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. The HFCN collects household-level data on households' finances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: Terms of use: Documents in EconStor may1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two;2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables;3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and financial stability.The refereeing process of this paper has been co-ordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank), Michalis Haliassos (Goethe University Frankfurt) , Tullio Jappelli (University of Naples Federico II), Sébastien PérezDuarte (ECB), Jiri Slacalek (ECB), Federica Teppa (De Nederlandsche Bank), Peter Tufano (Oxford University) and Philip Vermeulen (ECB).The paper is released in order to make the results of HFCN research generally available, in preliminary form, to encourage comments and suggestions prior to final publication. The views expressed in the paper are the author's own and do not necessarily reflect those of the ESCB. AcknowledgementsThe views expressed in this paper are those of the authors and do not necessarily reflect those of the respective National Central Banks or the European Central Bank. We would like to thank Asa Johansson for providing data on pre-and after-tax mortgage interest rates and Richard Blundell and an anonymous referee for helpful comments. All remaining errors are our own. Olympia Bover (corresponding author)Banco de España; e-mail: bover@bde.es Banco de EspañaOlympia Bover, Jose Maria Casado and Ernesto Villanueva Banco de Portugal Sonia Costa National Bank of Belgium Philip Du Caju Central Bank of Ireland Yvonne McCarthy CEPS / INSTEAD Research Institute Eva Sierminska Bank of Greece and Deutsche Bundesbank Panagiota Tzamourani National Bank of Slovakia Tibor ZavadilAbstract The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across...

This paper analyses the level of inequality in Spain and how it evolved over the course of the past crisis and the early stages of the current recovery. To this end, it first introduces the various dimensions of wage, income, consumption and wealth inequality, and studies how they have developed. The analysis shows less wage dispersion in Spain than in other comparable economies, even after the crisis years, while the surge in unemployment during the period resulted in a high level of inequality in per capita income. The level of inequality in Spain is more moderate when total gross household income is analysed, decreasing during the crisis as a result of pensions developing more favourably than other sources of income, in conjunction with young people delaying setting up home. Inequality in per capita consumption rose during the crisis, particularly as a result of a decrease in expenditure on consumer durables by low-income households. Wealth inequality exceeds income inequality and increased during the downturn as a result of financial assets outperforming real assets. Nevertheless, Spain's wealth inequality is moderate by international standards, as ownership of real assets is more widespread than in other countries. The way inequality has evolved during the early stages of the current economic recovery shows that falling unemployment has enabled a reduction in wage income inequality, as well as in per capita income inequality, albeit to a lesser extent. We are indebted to all seminar participants at the Banco de España in particular to Óscar Arce and Pablo Hernández de Cos. We are very grateful to Virginia Sánchez Marcos and Manuel Bagues for their work in improving the paper during the editorial process. We also thank the assistance of Sandra Laza, Ana Valentina Regil, Maria Beiro and the translation and editing unit at the Banco de España. The opinions and analyses are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem.

We estimate the importance of preference interdependence from consumption choices. Our strategy follows the literature that tests the constraints imposed by optimality in the evolution of individual consumption. We derive an Euler equation from a preference specification that allows for nonseparabilities across households and across time. The introduction of habits and envy places additional restrictions on the evolution of the optimal consumption path. We use a unique data set that follows a sample of 3,200 households for up to eight consecutive quarters to test these restrictions. Our estimates suggest that, if one defines utility over consumption services, a large fraction of these services is relative, with one fourth of the weight placed in the consumption of the reference group and more than one third of the weight placed on the agent's past consumption.

No abstract

This study seeks to understand how Argentina's energy, water, and land (EWL) systems will coevolve under a representative array of human and earth system influences, including socioeconomic change, climate change, and climate policy. To capture Argentina's sub-national EWL dynamics in the context of global change, we couple the Global Change Analysis Model with a suite of consistent, gridded sectoral downscaling models to explore multiple stakeholder-engaged scenarios. Across scenarios, Argentina has the economic opportunity to use its vast land resources to satisfy growing domestic and international demand for crops, such as oil (e.g., soy) and biomass. The human (rather than earth) system produces the most dominant changes in mid-century EWL resource use. A Reference scenario characterized by modest socioeconomic growth projects a 40% increase in Argentina's agricultural production by 2050 (relative to 2020) by using 50,000 km 2 of additional cropland and 40% more water. A Climate Policy scenario designed to achieve net-zero carbon emissions globally shortly after mid-century projects that Argentina could use 100,000 km 2 of additional land (and 65% more water) to grow biomass and other crops. The burden of navigating these national opportunities and challenges could fall disproportionately on a subset of Argentina's river basins. The Colorado and Negro basins could experience moderate-to-severe water scarcity as they simultaneously navigate substantial irrigated crop demand growth and climate-induced declines in natural water availability. Argentina serves as a generalizable testbed to demonstrate that multi-scale EWL planning challenges can be identified and managed more effectively via integrated analysis of coupled human-earth systems.

