Betty Agnani | Universidad de Granada (original) (raw)
Papers by Betty Agnani
This article tests the effects of Oscar awards on the production of feature films. Time series da... more This article tests the effects of Oscar awards on the production of feature films. Time series data for Spain over the 1953-2014 period are used and a production function is estimated assuming that the Oscar effects accrue through the total factor productivity. A lag structure is introduced which allows for a general specification so that the Oscar awards could have constant or diminishing effects over time. The results show that the Oscar wins have significant positive effects on movie production and that some of them have caused structural breaks, while others have vanishing effects over time. The results are fairly robust to the introduction of control variables and different methods of estimation.
We test the effect of different combinations of parties ruling the central and regional governmen... more We test the effect of different combinations of parties ruling the central and regional governments on regional economic growth. If such an effect exists, it should accrue through the total factor productivity (TFP ). Using panel data regression for the Spanish regions over the 1989-2004 period with TFP growth rate as an endogenous variable, we find no effect. We go further and propose a simultaneous two-equation model with the growth rates of TFP and public infrastructure as endogenous variables, finding indirect effects of some combinations of parties on TFP through the provision of public infrastructure. The main finding is that in central left-wing governments without a majority, a positive indirect effect arises in self-governed regions. However, ∗We would like to thank the participants in the "Jornadas sobre la Nueva Economía: Tecnologías de la Información y Comunicación", "DIW Macroeconometric Workshop" and "Simposio de Análisis Económico 2008" f...
We test the e¤ects of di¤erent combinations of parties simultaneously holding o¢ ce in the centra... more We test the e¤ects of di¤erent combinations of parties simultaneously holding o¢ ce in the central and regional governments on the growth rate of regional public infrastructure. Using panel data for the regions of Spain over the 1988-2004 period, we …nd evidence to support Distributive Politics on the growth rate of public infrastructure under both right-wing and left-wing central governments holding a majority and a minority. Our results show that right-wing central governments reward regions governed by the right party, but do not punish regions governed by opposition parties. On the contrary, left-wing central governments do not reward regions governed by the left party, but punish regions governed by opposition parties and especially those governed by regional parties.
Xviii Encuentro De Economia Publica 2011, 2011
We test the effects of different combinations of parties simultaneously holding office in the cen... more We test the effects of different combinations of parties simultaneously holding office in the central and regional governments on the growth rate of regional public infrastructure. Using panel data for the regions of Spain over the 1988-2004 period, we find evidence to support that certain combinations of parties have significant effects on * We would like to thank Máximo Camacho, Javier Gardeazabal, María José Gutierrez and the participants in the "Jornadas sobre la Nueva Economía: Tecnologías de la Información y Comunicación", "DIW Macroeconometric Workshop" and "Simposio de Análisis Económico 2008" for their comments. Financial support from the Spanish Ministry of Education and Science (SEJ2007-62081/ECON), the Junta de Andalucia (SEJ-2547) and the Centro de Estudios Andaluces (PRY112/08) is gratefully acknowledged. During the writing of this article the authors were kindly hosted by the Department of Economics at the University of Leicester.
This article proposes a theoretical model in which the government is endowed with the option to c... more This article proposes a theoretical model in which the government is endowed with the option to change the tax policy on the gasoline market depending on the price of oil. Real option theory is used to determine an optimal oil price band for gasoline taxation. Numerical results using Spanish data show that the more concentrated the indus-try, the sooner the new tax will be introduced and the later it will be removed. Moreover, the larger the price elasticity of the demand, the later the introduction of the additional tax. The cost of changing the tax policy has the typical sunk cost e¤ect, that is, the larger the cost, the later the tax will be introduced and the later it will be removed.
