Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract Empirical studies support the hysteresis hypothesis that recessions have a permanent e¤ect on the level of output. We analyze the implications of hysteresis for …scal policy in a DSGE model. We assume a simple learning-by-doing mechanism where demand-driven changes in employment can a¤ect the level of productivity permanently, leading to hysteresis in output. We show that the …scal output multiplier is much larger in the presence of hysteresis and that the welfare multiplier of …scal policy-the consumption equivalent change in welfare for one dollar change in public spending-is positive (negative) in the presence (absence) of hysteresis. The main bene…t of accommodative …scal policy in the presence of hysteresis is to diminish the damage of a recession to the long-term level of productivity and, thus, output. Terms of use: Documents in

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reected in the emergence of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one potential way to address such imbalances is through a scal devaluation. We use a DSGE model calibrated to the euro area to investigate the impact of a scal devaluation, modeled as a revenue-neutral shift from employers' social contributions to the Value Added Tax. We nd that a scal devaluation carried out in`Southern European countries' has a strong positive eect on output, but a mild eect on the trade balance of these countries. In addition, the negative eect on`Central-Northern countries' output is weak.

78%), pero además entregan seguridad a trabajadores agrícolas y consumidores finales. Los productores consideran como principal desventaja el incremento en los costos de producción (58,3% certificado y 42,9% no certificado).]]>

Risk in the agricultural sector has multiple dimensions or factors and prioritization of these can support decision making. On the other hand, knowing the importance of these risk factors for distinct agricultural activities and how they vary according to geographic zone constitutes relevant information for agricultural development. The objective of this study was to prioritize risk factors that are highly relevant for farmers in Central South Chile. The multicriteria Analytical Hierarchical Process (AHP) methodology was used to define a decision structure with four risk factors or criteria: climate, price and direct cost variability, human factor, and commercialization. In general, results obtained showed that there are no important imbalances in the weightings of different risk factors. Price and cost variability was the most important factor (0.30) whereas climate was the least important (0.20). It also confirmed that there are spatial differences in the weightings obtained for the distinct risk factors which determine distinct risk levels for the respective agricultural activities according to geographic region.

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