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The Effect of Data Revisions on the Basic New Keynesian Model
(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 ...
Data Revisions in the Estimation of DSGE Models
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
Revisions of US macroeconomic data are not white-noise. They are persistent, correlated
with real-time data, and with high variability (around 80% of volatility observed in US real-time
data). Their business cycle effects ...
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 ...
Time Variation in an Optimal Asymmetric Preference Monetary Policy Model
(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 ...
On the Informational Role of Term Structure in the U.S. Monetary Policy Rule
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-01)
This paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. ...
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 ...
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 ...