ItzuliZerrendatu Lan Dokumentuak eta Txosten Teknikoak honen arabera: gaia"MACROECONOMICS AND MONETARY ECONOMICS"
42-tik 1-20 emaitza erakusten
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Adam Smith on Capital and Income
Ormazabal Sánchez, Kepa Mirena
(2002-02)
In this paper I critically analyze Smith's thesis in book I, chapter 6 of the "Wealth of Nations" that the replacement of the capital goods consumed in production becomes fully income. I argue that Smith’s argument is ... -
An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor
Casares, Miguel; Moreno, Antonio; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated ... -
Business cycles in a small open economy: The case of Hong Kong
; Iza Padilla, María Amaya (University of the Basque Country, Department of Foundations of Economic Analysis II, 2011-12)
This paper analyzes the business cycle properties of the Hong Kong economy during the 1982-2004 period, which includes the financial crisis experienced in 1997-98. We show that output, output growth rate and real interest ... -
Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their ... -
Consumer Confidence and Yield Spreads in Europe
Ferreira García, María Eva; Martínez, María Isabel; Navarro, Eliseo; Rubio Irigoyen, Gonzalo (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-02)
This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business ... -
Consumption-Leisure Trade-offs and Persistency in Business Cycles
Barañano Mentxaka, Ilaski; Moral Zuazo, María Paz (2007)
This paper studies whether nonseparabilities between consumption and leisure may help to explain the observed persistence in GNP growth. We consider an extended version of Lucas' (1988) human capital investment model that ... -
Data Revisions in the Estimation of DSGE Models
Casares, Miguel; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ... -
Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation
Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of a Fed’s reaction function (FRF) that (i) allows for the presence of switching regimes, (ii) considers the long-short term ... -
Dornbusch and Fischer on Capital and Income
Ormazabal Sánchez, Kepa Mirena (2002-05)
In this paper I critically analyze the relationship that professors Dornbusch and Fischer establish among the concepts of GNP, NNP and aggregate income. In principle, aggregate income is NNP; indeed, the whole point of ... -
Employment comovements at the sectoral level over the business cycle
Cassou, Steven P.; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2009-12)
This paper extends the technique suggested by den Haan (2000) to investigate contemporaneous as well as lead and lag correlations among economic data for a range of forecast horizons. The technique provides a richer picture ... -
Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money
Gutiérrez Huerta, María José; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences ... -
Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-12)The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during ... -
How Does the New Keynesian Monetary Model Fit in the U.S. and the Eurozone? an Indirect Inference Approach
María-Dolores, Ramón; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-05)
This paper estimates a standard version of the New Keynesian monetary (NKM) model under alternative specifications of the monetary policy rule using U.S. and Eurozone data. The estimation procedure implemented is a classical ... -
Income risk of EU coal-fired power plants after Kyoto
Abadie, Luis María; Chamorro Gómez, José Manuel (2008-10)
Coal-fired power plants may enjoy a significant advantage relative to gas plants in terms of cheaper fuel cost. Still, this advantage may erode or even turn into disadvantage depending on CO2 emission allowance price. This ... -
Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?
Echevarría Olave, Cruz Ángel; Iza Padilla, María Amaya (2013-12-18)
We analyze the effects of capital income taxation on long-run growth in a stochastic, two-period overlapping generations economy. Endogenous growth is driven by a positive externality of physical capital in the production ... -
Inequality for Wage Earners and Self-Employed: Evidence from Panel Data
Albarrán, Pedro; Carrasco, Raquel; Martínez Granado, María Teresa (University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-03)
In this paper we study the evolution of income inequality for employees and self-employed workers. We highlight the importance of separately analyze these different sources of income to gain a broader understanding of ... -
Is there a Phillips Curve in the US and the EU15 Countries? An empirical investigation
Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-08)
This paper studies the comovement between output and inflation in the EU15 countries. Following den Haan (2000), I use the correlations of VAR forecast errors at different horizons in order to analyze the output-inflation ... -
Long-Term Growth and Persistence with Endogenous Depreciation: Theory and Evidence
Barañano Mentxaka, Ilaski; Romero-Avila, Diego (Departamento de Fundamentos dle Análisis Económico I, 2013)
Previous research has shown a strong positive correlation between short-term persistence and long-term output growth as well as between depreciation rates and long-term output growth. This evidence, therefore, contradicts ... -
Lowndes and Locke on the value of money
Ormazabal Sánchez, Kepa Mirena (2007)
In this paper I analyze the monetary theories underlying the arguments that Locke and Lowndes directed against each other during their discussions around the Great Recoinage of 1696. My primary place of interest is the ... -
Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates
Gutiérrez Huerta, María José; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-04)
This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes ...