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18 results on '"Santaeulalia-Llopis, Raul"'

1. Should Capital Flow from Rich to Poor Countries?

Author

Monge-Naranjo, Alexander, Sanchez, Juan M., Santaeulalia-Llopis, Raul, and Sohail, Faisal

Subjects
Human capital -- Analysis, Capital movements -- Analysis, Resource allocation -- Analysis, Banking, finance and accounting industries, Business
Abstract

1 INTRODUCTION The large dispersion in real wages across countries suggests a potentially huge global misallocation of human capital. Thus, reallocating human capital could substantially increase global output and drastically [...]

Published
2019
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5. Redistributive shocks and productivity shocks

Author

Rios-Rull, Jose-ViCtor and Santaeulalia-Llopis, RauL

Subjects
Business cycles -- Analysis, Federal Reserve banks -- Analysis, Federal Reserve banks -- Production processes, Banking, finance and accounting industries, Economics
Abstract

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jmoneco.2010.10.005 Byline: Jose-Victor Rios-Rull (a), Raul Santaeulalia-Llopis (b) Abstract: A productivity innovation reduces labor share at impact, making it countercyclical; it subsequently produces a long-lasting increase that peaks five years later at a level larger in absolute terms than the initial drop, before slowly returning to average, i.e., labor share overshoots. We estimate a bivariate shock process to the production function that under competition in factor markets accounts for this overshooting. We pose this process in an otherwise standard real business cycle economy, and we find that the contribution of productivity innovations to the variance of hours is 1% of that in the standard RBC model. Author Affiliation: (a) University of Minnesota, Federal Reserve Bank of Minneapolis, CAERP, CEPR, NBER, United States (b) Washington University in St. Louis, Federal Reserve Bank of St. Louis, United States Article History: Received 17 June 2009; Revised 11 October 2010; Accepted 12 October 2010

Published
2010

9. Natural resources and global misallocation

Author

Monge-Naranjo, Alexander, Sanchez, Juan M., and Santaeulalia-Llopis, Raul

Subjects
International flows, Capital formation, Factor shares, Human capital
Abstract

Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. We find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, associated with the elimination of interventionist policies and driven by domestic accumulation. In contrast, we find a much larger and persistent misallocation of human capital. Interestingly, when both production factors can be reallocated, capital would often flow from poor to rich countries. The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

Published
2016

10. The Consumption, Income, and Wealth of the Poorest : Cross-Sectional Facts of Rural and Urban Sub-Saharan Africa for Macroeconomists

Author

De Magalhaes, Leandro and Santaeulalia-Llopis, Raul

Subjects
MEASURES, LAND QUALITY, VALUATION, GROWTH MODELS, ECONOMIC GROWTH, EQUILIBRIUM ANALYSIS, CREDIT MARKET CONSTRAINTS, FOOD PRICE, EXCHANGE RATES, MEASUREMENT, INEQUALITY MEASURES, RURAL HOUSEHOLDS, POOR COUNTRIES, AGRICULTURAL LAND, POOR, AGRICULTURAL PRODUCTION, RURAL CREDIT, SAFETY NETS, INCOME, MACROECONOMICS, OUTCOMES, DISPOSABLE INCOME, FOOD PRICES, ALTERNATIVE USE, INCENTIVES, HOUSEHOLD CONSUMPTION, FARM ACTIVITIES, POVERTY, LAND LAW, PRODUCTION COSTS, SHARES, DISTRIBUTION, FARM WORK, ASSETS, CONSUMER PRICE INDEXES, RENT, CONSUMPTION INCREASES, FOOD ITEMS, FARMERS, CONSUMPTION SMOOTHING, LIVING STANDARDS, RURAL COUNTERPARTS, DEVELOPMENT ECONOMICS, INHERITANCE, ECONOMIC INEQUALITY, GENERAL EQUILIBRIUM ANALYSIS, RURAL HOUSEHOLD, DEVELOPMENT, PRICES, RURAL INCOME, WAGES, TRANSFERS, RURAL AREAS, PROPERTY RIGHTS, WELFARE, RURAL MIGRANTS, PRODUCTION, INCOME INEQUALITY, INDUSTRIALIZATION, CONSUMPTION, THEORY, SUBSISTENCE ECONOMY, HOUSEHOLD COMPOSITION, DEVELOPMENT POLICY, DEBT, FOOD PRODUCTION, RISKS, TRADE, CALORIE INTAKE, SOCIAL SECURITY, PAYMENTS, HOUSEHOLD SURVEYS, INEQUALITY, COSTS, PRICE INDEXES, WEALTH, AGRICULTURE, RURAL POPULATION, LAND VALUE, HOUSEHOLD SURVEY, VARIABLES, IDIOSYNCRATIC SHOCKS, PORTFOLIO, CAPITAL, POLITICAL ECONOMY, RISK SHARING, INCOME DISTRIBUTION, VALUE, RURAL RESIDENTS, FOOD CONSUMPTION, FOOD SECURITY, DEATH, RURAL SETTINGS, BENCHMARK, AGRICULTURAL INPUTS, FOOD TRANSFERS, HUMAN CAPITAL, INSURANCE, SOCIAL SAFETY NETS, FORECASTS, RURAL AREA, ECONOMIC STATISTICS, LOTTERY, LAND DISTRIBUTION, INCOME MEASURES, AGRICULTURAL SHOCKS, MIDDLE INCOME COUNTRIES, HOUSEHOLD INCOME, CONSUMPTION BEHAVIOR, INCOME GAP, RURAL GAP, CREDIT, GROWTH RATE, PER CAPITA CONSUMPTION, HOUSEHOLD SIZE, UNDERESTIMATES, COUNTERFACTUAL, CONSUMPTION INSURANCE, INCOME GROUPS, POOR HOUSEHOLDS, HOUSEHOLD HEADS, FOOD SHARE, RURAL, HUMAN CAPITAL INVESTMENT, INPUTS, INCOME QUINTILE, RURAL MIGRATION, SAVINGS, PUBLIC WORKS, INFORMAL INSURANCE, ECONOMIC RESEARCH, INTEREST RATE, HOUSEHOLD HEAD, CALORIC INTAKE, RURAL POPULATIONS
Abstract

