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Professor Fidel Perez Sebastian

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Fidel Perez Sebastian

Professor in Economics


Oil discoveries and protectionism: Role of news effects (2021)
Journal Article
Perez-Sebastian, F., Raveh, O., & van der Ploeg, F. (2021). Oil discoveries and protectionism: Role of news effects. Journal of Environmental Economics and Management, 107, https://doi.org/10.1016/j.jeem.2021.102425

Can oil discovery shocks affect the demand for protectionism? An intertemporal model of Dutch disease indicates that if the tradable sector is politically dominant then an oil discovery can induce protectionism. If the economy is also credit constrai... Read More about Oil discoveries and protectionism: Role of news effects.

Capital-skill complementarity and biased technical change across US sectors (2020)
Journal Article
Perez-Laborda, A., & Perez-Sebastian, F. (2020). Capital-skill complementarity and biased technical change across US sectors. Journal of Macroeconomics, 66, https://doi.org/10.1016/j.jmacro.2020.103255

The goal of this paper is two-fold. First, we reexamine the evidence for the capital-skill complementarity (CSC) and the skill-biased technological change (SBTC) hypotheses at the sectoral level in the US economy for the period 1970-2005. Second, we... Read More about Capital-skill complementarity and biased technical change across US sectors.

The role of ethnic characteristics in the effect of income shocks on African conflict (2020)
Journal Article
Manotas-Hidalgo, B., Pérez-Sebastián, F., & Campo-Bescós, M. A. (2021). The role of ethnic characteristics in the effect of income shocks on African conflict. World Development, 137, https://doi.org/10.1016/j.worlddev.2020.105153

This paper disentangles the ethnic drivers of the effect of food-related income shocks on African conflict employing geolocalized information. We consider diversity and political ethnic variables and several conflict definitions. We find that differe... Read More about The role of ethnic characteristics in the effect of income shocks on African conflict.

Federal tax policies, congressional voting, and natural resources (2019)
Journal Article
Perez-Sebastian, F., & Raveh, O. (2019). Federal tax policies, congressional voting, and natural resources. Canadian Journal of Economics / Revue Canadienne d'Économique, 52(3), 1112-1164. https://doi.org/10.1111/caje.12404

Can abundance of natural resources affect legislators' voting behavior over federal tax policies? We construct a political economy model of a federalized economy with district heterogeneity in natural resource abundance. The model shows that represen... Read More about Federal tax policies, congressional voting, and natural resources.

Heterogeneous vertical tax externalities and macroeconomic effects of federal tax changes: the role of fiscal advantage (2019)
Journal Article
Perez-Sebastian, F., Raveh, O., & Reingewertz, Y. (2019). Heterogeneous vertical tax externalities and macroeconomic effects of federal tax changes: the role of fiscal advantage. Journal of urban economics, 112, 85-110. https://doi.org/10.1016/j.jue.2019.06.003

How do state tax rates respond to federal tax shocks? This paper presents a novel mechanism of heterogeneous vertical tax externalities across state-levels of fiscal advantage, showing that tax increases can be expansionary even without their reinves... Read More about Heterogeneous vertical tax externalities and macroeconomic effects of federal tax changes: the role of fiscal advantage.

What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act (2018)
Journal Article
Perez-Sebastian, F., & Raveh, O. (2018). What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act. Regional Science and Urban Economics, 73, 251-268. doi:10.1016/j.regsciurbeco.2018.10.004

In economies with multi-level governments, why would a change in the fiscal rule of a government in one level lead to a fiscal response by a government in a different level? The literature focused primarily on the standard common-pool problem, while... Read More about What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act.

The public and private marginal product of capital (2018)
Journal Article
Lowe, M., Papageorgiou, C., & Perez Sebastian, F. (2019). The public and private marginal product of capital. Economica, 86(342), 336-361. doi:10.1111/ecca.12268

Why doesn't capital flow to developing countries as predicted by the neoclassical model? What are the direction and degree of capital misallocation across nations? We revisit these questions by removing public capital from total capital to achieve a... Read More about The public and private marginal product of capital.

Natural resources, decentralization, and risk sharing: can resource booms unify nations? (2016)
Journal Article
Pérez-Sebastián, F., & Raveh, O. (2016). Natural resources, decentralization, and risk sharing: can resource booms unify nations?. Journal of Development Economics, 121, 38-55. https://doi.org/10.1016/j.jdeveco.2016.02.003

Previous studies imply that a positive regional fiscal shock, such as a resource boom, strengthens the desire for separation. In this paper we present a new and opposite perspective. We construct a model of endogenous fiscal decentralization that bui... Read More about Natural resources, decentralization, and risk sharing: can resource booms unify nations?.

The natural resource curse and fiscal decentralization (2015)
Journal Article
Pérez-Sebastián, F., & Raveh, O. (2016). The natural resource curse and fiscal decentralization. American journal of agricultural economics, 98(1), 212-230. https://doi.org/10.1093/ajae/aav051

© 2015 The Author. Natural resource abundance is a blessing for some countries, but a curse for others. We show that differences across countries in the degree of fiscal decentralization can contribute to this divergent outcome. Using a large panel o... Read More about The natural resource curse and fiscal decentralization.

Convergence in a dynamic Heckscher–Ohlin model with land (2015)
Journal Article
Guilló, M. D., & Pérez-Sebastián, F. (2015). Convergence in a dynamic Heckscher–Ohlin model with land. Review of development economics, 19(3), 725-734. https://doi.org/10.1111/rode.12158

Convergence among nations that share the same preferences and technologies is a key result of the closed-economy neoclassical growth framework that has received substantial support in the data. However, Heckscher–Ohlin versions of the two-sector neoc... Read More about Convergence in a dynamic Heckscher–Ohlin model with land.