las conclusiones del presente trabajo pueden ser relevantes en el diseño de estrategias y políticas gubernamentales para promover el desarrollo y el crecimiento a través de la innovación.(Linking the Talent of Researchers and Entrepreneurs for Innovation)The objective of this research is to analyze the link between the talent of researches and entrepreneurs using a matching model with the search frictions that could exist. The main contribution is expanding the knowledge on the modeling of successful innovation as a result of a frictions search process. There is also evidence that creative countries are also producers of knowledge and, in turn, have better inputs for innovation. In order to be more competitive at a national level, all the factors (inputs) that promote innovation (outputs) must be considered. Furthermore, it was found that the more developed countries have adopted more articulated innovation strategies, unlike less developed countries, including the ease to create a connection between researchers and entrepreneurs. The conclusions hereof can be relevant for the design of governmental strategies and policies to promote development and growth through innovation

Land tenure security and agrarian investments in the Peruvian Highlands

The abundant empirical studies on the relationship between land tenure security and investment remain inconclusive. This work sheds light on this issue, estimating a simultaneous equation model of 9 different types of land investments and land tenure security using data from the Peruvian agrarian census. This study analyzed the case of the Peruvian highlands, which could be a suitable case study for discussing the importance of land tenure security and land tilting programs on rural development in developing countries due to its agrarian-based economic characteristics and for having an official land-titling program (the PETT). We found that tenure security was significantly and positively related to five land investments among the nine analyzed; however, the size of these effects is small, so its importance is lower than what it is a priori expected on institutional grounds. The effects were also negative for two investments for which customs seemed to be a good way of land management. Land-titling programs in developing countries seem to be a necessary but not sufficient policy approach to promote rural development. Our results indicate that where customs are functioning well, land-titling programs can be complement to but not a substitute for these customary institutions. The impacts of other socioeconomic variables suggest that public programs promoting education and training as well as gender equality are important for the promotion of rural development

Bounding the productivity default shock : Evidence from the The European Sovereign Debt Crisis

We calibrate the cost of sovereign defaults using a continuous time model, where government default decisions may trigger a change in regime of a TFP stochastic process. We calibrate the model to a sample of European countries from 2009 to 2012. By comparing the estimated drift in default relative to that in no-default, we find that TFP drops by 3.70%. This is broadly consistent with the 5% drop that is typically used in the literature. The model is also consistent with observed drops in GDP and observed growth during recovery, predicts reasonable recovery times and illustrates why fiscal multipliers are small in sovereign debt crises. We use these features to argue for the reliability of our calibrated TFP drop

Bounding the productivity default shock : Evidence from the The European Sovereign Debt Crisis

Interest rate spreads on sovereign debt were negatively correlated with the evolution of stock prices during The European Sovereign Debt Crisis. In particular, for a sample of 9 european countries there was a year (between 2009 and 2012) in which the correlation between stock prices and spreads was almost -1. We use this fact to estimate the upper bound of productivity default shocks using a continuous time structural model of default. At every instant the government maximizes expected tax revenues, where the only source of uncertainty is TFP, which follows a regime switching brownian motion. By estimating TFP regimes, to match interest rate spreads on sovereign debt and stock prices, we compute the ratio of the productivity if there was a default relative to the no default benchmark. This is a measure on how much productivity could countries loose at default. We found a robust negative relation between the costs of default and the probability of default. That is, financial markets incorporate into prices the risk of default immediately

An inoculant Bradyrhizobium strain with increased motility improves yield of soybean crops

