Search

In this paper, a novel approach to modelling education and human capital formation in a computable general equilibrium model is proposed. Rather than adopting microeconomic-based assumptions of human capital formation, the method is based on an empirical relationship between labor force composition and expenditure on education services. It is found some robust correlation between workers’ shares in the labor force and educational expenditure, in real terms and per capita. To assess the implications of these findings, the impact of an increase in public expenditure devoted to education is simulated in a conventional CGE model for Ethiopia. The simulation results highlight the existence of a multiplicative effect, such that the overall increase in the supply of education services, in the final equilibrium state, is more than three times larger than the initial demand push. This comes associated with a positive supply shock, entailing gains in productivity, income, and welfare, as well as changes in the structure of the economy.

Previsiones macroeconómicas para la economía internacional, española y andaluza realizada por el equipo del Departamento de Economía de la Universidad Loyola.

Previsiones macroeconómicas para la economía internacional, española y andaluza realizada por el equipo del Departamento de Economía de la Universidad Loyola.

Previsiones macroeconómicas para la economía internacional, española y andaluza realizada por el equipo del Departamento de Economía de la Universidad Loyola.

8.1. The Trans-European Transport Network and its Evolution (1996–2013) Even before the Trans-European Transport Network (Ten-T) appeared formally in the Maastricht Treaty in 1992, European transnational transport flows have followed a pattern recalling this network. Ten-T networks (road, rail and inland navigation) have been, and still are, the beneficiary of a vast program of public investment, publicly funded by the European Union and Member States, and partly financed by the private secto...

This outlook provides a focused assessment of the state of public capital in the major European countries and identifies areas where public investment could contribute more to stable and sustainable growth. A European Public Investment Outlook brings together contributions from a range of international authors from diverse intellectual and professional backgrounds, providing a valuable resource for the policy-making community in Europe to feed their discussion on public investment. The volume both offers sector-specific advice and highlights larger areas which should be prioritized in the policy debate (from transport to social capital, R&D and the environment). The Outlook is structured into two parts: the chapters of Part I respectively explore public investment trends in France, Germany, Italy, Spain and Europe as a whole, and illuminate how the legacy of the 2008 Global Financial Crisis is one of insufficient public investment. Part II investigates some areas into which resources could be channelled to reverse the recent trend and provide European economies with an adequate public capital stock. The essays in this outlook collectively foster a broad approach to and definition of public investment, that is today more relevant than ever. Offering up a timely and clear case for the elimination of bias against investment in European fiscal rules, this outlook is a welcome contribution to the European debate, aimed both at policy makers and general readers. As with all Open Book publications, this entire book is available to read for free on the publisher’s website. Printed and digital editions, together with supplementary digital material, can also be found at www.openbookpublishers.com

Previsiones macroeconómicas para la economía internacional, española y andaluza realizada por el equipo del Departamento de Economía de la Universidad Loyola.

The COVID19 pandemic has had a strong economic impact on the different productive sectors.. However, the effects have been very unevenly distributed. Some industries, most notably those related to tourism, suffered the most, whereas some others were only marginally affected, or even experienced some expansion. Focusing on the regional economy of Andalusia, this study employs a computable general equilibrium model, to investigate the structural adjustment process, triggered by the sudden drop in tourism demand, generated by the mobility restrictions introduced in 2020. The model highlights how variations in relative prices could have allowed the agricultural sector to partly compensate the macroeconomic shock, in particular by absorbing some of the additional unemployment.