Antonio Jesús Sanchez Fuentes

Antonio Jesús Sanchez Fuentes
Complutense University of Madrid | UCM · Department of Applied Economy VI (Public Funds and Tax System)

Ph.D in Economics

About

34
Publications
2,251
Reads
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240
Citations
Additional affiliations
October 2010 - present
Complutense University of Madrid
Position
  • Professor (Assistant)
September 2006 - September 2010
Universidad Pablo de Olavide
Position
  • Research Assistant

Publications

Publications (34)
Article
Full-text available
This paper analyses whether the first-best level of public inputs exceeds the second-best level. On the basis of a simple model, we argue that the level of productivity-enhancing public expenditures is always higher than the level of public inputs provided with distortionary taxation.
Article
Full-text available
La crisis sanitaria global, que fue originada por el coronavirus SARS-Cov-2 a finales de 2019 en China deja, por ahora, muchas incertidumbres y pocas certezas. Entre estas últimas están la transversalidad y la enorme magnitud del impacto que este episodio tendrá sobre nuestras costumbres, presentes y futuras. Una perspectiva comparada nos permite i...
Article
Full-text available
Efficient use of public resources is clearly a relevant issue to be studied from several points of view. Among others, it accounts for a significant share of the total economy activity and it deals with non-market oriented activities. In Spain, the regional level is particularly relevant due to the progressive decentralization of key public policie...
Article
Full-text available
We propose a method to capture the effect of tax reforms on consumer’s readiness to buy using Google searches as a proxy. We use the Spanish 2010 and 2012 VAT reforms as a case of study. We use a regression discontinuity design taking advantage of the fact that the Spanish 2010 and 2012 VAT reforms had a sharp implementation date, which implies tha...
Article
Full-text available
In the context of an economic crisis that has affected countries in Southern Europe especially and that has called into question the public pillar of the intergenerational contract, i.e. pensions, literature has shown an increasing interest in analyzing the other intergenerational pillar, which is largely based on family solidarity and which has be...
Chapter
Full-text available
El objeto de este trabajo es el análisis del impacto sobre el presupuesto y la gobernanza del sistema de protección social español, de la crisis económica y las medidas de ajuste que se fueron adoptando. El periodo analizado comienza en 2010 y se prolonga hasta los años de incipiente recuperación económica, a partir de 2014, si bien se mencionan al...
Article
Full-text available
Public sector bureaucracies are key players in advanced economies, as in the case of European Union countries, for the smooth functioning of the roles assigned to the governments (to provide welfare state services and benefits, public infrastructures, and to design the legal and economic institutional framework). From this perspective, a proper fun...
Article
Full-text available
Fiscal adjustments consisting of spending cuts or tax increases are generally presented as the unavoidable way for achieving public finance sustainability in the long term. However, this view of fiscal consolidation processes is limited as it leaves out other aspects related to public sector performance which are relevant not only from the macroeco...
Article
Full-text available
This paper provides novel evidence on the multi-factor Effective Marginal Tax Rates (EMTRs) for a sample of 17 OECD countries and 11 manufacturing sectors. We use a single framework encompassing capital, labour and energy taxes. Our cross-country/cross-sector approach allows us analysing the contributions of these input factors to the effective tax...
Article
Full-text available
This study analyses the composition and main determinants of spending dynamics in selected euro area countries between 1999 and 2013. To assess the stance of public spending policies we use the indicators developed in Hauptmeier et al. (2011). Our results indicate that the overall expansionary expenditure stance in 1999-2009 was mainly driven by pu...
Article
Full-text available
We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of non-systematic fiscal policies, including updated est...
Article
In this paper we develop a comprehensive short-term fiscal forecasting system of use for the real-time monitoring of the Spanish government’s borrowing requirement. Spain has been at the centre of the recent European sovereign debt crisis, not least because of sizeable failures in meeting public deficit targets. The system comprises a suite of mode...
Article
We estimate the probability of public sector wage leadership – defined as Granger causality from public to private sector wages – in a pool of 15 Organization for Economic Cooperation and Development (OECD) countries as a function of countries’ institutional features, and notably wage-setting institutions. Government's involvement in collective bar...
Article
