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A bayesian estimation of the economic effects of the Common Fisheries Policy on the Galician Fleet: a dynamic stochastic general equilibrium approach

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Academic year: 2020

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Figure 1: Priors and posteriors. The black (grey) line represents the posterior (prior), thevertical green line represents the posterior mode value distribution of the standard deviationexogenous labor disutility ((of the policy shocks associated with CFP, εz, the other (economic and biological) shocksεr, θ, εδ {εa}71) and of the recruitment AR process (ρ), the stock productivity (αstock), theB) and its trend parameter (γ).
Table 1: Bayesian estimation for the Southern Stock of Hake
Figure 3: Impulse response function: the fishery’s reaction to the impact of a 1% reductionin εz on landings, Y , consumption, C, investment, I, physical capital, K, labor, L, wages,W, gross capital rental rate, R, total factor productivity, A, and fishing mortality, F.
Figure 4: Counterfactual analysis: The red line represents time series associated with a lessrestrictive policy in the maximum number of days, {yt(ˆεz,t, St)}, and the black line representshistorical time series, {yt(εz,t, St)}.
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