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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 ...
The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?
(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 ...
Does Immigration Raise Natives’ Income? National and Regional Evidence from Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-04)
How immigration affects the labor market of the host country is a topic of major concern for many immigrant-receiving nations. Spain is no exception following the rapid increase in immigrant flows experienced over the past ...
Do experimental subjects favor their friends?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-06)
Ideally we would like subjects of experiments to be perfect strangers so that the situation they face at the lab is not just part of a long run interaction. Unfortunately, it is not easy to reach those conditions and ...
Immigrants Responsiveness to Labor Market Conditions
(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 ...
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 Impact of Gender Segregation on Male-Female Wage Differentials
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-09)
This paper presents new evidence on the role of gender segregation and pay structure in explaining gender wage differentials of full-time salaried workers in Spain. Data from the 1995 and 2002 Wage Structure Surveys reveal ...
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 ...
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 ...