BackBrowsing DFAEII by Issue Date
Now showing items 41-60 of 149
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How much efficiency gains and price reductions for an efficiency defense? 'Quanto Basta'
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)Potential efficiency gains due to a merger can be used by competition authorities to judge upon proposed mergers. In a world where agents’ efforts, observable or unobservable, affect the success of a production cost reducing ... -
Optimal Minimum Wage in a Competitive Economy: an Alternative Modelling Approach
Gorostiaga Alonso, Miren Arantzazu
; Rubio-Ramírez, Juan F. (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper analyzes whether a minimum wage can be an optimal redistribution policy when distorting taxes and lump-sum transfers are also available in a competitive economy. We build a static general equilibrium model with ... -
The Black Box of Mutual Fund Fees
Gil Bazo, Javier; Martínez Sedano, Miguel Ángel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is ... -
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 ... -
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 ... -
Mergers in Durable Goods Industries
Sagasta Elorza, Amagoia; Saracho de la Torre, Ana Isabel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper is concerned with the study of durability as an aspect of competition and market structure that contributes to determining the incentives for mergers. We find that relative to the incentives in industries that ... -
The effect of firm-level contracts on the structure of wages: evidence from matched employer-employee data
Card, David E.; De la Rica Goiricelaya, Sara (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004-10)
In Spain, as in several other European countries, sectoral bargaining agreements are automatically extended to cover all firms in an industry. Employers and employees can also negotiate firm-specific contracts. We use a ... -
Market Power in the Spanish Electricity Auction
Ciarreta Antuñano, Aitor; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)
We use hourly bid data from the Spanish day-ahead electricity auction to obtain a lower bound measure of generators' market power. Our method is not based on cost estimates but rather on the different behavior of strategic ... -
Life Expectancy, Human Capital, Social Security and Growth
Echevarría Olave, Cruz Ángel; Iza Padilla, María Amaya (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)
We analyze the effects of changes in the mortality rate upon life expectancy, education, retirement age, human capital and growth in the presence of social security. We build a vintage growth, overlapping generations model ... -
Strategic Behavior and Collusion: An Application to the Spanish Electricity Market
Ciarreta Antuñano, Aitor; Gutiérrez Hita, Carlos (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)
The paper has two major contributions to the theory of repeated games. First, we build a supergame oligopoly model where firms compete in supply functions, we show how collusion sustainability is affected by the presence ... -
Ceilings and Floors? Gender Wage Gaps by Education in Spain
De la Rica Goiricelaya, Sara; Dolado, Juan J.; Llorens, Vanessa (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 ... -
Testing the Forecasting Performance of Ibex 35 Option-implied Risk-neutral Densities
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-01)The main objective of this paper is to test whether the risk-neutral densities (RNDs) implied in the prices of the future options contract on the Spanish IBEX 35 index accurately predict the distribution of future outcomes ... -
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 ... -
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. ... -
Going Multinational under Exchange Rate Uncertainty
Aray, Henry; Gardeazabal, Javier (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-02)
A domestic exporting firm faces exchange rate uncertainty and has the option to install capacity abroad, thus becoming multinational. We analyze when the firm should exercise such an option optimally in the context of a ... -
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 ... -
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 ... -
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 ... -
Immigrants Responsiveness to Labor Market Conditions
Amuedo Dorantes, Catalina; De la Rica Goiricelaya, Sara (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-05)
Using data from the Spanish Labor Force Survey (Encuesta de Población Activa) from 1999 through 2004, we explore the role of regional employment opportunities in explaining the increasing immigrant flows of recent years ... -
Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-06)The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied ...