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Unemployment rates and population changes in Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
This paper discusses the long run effect of changes in the age distribution of Spanish population on the unemployment rate, disaggregated by sex and age segments in the light of cointegration theory given the non stationarity ...
Population age structure and private consumption in Spain
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
In this paper we study the effect of population age distribution upon private consumption expenditure in Spain from 1964 to 1997 using aggregate data. We obtain four main results. First, changes in the population pyramid ...
Should Fiscal Policy be different in a Non-Competitive Framework?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper studies if imperfections in the labor market justify a different fiscal policy. We present a dynamic general equilibrium model with a Ramsey planner deciding about public spending, labor taxes and debt. Two ...
Optimal Fiscal Policy with Rationing in the Labor Market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper characterizes the optimal fiscal policy when it is assumed that there exists a minimum wage below which no worker can be hired. The rigidity due to the minimum wage legislation can lead to equilibria in which ...
Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences ...
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 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 ...
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 ...