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Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?
(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 ...
Trend analysis in two standard growth models
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper analyzes the trend processes characterized by two standard growth models using simple econometrics. The first model is the basic neoclassical growth model that postulates a deterministic trend for output. The ...
Is there a Phillips Curve in the US and the EU15 Countries? An empirical investigation
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-08)
This paper studies the comovement between output and inflation in the EU15 countries. Following den Haan (2000), I use the correlations of VAR forecast errors at different horizons in order to analyze the output-inflation ...
Social Security, Education, Retirement and Growth
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-02)
In this paper we analyze the effects of social security policies in an unfunded, earnings-related social security system on the incentives to education investment and voluntary retirement, on growth and on income inequality. ...
R&D Policy in Economies with Endogenous Growth and Non-Renewable Resources
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-10)
The aim of this paper is to analyze how active R&D policies affect the growth rate of an economy with endogenous growth and non-renewable resources. We know from Scholz and Ziemens (1999) and Groth (2006) that in infinitely ...
Growth in an oil abundant economy: The case of Venezuela
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-09)
Venezuela's growth experience over the past fifty years is characterized by a high economic growth rate from 1950 to 1970 and a low economic growth rate in the last thirty years. Although Venezuela is an oil abundant ...
Growth in Overlapping Generation Economies with Non-Renewable Resources
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
Feasibility of positive steady-state growth in overlapping generation (OLG) economies that use non-renewable resources as essential inputs in the production process is analyzed. The model we use is, in essence, that of ...
Skill premium effects on fertility and female labor force supply
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
In the last twenty years the United States has seen a positive relationship between female labor supply and total fertility rates, which differs from the pattern observed over the preceding years. We construct a general ...
Term Structure and the Estimated Monetary Policy Rule in the Eurozone
(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 ...
How Does the New Keynesian Monetary Model Fit in the U.S. and the Eurozone? an Indirect Inference Approach
(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 ...