Now showing items 21-32 of 32

    • Thumbnail

      Prices and the Real Exchange Rate in Hong Kong: 1985-2006 

      Echeverria Garaigorta, Paulina Elisa; Iza Padilla, María Amaya ORCID (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-11)
      This paper seeks to quantify to the extent to which price dynamics in Hong Kong are due to the Balassa-Samuelson hypothesis. From 1985 to 1998, the CPI in Hong Kong increased spectacularly, yet there was dramatic deflation ...
    • Thumbnail

      Should Fiscal Policy be different in a Non-Competitive Framework? 

      Gorostiaga Alonso, Miren Arantzazu ORCID (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 ...
    • Thumbnail

      Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium? 

      Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      Term Structure and the Estimated Monetary Policy Rule in the Eurozone 

      María-Dolores, Ramón; Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      The changing behaviour of the term structure of post-war US 

      Gutiérrez Huerta, María José; Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S. 

      Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      The Effect of Data Revisions on the Basic New Keynesian Model 

      Vázquez Pérez, Jesús ORCID; María-Dolores, Ramón; Londoño Yarce, Juan Miguel (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 ...
    • Thumbnail

      The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach 

      Vázquez Pérez, Jesús ORCID (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. ...
    • Thumbnail

      The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.? 

      María-Dolores, Ramón; Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      The role of the term spread in an augmented Taylor rule: An empirical investigation 

      Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      Time Variation in an Optimal Asymmetric Preference Monetary Policy Model 

      Cassou, Steven P.; Vázquez Pérez, Jesús ORCID (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 ...
    • Thumbnail

      Unemployment rates and population changes in Spain 

      Echevarría Olave, Cruz Ángel ORCID; Eguía Peña, María Begoña ORCID (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 ...