Carlos de Miguel

Carlos de Miguel
University of Vigo | UVIGO

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30
Publications
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251
Citations

Publications

Publications (30)
Article
We study the implications of a growth model including social capital and habit formation concerning the recovery of economies that suffer from an exogenous destruction in their capital stock. Habits exhibit very low persistence and depend only on last period’s consumption as suggested by empirical evidence. In addition to physical capital, agents i...
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We study the dynamics of pollution in an economic growth model with non-homothetic preferences. We characterize the forces that may drive the evolution of the income-pollution relationship along the development process. In particular, we disentangle the standard accumulation mechanism, which determines the intertemporal allocation of pollution, fro...
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In this paper, we analyze the implications of assuming that the intensity of aspirations is endogenous. In accordance with empirical evidence, consumption aspirations decrease with capital accumulation while environmental ones increase. We show that such a change in the intensity of aspirations gives rise to a U-shaped relationship between capital...
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In this paper, we analyze optimal fiscal policies in an overlapping generations framework, where preferences exhibit aspirations in consumption and environmental quality as well as habit formation. We focus on the second best policies when the government needs to finance a given stream of public expenditures by using distortionary taxes. We derive...
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In this paper, we analyze the effects of environmental protection regulation on process and product innovation decisions and their impact on price-setting behavior in Spanish manufacturing firms throughout 2009–2014. To this end, we estimate several discrete choice probit models using firm-level data. Our results show a positive relationship betwee...
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This short piece introduces the contributions of the supplemental issue "7th Atlantic Workshop on Energy and Environmental Economics". We have grouped the papers, which show a large thematic and methodological diversity, in three areas under a common theme: global views, the role of innovation, and national approaches to inform policies in the tran...
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Energy efficiency has become an essential instrument to obtain effective greenhouse gas mitigation and reduced energy dependence. This introductory article contextualizes the contributions of the supplemental issue by showing the new setting for energy efficiency economics and policy; discussing the role of price instruments to promote energy savin...
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Green tax reforms are popular in some circles not only because of their direct effect on reducing pollution but also because their revenue capacity may allow to reduce other more distortionary taxes. Despite their potential benefits, the political implementation of green tax reforms is not straightforward. Changes in environmental taxes have differ...
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Green tax reforms have become an important tool not only in protecting the environment but also in bringing about a more efficient tax system. However, reforms often imply accepting sacrifices in the short-run and bring about the risk of potential political opposition. Within this framework, the debate on whether to implement green tax reforms in o...
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Using a dynamic general equilibrium model, we explore the role of habit formation when analyzing green tax reforms under the double dividend hypothesis. We assume increases in energy taxes and adjust capital taxation in a revenue-neutral framework to evaluate the effects on welfare. Since the existence of an environmental dividend is uncontroversia...
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El descenso de la tasa de natalidad y el aumento en la esperanza de vida son los factores clave que explican el actual proceso demográfico en Galicia, cuya consecuencia más inmediata es el envejecimiento de su población. La baja tasa de natalidad supone un límite al tamaño de las nuevas cohortes afectando, asimismo, al tamaño de la población total....
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En esta Tesis se analizan tres aspectos relacionados con la implantación de una unión monetaria. En primer lugar, se estudia la eficacia de las políticas económicas cuando países con un tipo de cambio flexible deciden formar una unión monetaria. En los dos siguientes se estudia el fenómeno del federalismo fiscal en uniones monetarias. Primero, aten...
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Using a new Keynesian, stochastic, dynamic model of a small open monetary economy that imports oil and applying it to the Spanish economy, this paper addresses the question of why the effects of oil shocks from the mid-1980's on output and inflation were smaller. We depart from the previous literature on this topic by simulating a theoretical model...
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The international oil market has been very volatile over the past three decades. In industrialized economies, especially in Europe, taxes represent a large fraction of oil prices and governments do not seem to react to oil price shocks by using oil taxes strategically. The aim of this paper is to analyze optimal oil taxation in a dynamic stochastic...
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This paper analyzes the effects of oil price shocks on the characteristics of the business cycle and on welfare in a small open economy, such as in the case of the Spanish economy. The results show the ability of the model to reproduce the business cycle path of the Spanish economy, especially in those periods when shocks in the price of oil were m...
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The stability of a monetary union entails the establishment of mechanisms that allow the member countries to smooth their paths of consumption after negative shocks in their income. A centralized fiscal institution could help countries through a mechanism of taxes and transfers. In this paper we study the stabilizing effects of different mechanisms...
Article
El establecimiento de una unión monetaria supone la abolición de las monedas nacionales de los países miembros, existiendo por tanto una moneda única y un Banco Central común como única autoridad monetaria, convirtiéndose así la política fiscal en el principal instrumento acompañado por políticas de oferta. Estudiaremos como, atendiendo a distintas...
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El establecimiento de una unión monetaria en Europa cierra una etapa de incertidumbre para la economía europea, pero abre una serie de interrogantes sobre su funcionamiento que afectarán sobre todo a su primera etapa de existencia. En este trabajo se estudian aspectos relacionados con la instrumentalización de las políticas fiscales, tanto a nivel...
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JOSÉ Mª MARTÍN-MORENO (*) Universidad de Vigo y rede Los efectos de cambios en los precios de la energía en general y del petróleo en particu-lar sobre la actividad económica han despertado el interés de los economistas desde ha-ce décadas [véase, por ejemplo, Hamilton (1983) y Olson (1988)]. En gran medida, esto se debe a que la evidencia empírica...
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Chile has been at the forefront of pension reform, having switched in 1980 from a pay-as-you-go system to a fully funded privatized accounts system. The Chilean system served as a model for reform in many other Latin American countries and has also been considered by U.S. policy makers as a possible prototype for social security reform. Some of the...
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This paper analyzes the effects of oil price shocks on the business cycle of the EU-15 countries using a standard dynamic general equilibrium model for a small open economy in which oil is included as an imported productive input. The results show that oil shocks can account for a significant percentage of GDP fluctuations in many of those countrie...

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