This paper provides new empirical insights on the joint distribution of consumption, income, and wealth in three of the poorest countries in the world — Malawi, Tanzania, and Uganda — all located in Sub-Saharan Africa (SSA). The first finding is that while income inequality is similar to that of the United States (US), wealth inequality is barely one-third that of the US. Similarly, while the top of the income distribution (1 and 10 percent) earns a similar share of total income in SSA as in the US, the share of total wealth accumulated by the income-rich in SSA is one-fifth of its US counterpart. The main contributions of the paper are to document: (i) this dwarfed transmission from income to wealth, which suggests that SSA households face a larger inability to save and accumulate wealth compared with US households; and (ii) a lower transmission from income to consumption inequality, which suggests the presence of powerful institutions that favor consumption insurance to the detriment of saving. These features are more relevant for rural areas, which represent roughly four-fifths of the total population. The paper identifies the few successful pockets of the SSA population that are able to accumulate wealth by exploring sources of inequality such as age, education, migration, borrowing ability, and societal systems.

Published
2015

16. Aggregate effects of AIDS on *development

Author

Santaeulalia-Llopis, Raul and Santaeulalia-Llopis, Raul

Abstract

In this dissertation I study the consequences of the AIDS epidemic for economic development. To this purpose I build a population model that keeps track of the demographic transition by age-specific population groups relating the age distribution of the population of each period to the preceding one via a fertility process, a mortality process and an aging process. I integrate this population model into a standard theory of economic development that determines the income per capita path along the process of industrialization—a transition that structurally shifts capital and labor from a Malthusian-agricultural sector to a neoclassical-industrial sector. This way, I provide a tight structural relationship between the distribution of the population across age groups and the stage of economic development—in terms of income per capita and agricultural share of output. Then, I use this population model to consistently identify the main channels through which AIDS, raising mortality rates of young adults and lowering fertility rates, affects populations over time: (i) reshapes the age distribution of the population, thinning the ranks of working-age groups (the share of children and old adults per worker raises by as much as 20-25% in highly infected countries), (ii) reduces population growth (by as much as .08% per percentage point of HIV prevalence), and (iii) reduces life expectancy (by as much as 15-20 years). In addition, AIDS also (iv) reduces the individual labor efficiency of the sick with an aggregate loss of 0.3% per percentage point of HIV prevalence. When I incorporate the AIDS epidemic as in (i)-(iv) into a model economy calibrated to an African country unaffected by AIDS, I find that the AIDS epidemic reduces per capita income by as much as 12% at the peak of the epidemic. I find also that the AIDS epidemic slows down the transition from agriculture to industry by about one century for the most highly infected countries.

Published
2008

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