Browsing by Subject "MACROECONOMICS AND MONETARY ECONOMICS"
Now showing items 41-56 of 56
-
La reforma de los agregados monetarios en España, 1973-1992
(Escuela Universitaria de Estudios Empresariales, 1994)Las dudas que aún se mantienen en pie tras varias décadas de debate teórico, los menores niveles de inflación existentes en la actualidad, las dificultades financieras planteadas por la persistencia de los tipos de interés ... -
La regulación-desregulación de la economía española en las últimas décadas y sus implicaciones en el mercado de trabajo
(Escuela Universitaria de Estudios Empresariales, 1996)Desde hace casi treinta años se habla de politicas activas de empleo, su objetivo es mejorar su eficiencia ya que uno de los problemas más importantes que tenemos en la actualidad en la economía española es la alta tasa ... -
Should Fiscal Policy be different in a Non-Competitive Framework?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)This paper studies if imperfections in the labor market justify a different fiscal policy. We present a dynamic general equilibrium model with a Ramsey planner deciding about public spending, labor taxes and debt. Two ... -
Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-08)Farmer (1991) suggests that in a model in which there are multiple rational expectations (RE) equilibria agents may find it useful to coordinate their expectations in a unique RE equilibrium which is immune to the Lucas ... -
Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market
(Instituto de Economía Aplicada a la Empresa (Universidad del País Vasco UPV/EHU), 2015-10-06)[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the ... -
Term Structure and the Estimated Monetary Policy Rule in the Eurozone
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008)In this paper we estimate a standard version of the New Keynesian Monetary (NKM) model augmented with term structure in order to analyze two issues. First, we analyze the effect of introducing an explicit term structure ... -
The changing behaviour of the term structure of post-war US
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term ... -
The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-04)This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes ... -
The Effect of Data Revisions on the Basic New Keynesian Model
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)This paper proposes an extended version of the basic New Keynesian monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the importance of data revisions on the estimated ... -
The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2006)This paper estimates a standard version of the New Keynesian Monetary (NKM) model augmented with financial variables in order to analyze the relative importance of stock market returns and term spread in the estimated U.S. ... -
The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)This paper analyzes the performance of alternative versions of the New Keynesian monetary (NKM) model in order to replicate the comovement observed between output and inflation during the Greenspan era. Following Den Haan ... -
The Ohlin-Keynes Debate on the German Interwar Reparations Revisited
(2008)This paper analyzes the debate between Ohlin and Keynes on the question as to whether Germany was able to make the payments specified in the Dawes Plan. Keynes argued that Germany was able to collect the money but unable ... -
The role of the term spread in an augmented Taylor rule: An empirical investigation
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2003-04)Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the ... -
Time Variation in an Optimal Asymmetric Preference Monetary Policy Model
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)This paper considers a time varying parameter extension of the Ruge-Murcia (2003, 2004) model to explore whether some of the variation in parameter estimates seen in the literature could arise from this source. A time ... -
Unemployment rates and population changes in Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)This paper discusses the long run effect of changes in the age distribution of Spanish population on the unemployment rate, disaggregated by sex and age segments in the light of cointegration theory given the non stationarity ... -
Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant
(2005-10)In this paper we analyze the valuation of options stemming from the flexibility in an Integrated Gasification Combined Cycle (IGCC) Power Plant. First we use as a base case the opportunity to invest in a Natural Gas Combined ...