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Unions, Monetary Shocks and the Labour Market Cycle
(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 ...
Prices and the Real Exchange Rate in Hong Kong: 1985-2006
(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 ...
The impact of COVID-19 confinement in the Euro Area: a Bayesian DSGE approach
(2020)
With the aim of providing a preliminary forecast of the economic repercussion of the recent confinement, we estimate a canonical medium-scale dynamic stochastic general equilibrium model (DSGE) for the Euro Area economy, ...
Fiscal policy asymmetries and the sustainability of government debt in the Euro Area
(2020)
This paper empirically analyzes fiscal policy sustainability and the cyclicality in 19 Euro Area countries using data on government debt, primary deficit and the output gap. We investigate this over quarterly intervals, ...
The sensitivity of estimated DSGE models to alternative data vintages
(2020)
This paper considers the estimation of a structural DSGE model with three alternative macroeconomic data vintages corresponding to the first-release (real-time data), the third-release data, and the highly revised data to ...
Wage stickiness and unemployment fluctuations: an alternative approach
(Springer, 2012-09)
Erceg et al. (J Monet Econ 46:281-313, 2000) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian ...
Prosocial norms and degree heterogeneity in social networks
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
We provide empirical evidence to support the claims that social diversity promotes prosocial behavior. We elicit a real-life social network and its members’ adherence to a social norm, namely inequity aversion.
The data ...
Strategic Interaction and Conventions
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-06)
The scope of the paper is the literature that employs coordination games to study social norms and conventions from the viewpoint of game theory and cognitive psychology. We claim that those two alternative approaches are ...
Earnings-based vs assets-based borrowing constraints and their impact on output
(2020)
We present an overlapping generations model in order to assess the quantitative effects of financial frictions on output depending on the type of loan contract. Financial frictions are one of the major obstacles of the ...
Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?
(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 ...