Now showing items 1-20 of 57

    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      Una aproximación al origen de la crisis financiera internacional 

      Garmendia Ibáñez, Jesús (Escuela Universitaria de Estudios Empresariales, 2009)
      El objetivo de este artículo es ofrecer una primera aproximación a las razones que hicieron posible el exceso de crédito generador de las burbujas sucesivas y de la crisis actual. El detonante de la crisis fue el estallido ...
    • Thumbnail

      Business cycles in a small open economy: The case of Hong Kong 

      Echeverria Garaigorta, Paulina Elisa; 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 ...
    • Thumbnail

      Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks 

      Maravalle, Alessandro (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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      Demanda efectiva, salarios y empleo 

      Garmendia Ibáñez, Jesús (Escuela Universitaria de Estudios Empresariales, 1997)
      Esta nota muestra el punto de vista keynesiano sobre los efectos de los cambios salariales en el empleo. Comienza recordando el papel crucial de la demanda efectiva en la creación de empleo y luego examina hasta qué punto ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      Euroaren ezarrera, kalkuluen urtea 

      Azkue Irigoyen, Itziar (Escuela Universitaria de Estudios Empresariales, 1997)
      Euro izen-deiturak Europear Batasunejo herrialdeen moneta amankomuna adierazten du, urte batzu barru moneta bakarra bihurtuko dena. Idazlan honekin geroz eta hurbilago dagoen une horri buruzko hausnarketa soila egin nahi da.
    • Thumbnail

      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 ...
    • Thumbnail

      Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending? 

      Claeys, Peter; Maravalle, Alessandro (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 ...
    • Thumbnail

      La Gran Recesión en España y sus consecuencias en el Estado del Bienestar 

      Aramburu Goicoechea, Jon (Facultad de Economía y Empresa. Sección Gipuzkoa, 2016-12-30)
      [ES] En este Trabajo Fin de Grado se analiza el impacto que la crisis económica internacional, producida entre los años 2007-2009, tiene en la economía española perjudicando la viabilidad y el mantenimiento de su Estado ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...
    • Thumbnail

      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 ...