Browsing Recerca: working papers, informes, etc. by Title

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Browsing Recerca: working papers, informes, etc. by Title

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  • Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano (2009)
    We present a model of sovereign debt in which, contrary to conventional wisdom, government defaults are costly because they destroy the balance sheets of domestic banks. In our model, better financial institutions allow ...
  • Broner, Fernando; Martin, Alberto; Ventura, Jaume (2006)
    Conventional wisdom views the problem of sovereign risk as one of insufficient penalties. Foreign creditors can only be repaid if the government enforces foreign debts. And this will only happen if foreign creditors can ...
  • Amat, Oriol; Blake, John; Oliveras, Ester (1999)
    In 1990 a new Spanish 'Plan General de Contabilidad' (PGC) implemented the requirements of the EU 4th and 7th Directives in Spain. Included in the PGC is the requirement, derived from the 4th Directive, that accounts ...
  • Shioji, Etsuro (1997)
    Some past studies analyzed Spanish monetary policy with the standard VAR. Their problem is that this method obliges researchers to impose a certain extreme form of the short run policy rule on their models. Hence, it ...
  • Peñaranda, Francisco; Sentana, Enrique (2008)
    We propose new spanning tests that assess if the initial and additional assets share the economically meaningful cost and mean representing portfolios. We prove their asymptotic equivalence to existing tests under local ...
  • Durán-Carbó, Verónica; ReVelle, Charles; Serra, Daniel (2006)
    In this paper we present a model that studies firm mergers in a spatial setting. A new model is formulated that addresses the issue of finding the number of branches that have to be eliminated by a firm after merging with ...
  • Arruñada, Benito (2003)
    Moral codes are produced and enforced by more or less specialized means and are subject to standard economic forces. This paper argues that the intermediary role played by the Catholic Church between God and Christians, a ...
  • Ellman, Matthew (2004)
    Previous analysis has shown that traders may opt for specific technologies with no joint productivity advantage as a way to commit themselves to trading jointly, but only when long-term contracting is infeasible. This paper ...
  • Barillas, Francisco; Nimark, Kristoffer (2012)
    An affine asset pricing model in which agents have rational but heterogeneous expectations about future asset prices is developed. We estimate the model using data on bond yields and individual survey responses from the ...
  • Nimark, Kristoffer (2009)
    When long maturity bonds are traded frequently and rational traders have non-nested information sets, speculative behavior arises. Using a term structure model displaying such speculative behavior, this paper demonstrates ...
  • Marín, José M.; Rahi, Rohit (1997)
    A speculative security is an asset whose payoff depends on a random shock uncorrelated with economic fundamentals (a sunspot) about which some traders have superior information. In this paper we show that agents may ...
  • Marcet, Albert; Sargent, Thomas J. (1992)
    This paper fills a gap in the existing literature on least squares learning in linear rational expectations models by studying a setup in which agents learn by fitting ARMA models to a subset of the state variables. This ...
  • Leunig, Tim; Voth, Joachim (2011)
    Economists and economic historians want to know how much better life is today than in the past. Fifty years ago economic historians found surprisingly small gains from 19th century US railroads, while more recently economists ...
  • Costain, James S.; Reiter, Michael (2004)
    We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. ...
  • Evans, George W.; Honkapohja, Seppo; Marimon, Ramon (2004)
    We analyze a monetary model with flexible labor supply, cash-inadvance constraints and seigniorage-financed government deficits. If the intertemporal elasticity of substitution of labor is greater than one, there are two ...
  • Benigno, Gianluca; Fornaro, Luca (2015)
    We provide a Keynesian growth theory in which pessimistic expectations can lead to permanent, or very persistent, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because ...
  • Cespa, Giovanni; Cestone, Giacinta (2002)
    We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders ...
  • Gennaioli, Nicola; Perotti, Enrico (2009)
    We model the different ways in which precedents and contract standardization shape the development of markets and the law. In a setup where more resourceful parties can distort contract enforcement to their advantage, we ...
  • Fernández, Patricio A.; Ponzetto, Giacomo A. M. (2009)
    Stare decisis allows common law to develop gradually and incrementally. We show how judge-made law can steadily evolve and tend to increase efficiency even in the absence of new information. Judges' opinions must argue ...
  • Ciccone, Antonio; Matsuyama, Kiminori (1995)
    We use a dynamic monopolistic competition model to show that an economy that inherits a small range of specialized inputs can be trapped into a lower stage of development. The limited availability of specialized inputs forces ...

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