This article proposes a theoretical model in which the government is endowed with the option to c... more This article proposes a theoretical model in which the government is endowed with the option to change the tax policy on the gasoline market depending on the oil price. Real option theory is used to determine an optimal oil price band for gasoline taxation. Numerical results show that the more concentrated the industry, the sooner the introduction of a new tax and the later the removing of it. A lower price elasticity of the demand and a higher minimum special tax has similar results, that is to diminish both limit of the band. Finally, the expected growth rate and volatility of the oil price does not change the band limit.
Los profesores de la Universidad de Granada, Betty Agnani y Henry Aray Casanova, analizan en este... more Los profesores de la Universidad de Granada, Betty Agnani y Henry Aray Casanova, analizan en este Documento de Trabajo el efecto en el crecimiento económico de las regiones españolas a partir de las diferentes combinaciones de partidos políticos que gobiernan tanto a nivel central como regional. Los investigadores toman como referente datos correspondientes al período 1989-2004 en diferentes comunidades y
SSRN Electronic Journal, 2011
ABSTRACT We test calendar effects on stock returns considering business and presidential cycles a... more ABSTRACT We test calendar effects on stock returns considering business and presidential cycles and volatility regimes and show evidence for eight financial market states. We jointly consider four types of seasonality: the day-of-the-week effect (DWE), the macroeconomic announcement effect (MAE), the January effect (JE) and the macroeconomic announcement-January effect (MAJE). Our approach enables us to determine in which states the efficient-market hypothesis (EMH) does not hold. Most of the evidence found is for the DWE, which arises mainly under low volatility regimes and in contraction periods in both Democratic and Republican administrations.
The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy ... more The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy with endogenous growth and non-renewable resources. We know from Scholz and Ziemens (1999) and Groth (2006) that in infinitely lived agents (ILA) economies, any active R&D policy increases the growth rate of the economy. To see if this result also appears
This paper analyzes the sustainability of long term growth in an overlapping generations economy ... more This paper analyzes the sustainability of long term growth in an overlapping generations economy with non-renewable resources as a private input in the production process. It is obtained the competitive intertemporal equilibrium and the minimum threshold levels for the labor's share and exogenous technological change above which the positive long-run growth of output is feasible. It is shown that unlike the in…nitely-lived individual the labor's share has to be high enough to make growth feasible. Finally, we show that in this overlapping generations economy all competitive equilibria are optimal, and that optimal solution can be decentralized by a set of prices, implying that both welfare theorems are satis…ed.
Journal of Applied Economics, 2011
We show that the country has been immersed in a 'great depression' since the mid-seventies. We al... more We show that the country has been immersed in a 'great depression' since the mid-seventies. We also show that although Venezuela is an oil abundant economy, this growth experience is largely due to the evolution of its non-oil GDP. We perform a growth accounting exercise to quantify the extent to which the growth experience in the non-oil sector is a result of physical capital accumulation, finding that non-oil sector behavior can largely be explained by the evolution of total factor productivity (TFP). Finally, we calculate the correlations between oil rents and physical capital accumulation and TFP in the non-oil sector, finding a high positive correlation during the good performance period, but a negative correlation in the implosion period.
ThE Papers, 2007
Downloadable! This article analyzes the effect of awards on the Spanish motion picture industry. ... more Downloadable! This article analyzes the effect of awards on the Spanish motion picture industry. We are interested in how production of both com¬pletely Spanish and coproduced films react to an Oscar award. We estimate a seemingly unrelated regression model controlling for ...
Hacienda Publica Espanola
En este trabajo contrastamos estadísticamente los efectos que tienen sobre la tasa de crecimiento... more En este trabajo contrastamos estadísticamente los efectos que tienen sobre la tasa de crecimiento de la infraestructura pública regional las combinaciones de partidos gobernando simultáneamente en los Gobiernos central y regional. Utilizamos datos de panel para las Comunidades Autónomas españolas en el período 1988-2004 y encontramos evidencia de que ciertas combinaciones de partidos tienen efectos significativos sobre la tasa de crecimiento de la infraestructura pública regional. Partiendo de los Motivos de Conveniencia Política (Pork Barrel Politics) formulamos tres hipótesis relacionadas con la discriminación entre regiones, la sintonía ideológica y la compra de apoyo político. Nuestros resultados arrojan evidencia de discriminación en contra de las regiones gobernadas por partidos de la oposición independientemente de si el Gobierno español es dirigido por la izquierda o la derecha con o sin mayoría parlamentaria. Se evidencia sintonía ideológica cuando gobierna el partido de de...