Does public employment crowd out private-sector employment over the business cycle? While theoretical models seem to provide a positive answer to this question, the issue is not fully settled in the empirical literature. In this chapter we look at public- and private-sector employment interactions in the euro area, euro area countries and other Org...
Article
Full-text available
Do public sector wages have an influence in the determination of private sector wages? This article tries to isolate the pure signalling effect that one sector might exert on the other by controlling for other determinants of wages (prices, productivity, institutions) for the main euro area economies (Germany, France, Italy and Spain) and the perio...
Article
Public spending policy is currently being redefined in most of the advanced economies, dramatically affecting public investment. This paper studies the sensitivity of the provision of public inputs to changes in the technology, taxation and consumer preferences. We consider a simple model in which the government with recourse to three different tax...
Article
This paper describes a new direct search method for solving non-standard constrained optimization problems for which standard methodologies do not work properly. Our method (the Rational Iterative Multisection-RIM-algorithm) consists of different stages that can be interpreted as solutions according to different precision requirements. We have perf...
Article
The study demonstrates the key role of expenditure policies in explaining fiscal developments during EMU in the euro area, its three largest members and four "macro-imbalances" countries. It compares actual primary expenditure trends with those that would have prevailed if countries had followed neutral policies based on expenditure rules since the...
Article
Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate comovement in the absence of TFP shocks. Intertemporal...
Article
Full-text available
This paper studies the sensitivity of provision of public inputs to changes in the specification of technology and consumer preferences. We consider a simple model in which the government, with recourse to three different tax settings (a lump-sum tax, a tax on labour and a tax on economic profit), provides firms with certain productive services. We...
Article
In this paper we analyze the convergence properties of some standard approaches to initialize the Parameterized Expectations Algorithm. We carry out a Monte Carlo experiment to compare their performance in computational terms. We do so within the framework of the standard neoclassical growth model and of the monetary model of Cooley and Hansen (Coo...
Article
Full-text available
This paper studies the optimal level of public inputs under two different tax settings. With this aim, we adapt the approach by Gronberg and Liu (2001) to the case of productivity-enhancing public spending. We find that it is not analytically clear whether the first-best level of public spending exceeds the second-best level. After taking account t...
Article
Full-text available
This paper describes a new method for solving non-regular constrained optimization problems when standard methodologies do not work properly. Our method (the Rational Iterative Multisection Procedure, RIMP) consists of different stages that can be interpreted as different requirements of precision by obtaining the optimal solution. We have performe...
Article
Full-text available
En este artículo analizamos las propiedades de convergencia del algoritmo de bandas móviles propuesto por Maliar y Maliar (2003) para inicializar el método de Parametrización de Expectativas. Realizamos un experimento de Monte Carlo para estudiar el comportamiento del citado algoritmo frente a otras alternativas existentes basadas en los principios...
Article
Does N g crowd-out private sector employment over the business cycle? This question is not fully settled throw an empirical point of view. Thus, in this paper we look at public and private sector employment interactions since the 1960s for a number of other OECD countries. For the sake of robustness we apply a number of alternative empirical method...
Article
This paper studies the optimal level of public inputs under two dierent tax settings. With this aim, we adapt the approach by Gron- berg and Liu (2001) to the case of productivity-enhancing public spen- ding. For this context, we …nd that it is not analytically clear whether the …rst-best level of public spending will always be greater than the sec...
Article
The analysis of fiscal policy and its macroeconomic impact is currently at the fore-front of economic analysis. In most European countries, nevertheless, the in-depth study of these issues has been limited by the absence of quarterly fiscal data. In the case of Spain, even though the Central Government sector is well covered in National Accounts te...
Article
Full-text available
This paper studies the optimal provision of public inputs under two different tax settings: with lump-sum taxes and with taxes on labor. After obtaining optimal rules for the provision of public inputs, a numerical simulation is carried out to compute the level of public spending in each scenario. We find that the level of public input provided und...

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