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. The HFCN collects household-level data on households' finances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: Terms of use: Documents in EconStor may1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two;2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables;3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and financial stability.The refereeing process of this paper has been co-ordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank), Michalis Haliassos (Goethe University Frankfurt) , Tullio Jappelli (University of Naples Federico II), Sébastien PérezDuarte (ECB), Jiri Slacalek (ECB), Federica Teppa (De Nederlandsche Bank), Peter Tufano (Oxford University) and Philip Vermeulen (ECB).The paper is released in order to make the results of HFCN research generally available, in preliminary form, to encourage comments and suggestions prior to final publication. The views expressed in the paper are the author's own and do not necessarily reflect those of the ESCB. AcknowledgementsThe views expressed in this paper are those of the authors and do not necessarily reflect those of the respective National Central Banks or the European Central Bank. We would like to thank Asa Johansson for providing data on pre-and after-tax mortgage interest rates and Richard Blundell and an anonymous referee for helpful comments. All remaining errors are our own. Olympia Bover (corresponding author)Banco de España; e-mail: bover@bde.es Banco de EspañaOlympia Bover, Jose Maria Casado and Ernesto Villanueva Banco de Portugal Sonia Costa National Bank of Belgium Philip Du Caju Central Bank of Ireland Yvonne McCarthy CEPS / INSTEAD Research Institute Eva Sierminska Bank of Greece and Deutsche Bundesbank Panagiota Tzamourani National Bank of Slovakia Tibor ZavadilAbstract The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across...

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 We measure the contribution of worker flows across employment, unemployment, and non-participation to the change in unemployment in eleven EU countries during the period 2006-2012, paying special attention to which socio-demographic groups in each of the countries were mostly affected by job creation and job destruction during the crisis. We find that age, to a larger extent than educational attainments, is the main determinant of flows from employment into unemployment, particularly in those countries where unemployment increased by most. Secondly, we highlight some institutional features of the labour market (employment protection legislation, unemployment insurance, and the incidence of active labor market policies) that help to explain the cross-country differences in flows between employment and unemployment and in their socio-demographic composition. Finally, we examine if the crisis has led to some employment reallocation across sectors, finding that, so far, there is no clear evidence in favor of cleansing effects. Terms of use: Documents in

Integrated energy-water-land (EWL) planning promotes synergies and avoids conflicts in ways that sector-specific planning approaches cannot. Many important decisions that influence emerging EWL nexus issues are implemented at regional (e.g., large river basin, electricity grid) and sub-regional (e.g., small river basin, irrigation district) scales. However, actual implementation of integrated planning at these scales has been limited. Simply collecting and visualizing data and interconnections across multiple sectors and sub-regions in a single modeling platform is a unique endeavor in many regions. This study introduces and applies a novel approach to linking together multiple sub-regions in a single platform to characterize and visualize EWL resource use, EWL system linkages within and among sub-regions, and the EWL nexus implications of future policies and investments. This integrated planning methodology is applied in the water-stressed Colorado River Basin in Argentina, which is facing increasing demands for agricultural and fossil fuel commodities. Guided by stakeholders, this study seeks to inform basin planning activities by characterizing and visualizing (1) the basin’s current state of EWL resources, (2) the linkages between sectors within and among basin sub-regions, and (3) the EWL nexus implications of planned future agricultural development activities. Results show that water scarcity, driven in part by human demands that have historically reached 60% of total surface water supply, poses a substantial constraint to economic development in the basin. The Colorado basin has the potential to serve as a testbed for crafting novel and generalizable sub-regional EWL planning approaches capable of informing the EWL planning dialogue globally.