Rural-Urban Continuum Codes (Beale Codes, USDA) Code Description Metro counties: Counties in metr... more Rural-Urban Continuum Codes (Beale Codes, USDA) Code Description Metro counties: Counties in metro areas of 1 million population or more Counties in metro areas of 250,000 to 1 million population Counties in metro areas of fewer than 250,000 population Nonmetro counties: Urban population of 20,000 or more, adjacent to a metro area Urban population of 20,000 or more, not adjacent to a metro area Urban population of 2,500 to 19,999, adjacent to a metro area Urban population of 2,500 to 19,999, not adjacent to a metro area Completely rural or less than 2,500 urban population, adjacent to a metro area Completely rural or less than 2,500 urban population, not adjacent to a metro area
Journal of Applied Economics, 2011
Venezuela's growth experience over the past …fty years is characterized by a high economic growth... more Venezuela's growth experience over the past …fty years is characterized by a high economic growth rate from 1950 to 1977 and a low economic growth rate in the period 1977-2003. In particular, using the de…nition of "great depression" by Prescott (2002, 2007), we show that Venezuela is in a "great depression" since late seventies. Also, we show that although Venezuela is an oil abundant economy, this growth experience is largely accounted for by the evolution of its real non-oil Gross Domestic Product. We make a growth accounting exercise to quantify the extent to which the growth experience in non-oil sector is due to physical capital accumulation and we …nd that is the evolution of total factor productivity what mainly explains the behaviour of the non-oil sector. Finally, we also make some correlations to …gure out whether the oil sector has a¤ected the non-oil sector, either through its capital accumulation or through the evolution of its total factor productivity. We …nd that the correlation between oil revenues and capital per worker or non-oil total factor productivity is always negative.
This paper analyzes the sustainability of long term growth in an overlapping generations economy ... more This paper analyzes the sustainability of long term growth in an overlapping generations economy with non-renewable resources as a private input in the production process. It is obtained the competitive intertemporal equilibrium and the minimum threshold levels for the labor's share and exogenous technological change above which the positive long-run growth of output is feasible. It is shown that unlike the in…nitely-lived individual the labor's share has to be high enough to make growth feasible. Finally, we show that in this overlapping generations economy all competitive equilibria are optimal, and that optimal solution can be decentralized by a set of prices, implying that both welfare theorems are satis…ed.
Quantitative Finance, 2011
Using a Markov regime switching model, this article presents evidence on the well-known January e... more Using a Markov regime switching model, this article presents evidence on the well-known January effect on stock returns. The specification allows a distinction to be drawn between two regimes, one with high volatility and other with low volatility. We obtain a time-varying January effect that is, in general, positive and significant in both volatility regimes. However, this effect is larger in the high volatility regime. In sharp contrast with most previous literature we find two major results: i) the January effect exists for all size portfolios. ii) the negative correlation between the magnitude of the January effect and the size of portfolios fails across volatility regimes. Moreover, our evidence supports a decline in the January effect for all size portfolios except the smallest, for which it is even larger.
