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Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-04)
This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes ...
The changing behaviour of the term structure of post-war US
(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 ...
Switching Equilibria: The Present Value Model for Stock Prices Revisited
(2002-07)
This paper analyzes the different dynamic features displayed by alternative RE equilibria and how these features change for small perturbations of the dividend process parameters. Using historical US data and structural ...
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 ...
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 ...
Diglosia eta euskal literatura
(Utriusque Vasconiae, 2002)
Literatura, sistema soziala. Literatura eta diglosia. Literaturaren eta testuaren arteko nahasketa. Testua literaturaren historian. Espazio eta denboraren forma tipologikoaren desoreka. Elementu folkloriko, etnografiko eta ...
Conflictos, treguas y amnistías en el mundo antiguo
(Universidad del País Vasco, Servicio Editorial / Euskal Herriko Univertsitatea, Argitalpen Zerbitzua, 2002)
[ES] El dossier «Conflictos, treguas y amnistías en el mundo antiguo» supone un
recorrido histórico a través del mundo griego arcaico y clásico, y del mundo romano tardorrepublicano
y augusteo cuyo hilo conductor es el ...