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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 ...
Consumer Confidence and Yield Spreads in Europe
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-02)
This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business ...
A Supply Function Competition Model for the Spanish Wholesale Electricity Market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-10)
We model the Spanish wholesale market as a multiplant linear supply function competition model. According to the theory, the larger generators should have supply curves for each plant which are to the left of the supply ...
The Impact of Firm Level Contracting on Wage Levels and Inequality: Spain 1995-2002
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-11)
This paper provides microeconomic evidence on the variation over time of the firm-specific wage premium in Spain from 1995 to 2002, and its impact on wage inequality. We make use of two waves of a detailed linked ...
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. ...
The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-04)
This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes ...
Policy Coordination in an Oligopolistic Housing Market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-03)
This paper analyzes the consequences of the interaction between two different levels of government (regulators) in the development of
housing policy when their decisions determine the level of competition in the housing ...
Optimal Correction for Guessing in Multiple-Choice Tests
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-12)
Building on Item Response Theory we introduce students’ optimal behavior in multiple-choice tests. Our simulations indicate that the optimal penalty is relatively high, because although correction for guessing discriminates ...
Ad valorem housing subsidies may reduce house building
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-03)
In this paper it is shown that an ad valorem housing subsidy set by a central regulator (or a raise in the ad valorem housing subsidy rate) may reduce the number of houses built in the market and increase the price paid ...
Social Housing under Oligopoly
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-03)
In this paper it is shown that the setting up of a social housing system may decrease the total number of houses built in the market, induce a price of non-social houses greater than the price of houses without that system ...