Journal of Environmental Economics and Management, 2005
Applied Economics Letters, 2010
This article analyses the effect of subsidies and awards on the Spanish motion picture industry. ... more This article analyses the effect of subsidies and awards on the Spanish motion picture industry. We estimate a Cobb–Douglas production function using regional data and show that Spanish motion picture industry exhibits constant returns to scale and that awards positively affect movie production whereas subsidies have no effect. In fact, awards affect the productivity of the sector as they allow for an increase in the output, which is not explained by an increase in inputs
This article tests the effects of Oscar awards on the production of feature films. Time series da... more This article tests the effects of Oscar awards on the production of feature films. Time series data for Spain over the 1953-2014 period are used and a production function is estimated assuming that the Oscar effects accrue through the total factor productivity. A lag structure is introduced which allows for a general specification so that the Oscar awards could have constant or diminishing effects over time. The results show that the Oscar wins have significant positive effects on movie production and that some of them have caused structural breaks, while others have vanishing effects over time. The results are fairly robust to the introduction of control variables and different methods of estimation.
We test the effect of different combinations of parties ruling the central and regional governmen... more We test the effect of different combinations of parties ruling the central and regional governments on regional economic growth. If such an effect exists, it should accrue through the total factor productivity (TFP ). Using panel data regression for the Spanish regions over the 1989-2004 period with TFP growth rate as an endogenous variable, we find no effect. We go further and propose a simultaneous two-equation model with the growth rates of TFP and public infrastructure as endogenous variables, finding indirect effects of some combinations of parties on TFP through the provision of public infrastructure. The main finding is that in central left-wing governments without a majority, a positive indirect effect arises in self-governed regions. However, ∗We would like to thank the participants in the "Jornadas sobre la Nueva Economía: Tecnologías de la Información y Comunicación", "DIW Macroeconometric Workshop" and "Simposio de Análisis Económico 2008" f...
We test the e¤ects of di¤erent combinations of parties simultaneously holding o¢ ce in the centra... more We test the e¤ects of di¤erent combinations of parties simultaneously holding o¢ ce in the central and regional governments on the growth rate of regional public infrastructure. Using panel data for the regions of Spain over the 1988-2004 period, we …nd evidence to support Distributive Politics on the growth rate of public infrastructure under both right-wing and left-wing central governments holding a majority and a minority. Our results show that right-wing central governments reward regions governed by the right party, but do not punish regions governed by opposition parties. On the contrary, left-wing central governments do not reward regions governed by the left party, but punish regions governed by opposition parties and especially those governed by regional parties.
Xviii Encuentro De Economia Publica 2011, 2011
We test the effects of different combinations of parties simultaneously holding office in the cen... more We test the effects of different combinations of parties simultaneously holding office in the central and regional governments on the growth rate of regional public infrastructure. Using panel data for the regions of Spain over the 1988-2004 period, we find evidence to support that certain combinations of parties have significant effects on * We would like to thank Máximo Camacho, Javier Gardeazabal, María José Gutierrez and the participants in the "Jornadas sobre la Nueva Economía: Tecnologías de la Información y Comunicación", "DIW Macroeconometric Workshop" and "Simposio de Análisis Económico 2008" for their comments. Financial support from the Spanish Ministry of Education and Science (SEJ2007-62081/ECON), the Junta de Andalucia (SEJ-2547) and the Centro de Estudios Andaluces (PRY112/08) is gratefully acknowledged. During the writing of this article the authors were kindly hosted by the Department of Economics at the University of Leicester.
This article proposes a theoretical model in which the government is endowed with the option to c... more This article proposes a theoretical model in which the government is endowed with the option to change the tax policy on the gasoline market depending on the price of oil. Real option theory is used to determine an optimal oil price band for gasoline taxation. Numerical results using Spanish data show that the more concentrated the indus-try, the sooner the new tax will be introduced and the later it will be removed. Moreover, the larger the price elasticity of the demand, the later the introduction of the additional tax. The cost of changing the tax policy has the typical sunk cost e¤ect, that is, the larger the cost, the later the tax will be introduced and the later it will be removed.
This article proposes a theoretical model in which the government is endowed with the option to c... more This article proposes a theoretical model in which the government is endowed with the option to change the tax policy on the gasoline market depending on the oil price. Real option theory is used to determine an optimal oil price band for gasoline taxation. Numerical results show that the more concentrated the industry, the sooner the introduction of a new tax and the later the removing of it. A lower price elasticity of the demand and a higher minimum special tax has similar results, that is to diminish both limit of the band. Finally, the expected growth rate and volatility of the oil price does not change the band limit.
