758 research outputs found
Derogation on the EU Nitrates Directive: does it make a difference?
No full textThe paper discusses an ex ante evaluation of the derogation on the Nitrates Directive for Flanders, Belgium, which is a case of intensive but highly productive livestock areas. The aim is to develop an accurate simulation model to detect small differences in manure surpluses caused by changes of manure production and/or utilization. The system of models consists of various modules to fine tune the calculations of manure production, fertilizing behaviour and manure allocation and disposal on and off farm. The results show that derogation may cause the existing manure surpluses to expire, if only nitrogen limits are considered and no transactions costs are taken into account. When also phosphate fertilization limits are considered, the increase in manuring possibilities is much lower than expected. Ongoing research focuses on the marginal shifts in manure surplus at farm level and possible effects of transactions costs.Nitrates Directive, derogation, modelling, Environmental Economics and Policy, Livestock Production/Industries,
Critical asymptotic behavior for the Korteweg–de Vries equation and in random matrix theory
No full textWe discuss universality in random matrix theory and in the study of Hamiltonian partial differential equations. We focus on universality of critical behavior and we compare results in unitary random matrix ensembles with their coun- terparts for the Korteweg–de Vries equation, emphasizing the similarities between both subjects
If you want me to stay, pay
No full textDevolution of political power is constantly on the political agenda in both Italy and Spain. Fiscal policy in these countries has granted specific privileges to some regions. Valle d’Aosta/Vallée d’Aoste (VdA) and País Vasco/Euskadi (PV) have an extensive say over spending decisions, and receive nearly all regional tax revenues. Although both VdA and PV are among the richest regions in each country, both are net beneficiaries of the fiscal equalisation system. This preferential treatment is the outcome of a fiscal system with limits on taxing power and debt issuance, and is meant as a compensation for the lack of autonomy. It so prevents calls for more fiscal autonomy, or even outright secession. The economic effects of this asymmetric federalism are negative. Although partial equalisation reduces excessive redistribution built in the fiscal equalisation system, more autonomy could pay off with more efficient government. Asymmetric federalism moreover creates a political impasse in the negotiation of a more efficient tax system and financing arrangement.fiscal federalism, equalisation, secession, Valle d’Aosta, País Vasco. JEL classification:H70, H73, H77
Utopia at Five Hundred: Some Reflections
No full textPublished in 1516, Thomas More's Utopia has come to signify attempts to reform society in a dramatic, radical, and substantial manner. Thanks to the influence of Karl Marx in the twentieth century, it has become identified as the classic precursor of the modern argument for communism as the solution to mankind's most essential woes. This article will sketch the main themes and context of Utopia, suggesting that to modern readers More presents a highly ambiguous, even "dystopian" portrait of an "ideal society." It then trace the contours of the development of the utopian idea across the centuries to the present, focussing on the relationship between utopianism and millenarianism in particular, and the development of euchronia and the modern idea of progress in the eighteenth century. It will then ask what relevance, if any, More's central themes have to the modern reader, and suggest that in its warnings about the effects of machinery upon humanity and in its varied visions of global environmental catastrophe the dystopian tradition offers later modern readers a stark warning about our possible future.A&HCIARTICLE3,SI402-4112
Quotient-space boundary element methods for scattering at complex screens
No full textInternational audienceA complex screen is an arrangement of panels that may not be even locally orientable because of junction lines. A comprehensive trace space framework for first-kind variational boundary integral equations on complex screens has been established in Claeys and Hiptmair (Integr Equ Oper Theory 77:167–197, 2013. https://doi.org/10.1007/s00020-013-2085-x) for the Helmholtz equation, and in Claeys and Hiptmair (Integr Equ Oper Theory 84:33–68, 2016. https://doi.org/10.1007/s00020-015-2242-5) for Maxwell’s equations in frequency domain. The gist is a quotient space perspective that allows to make sense of jumps of traces as factor spaces of multi-trace spaces modulo single-trace spaces without relying on orientation. This paves the way for formulating first-kind boundary integral equations in weak form posed on energy trace spaces. In this article we extend that idea to the Galerkin boundary element (BE) discretization of first-kind boundary integral equations. Instead of trying to approximate jumps directly, the new quotient space boundary element method employs a Galerkin BE approach in multi-trace boundary element spaces. This spawns discrete boundary integral equations with large null spaces comprised of single-trace functions. Yet, since the right-hand-sides of the linear systems of equations are consistent, Krylov subspace iterative solvers like GMRES are not affected by the presence of a kernel and still converge to a solution. This is strikingly confirmed by numerical tests
