Browsing DFAEII by Title
Now showing items 9-28 of 149
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Ad valorem housing subsidies may reduce house building
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-03)In this paper it is shown that an ad valorem housing subsidy set by a central regulator (or a raise in the ad valorem housing subsidy rate) may reduce the number of houses built in the market and increase the price paid ... -
Altruism and Social Integration
(2009)We report on a two-stage experiment in which i) we first elicit the social network within a section of undergraduate students and ii) we then measure their altruistic attitudes by means of a standard Dictator game. We ... -
Altruism in the (Social) Network
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)This paper explores the role of social integration on altruistic behavior. To this aim, we develop a two-stage experimental protocol based on the classic Dictator Game. In the first stage, we ask a group of 77 undergraduate ... -
Altruism with Social Roots: An Emerging Literature
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)This paper analyzes the emerging literature on the determinants of giving within a social network. We propose two main explanatory variables for previous experimental results on the friendship effect. The first is social ... -
An Alternative View of the US Price-Dividend Ratio Dynamics
(2014-12)As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from ... -
An austerity-driven energy reform
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2013-12)In July 2013, the government approved a major overhaul of the Spanish electricity sector to correct existing imbalances that have led to an exponential increase of regulated electricity costs and a huge tariff deficit. The ... -
An empirical comparison of the performance of alternative option pricing models
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)This paper presents a comparison of alternative option pricing models based neither on jump-diffusion nor stochastic volatility data generating processes. We assume either a smooth volatility function of some previously ... -
An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor
(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 ... -
Are Bar Associations Anticompetitive? An Empirical Analysis of Recommended Prices for Legal Services in Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)The European Commission Report on Competition in Professional Services found that recommended prices by professional bodies have a significant negative effect on competition since they may facilitate the coordination of ... -
Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this ... -
Autorregresive conditional volatility, skewness and kurtosis
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)This paper proposes a GARCH-type model allowing for time-varying volatility, skewness and kurtosis. The model is estimated assuming a Gram-Charlier series expansion of the normal density function for the error term, which ... -
Business cycles in a small open economy: The case of Hong Kong
(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 ... -
Career Planning in Spain: Do temporary contracts delay marriage and motherhood?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2003-04)The aim of this paper is to find an empirical connection between the impressive increase in the use of temporary contracts in Spain and the observed increase in age at marriage and maternity. Using a pool of the six available ... -
Ceilings and Floors? Gender Wage Gaps by Education in Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)This paper analyses the gender wage gaps by education throughout the wage distribution in Spain using individual data from the ECHP (1999). Quantile regressions are used to estimate the wage returns to the different ... -
Competitive Pressure and Job Interview Lying: A Game Theoretical Analysis
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)We consider a job contest in which candidates go through interviews (cheap talk) and are subject to reference checks. We show how competitive pressure - increasing the ratio of "good" to "bad" type candi- dates - can ... -
Computing abuse related damages in the case of new entry: An illustration for the Directory Enquiry Services market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-07)A number of European countries, among which the UK and Spain, have opened up their Directory Enquiry Services (DQs, or 118AB) market to competition. We analyse the Spanish case, where both local and foreign firms challenged ... -
Consumer Confidence and Yield Spreads in Europe
(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 ... -
Consumer Expertise or Credit Risk? An empirical analysis of mortgage pricing
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)Loan mortgage interest rates are usually the result of a bank-customer negotiation process. Credit risk, consumer cross-buying potential, bundling, financial market competition and other features affecting the bargaining ... -
Cyclical Features of Uzawa-Lucas Endogenous Growth Model
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)This paper analyzes the cyclical properties of a generalized version of Uzawa-Lucas endogenous growth model. We study the dynamic features of different cyclical components of this model characterized by a variety of ...