Los profesores de la Universidad de Granada, Betty Agnani y Henry Aray Casanova, analizan en este... more Los profesores de la Universidad de Granada, Betty Agnani y Henry Aray Casanova, analizan en este Documento de Trabajo el efecto en el crecimiento económico de las regiones españolas a partir de las diferentes combinaciones de partidos políticos que gobiernan tanto a nivel central como regional. Los investigadores toman como referente datos correspondientes al período 1989-2004 en diferentes comunidades y
SSRN Electronic Journal, 2011
ABSTRACT We test calendar effects on stock returns considering business and presidential cycles a... more ABSTRACT We test calendar effects on stock returns considering business and presidential cycles and volatility regimes and show evidence for eight financial market states. We jointly consider four types of seasonality: the day-of-the-week effect (DWE), the macroeconomic announcement effect (MAE), the January effect (JE) and the macroeconomic announcement-January effect (MAJE). Our approach enables us to determine in which states the efficient-market hypothesis (EMH) does not hold. Most of the evidence found is for the DWE, which arises mainly under low volatility regimes and in contraction periods in both Democratic and Republican administrations.
The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy ... more The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy with endogenous growth and non-renewable resources. We know from Scholz and Ziemens (1999) and Groth (2006) that in infinitely lived agents (ILA) economies, any active R&D policy increases the growth rate of the economy. To see if this result also appears
This paper analyzes the sustainability of long term growth in an overlapping generations economy ... more This paper analyzes the sustainability of long term growth in an overlapping generations economy with non-renewable resources as a private input in the production process. It is obtained the competitive intertemporal equilibrium and the minimum threshold levels for the labor's share and exogenous technological change above which the positive long-run growth of output is feasible. It is shown that unlike the in…nitely-lived individual the labor's share has to be high enough to make growth feasible. Finally, we show that in this overlapping generations economy all competitive equilibria are optimal, and that optimal solution can be decentralized by a set of prices, implying that both welfare theorems are satis…ed.
Journal of Applied Economics, 2011
We show that the country has been immersed in a 'great depression' since the mid-seventies. We al... more We show that the country has been immersed in a 'great depression' since the mid-seventies. We also show that although Venezuela is an oil abundant economy, this growth experience is largely due to the evolution of its non-oil GDP. We perform a growth accounting exercise to quantify the extent to which the growth experience in the non-oil sector is a result of physical capital accumulation, finding that non-oil sector behavior can largely be explained by the evolution of total factor productivity (TFP). Finally, we calculate the correlations between oil rents and physical capital accumulation and TFP in the non-oil sector, finding a high positive correlation during the good performance period, but a negative correlation in the implosion period.
ThE Papers, 2007
Downloadable! This article analyzes the effect of awards on the Spanish motion picture industry. ... more Downloadable! This article analyzes the effect of awards on the Spanish motion picture industry. We are interested in how production of both com¬pletely Spanish and coproduced films react to an Oscar award. We estimate a seemingly unrelated regression model controlling for ...
Hacienda Publica Espanola
En este trabajo contrastamos estadísticamente los efectos que tienen sobre la tasa de crecimiento... more En este trabajo contrastamos estadísticamente los efectos que tienen sobre la tasa de crecimiento de la infraestructura pública regional las combinaciones de partidos gobernando simultáneamente en los Gobiernos central y regional. Utilizamos datos de panel para las Comunidades Autónomas españolas en el período 1988-2004 y encontramos evidencia de que ciertas combinaciones de partidos tienen efectos significativos sobre la tasa de crecimiento de la infraestructura pública regional. Partiendo de los Motivos de Conveniencia Política (Pork Barrel Politics) formulamos tres hipótesis relacionadas con la discriminación entre regiones, la sintonía ideológica y la compra de apoyo político. Nuestros resultados arrojan evidencia de discriminación en contra de las regiones gobernadas por partidos de la oposición independientemente de si el Gobierno español es dirigido por la izquierda o la derecha con o sin mayoría parlamentaria. Se evidencia sintonía ideológica cuando gobierna el partido de de...