Policy Mix and Debt Sustainability: Evidence from Fiscal Policy Rules
No full textThis paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of monetary policy setting. Our results qualify existing evidence on systematic fiscal policy in two respects. First, fiscal policy usually stabilises public debt. And there is indeed substantial interaction between fiscal and monetary policy via the debt channel. Second, sustainability is achieved with a “stop-go” cycle of consolidation. Consolidation does not come at the cost of less cyclical stabilisation unless debt ratios are high.monetary policy, fiscal policy, policy interaction and policy rules, debt sustainability
Fertilization: trade-offs between manure abatement and plant productivity
No full textIn 2005, 30% of the Flemish farms faced a manure excess, while at aggregated level still 9.7% of the emission rights were unused. This means that, despite the various possibilities, Flemish farmers do not succeed in an effective exchange of manure between farms. In current paper is shown how inorganic fertilizer use influences the use and exchange of organic nitrogen. Because of the mutual interdependency between organic and inorganic nitrogen emission rights (or quota), inorganic nitrogen use limits the emission rights for organic nitrogen. Utilisation of these emission rights are analysed as a trade-offs choice between plant productivity (use of inorganic nitrogen) and manure disposal, as the major abatement alternative of manure production. Farmers still prefer inorganic fertilizers because of their effect on plant productivity and income. However, by changing the quota rent of organic nitrogen, the fertilization behaviour can be influenced. A higher quota rent of organic nitrogen would increase the use of manure. This trade-off behaviour seriously influences effectiveness of policies. When the objective is to lower the total nitrogen use, a mere reduction of organic quota can partially be counteracted by a higher inorganic nitrogen use. When the objective is to better spread the manure, increasing the quota rent for deficit farms will increase their acceptance of manure.manure abatement, nutrient emission rights, Tobit model, Crop Production/Industries,
European Governments’ Fiscal Behaviour and Public Debt Holders: What Is the Financial Connection?
No full textClaeys P, Bökemeier B, Owusu BK, Equiza Goni J, Stoian A, Stierle M. European Governments’ Fiscal Behaviour and Public Debt Holders: What Is the Financial Connection?. European Economy Discussion Papers. Vol 218. Brussels: Publications Office - European Commission’s Directorate-General for Economic and Financial Affairs; 2025
The dynamic behaviour of budget components and output
No full textThe main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance of fiscal policy. The disaggregate analysis of fiscal policy in an SVAR that mixes long and short-term constraints allows us to look into the transmission channels of fiscal policy and to derive a model-based indicator of structural balance. The main conclusions are that fiscal slippages are mainly due to reversals in tax policies, which are unmatched by expenditure adjustments. As a consequence, deficits rise when economic conditions worsen but cause a ‘ratcheting up’ in the size of government in economic booms. The Stability and Growth Pact has not eradicated these procyclical policies. Bad policies in good times also contribute to aggregate macroeconomic instability. JEL Classification: E62, E65, E66, H61, H62fiscal indicator, SGP, short and long-term restrictions, structural balance, SVAR
Fiscal Regime Shifts in Portugal
No full textWe estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find evidence of a deficit bias, while repeated reversals of taxes making the budget procyclical. Economic booms have typically been used to relax tax pressure, especially during elections. One-off measures have been preferred over structural ones to contain the deficit during economic crises. The EU fiscal rules prompted temporary consolidation, but did not permanently change the budgeting process.fiscal regimes, Markov Switching, Portugal.
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