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Mostrando ítems 127-146 de 149
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The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach
Vázquez Pérez, Jesús
(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.?
María-Dolores, Ramón; Vázquez Pérez, Jesús (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 Optimality of the Common Fisheries Policy: the Northern Stock of Hake
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)We evaluate the management of the Northern Stock of Hake during 1986-2001. A stochastic bioeconomic model is calibrated to match the main features of this fishing ground. We show how catches, biomass stock and profits ... -
The Relationship between Risk and Expected Return in Europe
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-01)We employ MIDAS (Mixed Data Sampling) to study the risk-expected return trade-off in several European stock indices. Using MIDAS, we report that, in most indices, there is a significant and positive relationship between ... -
The Relevance of Relative Position in Ultimatum Games
Miller Moya, Luis Miguel; Ubeda Molla, Paloma (University of the Basque Country, Department of Foundations of Economic Analysis II, 2014)
This paper investigates the effect of focal points and initial relative position in the outcome of a bargaining process. We conduct two on-line experiments. In the first experiment we attempt to replicate Güth, Huck and ... -
The role of personal involvement and responsibility in dictatorial allocations: A classroom experiment
Brañas Garza, Pablo; Durán, Miguel A.; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-08)
This paper explores the motivations behind giving. Specifically, it focuses on personal involvement and responsibility to explain why decision makers give positive amounts in dictatorial decisons. The experiment is designed ... -
The role of the term spread in an augmented Taylor rule: An empirical investigation
Vázquez Pérez, Jesús (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 ... -
The role of the terms of trade in the trade channel of transmission of oil price shocks
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-12)This paper highlights the role of the terms of trade in the trade channel of propagation of oil price shocks both empirically and theoretically. Empirically, I show that oil price shocks have a large, persistent and ... -
The Weekend-Dividend Effect in the Spanish Market
Gardeazabal, Javier; Regúlez Castillo, Marta (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-06)
In this paper we develop an econometric test of a corollary of the irrelevance of the dividend policy principle, namely, that the rescheduling of dividends does not affect the market valuation of the firm. In particular, ... -
Time discounting (delta) and pain anticipation: Experimental evidence
Brañas Garza, Pablo; Espinosa Alejos, María Paz; Repollés Pro, María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-11)
This paper deals with pain anticipation experienced before medical procedures. Our experimental results show that individuals with lower discount factors are more prone to suffer pain in advance. We provide a framework to ... -
Time Variation in an Optimal Asymmetric Preference Monetary Policy Model
Cassou, Steven P.; Vázquez Pérez, Jesús (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 ... -
Travellers' Types
Brañas Garza, Pablo; Espinosa Alejos, María Paz; Rey Biel, Pedro (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010)
This paper uses subjects’ self-reported justifications to explain discrepancies between observed heterogeneous behavior and the unique equilibrium prediction in a one-shot traveler’s dilemma experiment (TD). Principal ... -
Trend analysis in two standard growth models
Restrepo Ochoa, Sergio I.; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper analyzes the trend processes characterized by two standard growth models using simple econometrics. The first model is the basic neoclassical growth model that postulates a deterministic trend for output. The ... -
Understanding Tariff Deficit and its Challenges
Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2013-01)
Regulators and market participants have become increasingly concerned about the Spanish electricity tariff deficit due to its size and the difficulties to control its growth. The deficit can be traced to inefficiencies in ... -
Understanding the ex-ante cost of liquidity in the limit order book: A note
Martínez Sedano, Miguel Ángel; Rubio Irigoyen, Gonzalo; Tapia, Mikel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-01)
This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity ... -
Unemployment rates and population changes in Spain
Echevarría Olave, Cruz Ángel; Eguía Peña, María Begoña (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 ... -
Union Formation and Bargaining Rules in the Labor Market
Chica Páez, Yolanda; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-03)
This paper analyzes union formation in a model of bargaining between a firm and several unions. We address two questions: first, the optimal configuration of unions (their number and size) and, second, the impact of the ... -
Unions, Monetary Shocks and the Labour Market Cycle
Fernández de Córdoba, Gonzalo; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-02)
This paper provides a new growth model by considering strategic behaviour in the supply of labour. Workers form a labour union with the aim of manipulating wages in their own benefit. We analyse the implications on labor ... -
Unraveling Public Good Games: The Role of Priors
Brañas Garza, Pablo; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-02)
This paper provides experimental evidence on how players predict end game effects in a linear public good game. Our regression analysis yields a measure of the relative importance of priors and signals on subjects\' beliefs ... -
Vertical Differentiation and Entry Deterrence: A Reconsideration
Beloki, Lander; Usategui Díaz de Otalora, José María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-01)
In this work we emphasize why market coverage should be considered endogenous for a correct analysis of entry deterrence in vertical differentiation models and discuss the implications of this endogeneity for that analysis. ...