Rural-Urban Continuum Codes (Beale Codes, USDA) Code Description Metro counties: Counties in metr... more Rural-Urban Continuum Codes (Beale Codes, USDA) Code Description Metro counties: Counties in metro areas of 1 million population or more Counties in metro areas of 250,000 to 1 million population Counties in metro areas of fewer than 250,000 population Nonmetro counties: Urban population of 20,000 or more, adjacent to a metro area Urban population of 20,000 or more, not adjacent to a metro area Urban population of 2,500 to 19,999, adjacent to a metro area Urban population of 2,500 to 19,999, not adjacent to a metro area Completely rural or less than 2,500 urban population, adjacent to a metro area Completely rural or less than 2,500 urban population, not adjacent to a metro area
Journal of Applied Economics, 2011
Venezuela's growth experience over the past …fty years is characterized by a high economic growth... more Venezuela's growth experience over the past …fty years is characterized by a high economic growth rate from 1950 to 1977 and a low economic growth rate in the period 1977-2003. In particular, using the de…nition of "great depression" by Prescott (2002, 2007), we show that Venezuela is in a "great depression" since late seventies. Also, we show that although Venezuela is an oil abundant economy, this growth experience is largely accounted for by the evolution of its real non-oil Gross Domestic Product. We make a growth accounting exercise to quantify the extent to which the growth experience in non-oil sector is due to physical capital accumulation and we …nd that is the evolution of total factor productivity what mainly explains the behaviour of the non-oil sector. Finally, we also make some correlations to …gure out whether the oil sector has a¤ected the non-oil sector, either through its capital accumulation or through the evolution of its total factor productivity. We …nd that the correlation between oil revenues and capital per worker or non-oil total factor productivity is always negative.
This paper analyzes the sustainability of long term growth in an overlapping generations economy ... more This paper analyzes the sustainability of long term growth in an overlapping generations economy with non-renewable resources as a private input in the production process. It is obtained the competitive intertemporal equilibrium and the minimum threshold levels for the labor's share and exogenous technological change above which the positive long-run growth of output is feasible. It is shown that unlike the in…nitely-lived individual the labor's share has to be high enough to make growth feasible. Finally, we show that in this overlapping generations economy all competitive equilibria are optimal, and that optimal solution can be decentralized by a set of prices, implying that both welfare theorems are satis…ed.
Quantitative Finance, 2011
Using a Markov regime switching model, this article presents evidence on the well-known January e... more Using a Markov regime switching model, this article presents evidence on the well-known January effect on stock returns. The specification allows a distinction to be drawn between two regimes, one with high volatility and other with low volatility. We obtain a time-varying January effect that is, in general, positive and significant in both volatility regimes. However, this effect is larger in the high volatility regime. In sharp contrast with most previous literature we find two major results: i) the January effect exists for all size portfolios. ii) the negative correlation between the magnitude of the January effect and the size of portfolios fails across volatility regimes. Moreover, our evidence supports a decline in the January effect for all size portfolios except the smallest, for which it is even larger.
Journal of Environmental Economics and Management, 2005
Applied Economics Letters, 2010
This article analyses the effect of subsidies and awards on the Spanish motion picture industry. ... more This article analyses the effect of subsidies and awards on the Spanish motion picture industry. We estimate a Cobb–Douglas production function using regional data and show that Spanish motion picture industry exhibits constant returns to scale and that awards positively affect movie production whereas subsidies have no effect. In fact, awards affect the productivity of the sector as they allow for an increase in the output, which is not explained by an increase in inputs