FAE-Artigos
http://hdl.handle.net/10347/15798
2024-03-28T16:36:38ZLong-term versus short-term environmental tax policy under asymmetric information
http://hdl.handle.net/10347/33139
Long-term versus short-term environmental tax policy under asymmetric information
Antelo Suárez, Manel; Bru, Lluís; Peón, David
We examine the interaction between a firm that uses either a dirty or a clean technology to produce a product over two periods, 1 and 2, and an environmentally conscious regulator that chooses the environmental tax/subsidy policy. The regulator ignores with which technology the firm manufactures the product and only has a prior belief about it. In this context, if the regulator can credibly commit to the policy for both periods, social welfare is generally higher than if it cannot commit, because distortions in firm's production at period 1 for signalling purposes strongly reduces the optimality of an environmental policy of short duration. A period-by-period policy in which the regulator does not commit to the policy terms for period 2 (which will be contingent to information provided by the firm in period 1) is only optimal when clean technology is very expensive to produce with it and the regulator's environmental concern is not very high. The results highlight the importance of taking into account the time horizon in policymaking, as well as the limitations of regulatory policies that seek to elicit information about the type of technology used by firms.
2023-01-01T00:00:00ZAccounting for the role of investment frictions in recessions
http://hdl.handle.net/10347/31111
Accounting for the role of investment frictions in recessions
Río Iglesias, Fernando del; Lores Ínsua, Francisco Xavier
Our business cycle accounting exercise reveals that both capital and investment efficiency declines played a prominent role in accounting for the output downturn during the US Great Recession. The evidence indicates that an increase in firms' investment costs may have played a substantial role during the US Great Recession, consistent with business cycle models in which firms face financial frictions. The negligible role played by the total factor productivity decline in accounting for the output downturn during the US Great Recession found by previous works can be explained by the movement in opposite directions of both labour and capital efficiency. However, we find that labour efficiency falling was the main force driving output downturn in the 1982 recession and the euro area Great Recession
2023-01-01T00:00:00ZApplication of choice models in tourism recommender systems
http://hdl.handle.net/10347/30734
Application of choice models in tourism recommender systems
Almomani, Ameed Ali Ahmad; Saavedra Nieves, Paula; Barreiro, Pablo; Durán Medraño, Roi; Crujeiras Casais, Rosa María; Loureiro García, María Luz; Sánchez Vila, Eduardo
Choice models (CM) are proposed in the field of tourism recommender systems (TRS)with the aim of providing algorithms with both a theoretical understanding of tour-ist's motivations and a certain degree of transparency. The goal of this work is toovercome some of the limitations of current state-of-art algorithms used in TRSs byproviding: (1) accurate preferences, which are learnt from user choices rather thanfrom ratings, and (2) interpretable coefficients, which are achieved by means of theset of estimated parameters of CM. The study was carried out with a gastronomicdata set generated in an ecological experiment in the tourism domain. The perfor-mance of CM has been compared with a set of baseline algorithms (rating-based andensembles) by using two evaluation metrics: precision and DCG. The CM out-performed the baseline algorithms when the size of the choice set was limited. Thefindings suggest that CM may provide an optimal trade-off between theoreticalsoundness, interpretability and performance in the field of TRS
2022-01-01T00:00:00ZConnectedness between DeFi, cryptocurrency, stock, and safe-haven assets
http://hdl.handle.net/10347/30325
Connectedness between DeFi, cryptocurrency, stock, and safe-haven assets
Ugolini, Andrea; Reboredo Nogueira, Juan Carlos; Mensi, Walid
This paper examines return spillovers within and between different DeFi, cryptocurrency, stock, and safe-haven assets. For the period January 2019 to March 2022, we find that DeFi and cryptocurrency asset markets exhibit strong within-market and between-market return spillovers, that stock and safe-haven markets show weak connectedness, and that safe-haven assets are minor receivers and transmitters of between-market spillover effects. The connectedness between markets is time-varying and reveals structural changes in early 2020. Furthermore, we document that financial conditions shape the dynamics of return spillover effects between markets
2023-01-01T00:00:00Z