Poster y resumenSoybean production is very important in Argentina, where more than 20 million hectares are sowed annually with this crop. Since soybean plants possess a very high N-demand, it is crucial that this agricultural activity is developed in a sustainable way because otherwise, this crop could deplete Nnutrition from the soils, leading to erosion, compaction, and flooding. Soybean roots are nodulated by Bradyrhizobium spp., which may fix atmospheric N2 in symbiosis with the plant, thus contributing to keep the N-status of the soil. For this reason and due to their low cost, Bradyrhizobium spp. are widely used in inoculants for soybean crops. However, the efficiency of inoculants is low due to the competition exerted by bradyrhizobia resident in the soil. Among factors that affect the competition for nodulation is the self-propelled motility of the rhizobia. Previously, we developed an artificial selection method to obtain bradyrhizobial strains with higher motility. B. japonicum E109 is the strain recommend by INTA for inoculants production. Therefore, we used E109 to increase its motility, and hereby we obtained the derived B. japonicum E109 m+ strain. This strain possesses 50% more motility than its parental strain in semisolid agar medium, and has the same growth kinetics as the wild type, ruling out the possibility that the increased spreading of E109 m+ in semisolid agar be due to faster growth. B. diazoefficiens have two flagella systems, one subpolar and another lateral, characterized by flagellins of different molecular weights. The subpolar flagellum has constitutive expression and the lateral is inducible with L-arabinose as carbon source, but not with D-mannitol as carbon source. However, E109 m+ expressed both flagella with D-mannitol, as observed with SDS-PAGE of purified flagellins, in agreement with previous results obtained with B. diazoefficiens USDA 110. B. japonicum E109 m+ nodulated soybean and after that, bacteria recovered from nodules maintained the higher motility phenotype. Field trials were performed to estimate yield when the soybean plots were inoculated with E109 m+ or the E109 parental strain. Experiments were carried out in San Antonio de Areco, Province of Buenos Aires, in a soil with a competitive resident Bradyrhizobium spp. population, employing a randomized complete block design that included uninoculated controls. Grain yields were compared by ANOVA, which indicated that inoculation with E109 m+ led to significantly higher yield than inoculation with E109 wild type. Our results suggested that inoculation of soybean with improved motility strains could increase soybean yield by enhancing competition for nodulation in a sustainable way.Instituto de Microbiología y Zoología Agrícola (IMYZA)Fil: Colla, Delfina. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biotecnología y Biología Molecular; Argentina. Universidad Nacional de La Plata. Instituto de Biotecnología y Biología Molecular; ArgentinaFil: Brignoli, Damián.Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biotecnología y Biología Molecular; Argentina. Universidad Nacional de La Plata. Instituto de Biotecnología y Biología Molecular; ArgentinaFil: Iturralde, Esteban Tomás.Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biotecnología y Biología Molecular; Argentina. Universidad Nacional de La Plata. Instituto de Biotecnología y Biología Molecular; ArgentinaFil: Covelli, Julieta Mariana. Universidad Nacional de Quilmes. Departamento de Ciencia y Tecnología. Laboratorio de Bioquímica, Microbiología e Interacciones Biológicas en el Suelo; ArgentinaFil: Althabegoiti, María Julia. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biotecnología y Biología Molecular; Argentina. Universidad Nacional de La Plata. Instituto de Biotecnología y Biología Molecular; ArgentinaFil: Perticari, Alejandro. Instituto Nacional de Tecnología Agropecuaria (INTA). Instituto de Microbiología y Zoología Agrícola; ArgentinaFil: Lodeiro, Aníbal Roberto. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Biotecnología y Biología Molecular; Argentina. Universidad Nacional de La Plata. Instituto de Biotecnología y Biología Molecular; ArgentinaFil: Lodeiro, Aníbal Roberto. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales. Laboratorio de Genética; Argentin

A bayesian estimation of the economic effects of the Common Fisheries Policy on the Galician Fleet: a dynamic stochastic general equilibrium approach

What would have happened if a relatively looser fisheries policy had been implemented in the European Union (EU)? Using Bayesian methods a Dynamic Stochastic General Equilib- rium (DSGE) model is estimated to assess the impact of the European Common Fisheries Policy (CFP) on the economic performance of a Galician (north-west of Spain) fleet highly dependant on the EU southern stock of hake. Our counterfactual analysis shows that if a less effective CFP had been implemented during the period 1986-2012, ‘fishing opportunities” would have increased, leading to an increase in labor hours of 4.87%. However, this increase in fishing activity would have worsened the profitability of the fleet, dropping wages and rental price of capital by 6.79% and 0.88%, respectively. Welfare would also be negatively affected since, in addition to the increase in hours worked, consumption would have reduced by 0.59%