• The macroeconomic effects of government asset purchases: evidence from postwar US housing credit

  Fieldhouse, Andrew; Mertens, Karel; Ravn, Morten O. (2017-07)

  We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions ...
• Policy shocks and wage rigidities: empirical evidence from regional effects of national shocks

  Ridder, Maarten de; Pfajfar, Damjan (2017-04)

  This paper studies the effect of wage rigidities on the transmission of fiscal and monetary policy shocks. We calculate downward wage rigidities across U.S. states using the Current Population Survey. These estimates are ...
• Monetary policy with declining deficits: theory and an application to recent Argentine monetary policy

  Manuelli, Rody; Vizcaino, Juan I. (2017-05)

  We study the nature of the optimal monetary policy in a regime of “fiscal dominance” when the monetary authority -that can print money or issue interest earning debt- is required to finance an exogenous sequence of transfers ...
• Debt stocks meet gross financing needs: a flow perspective into sustainability

  Gabriele, Carmine; Erce, Aitor; Athanasopoulou, Mariaelena; Rojas, Juan (2017-06)

  It is well known that no single metric can provide reliable cross-country risk assessments of debt sustainability. While approaches to understanding sustainability have traditionally relied heavily on stock metrics, a ...
• Endogenous uncertainty and credit crunches

  Straub, Ludwig; Ulbricht, Robert (2017-03)

  We develop a theory of endogenous uncertainty where the ability of investors to learn about firm-level fundamentals declines during financial crises. At the same time, higher uncertainty reinforces financial distress of ...
• A unified framework for optimal taxation with undiversifiable risk

  Panousi, Vasia; Reis, Catarina (2017-04)

  This paper considers a model of linear capital taxation for an economy where capital and labor income are subject to idiosyncratic uninsurable risk. To keep the model tractable, we assume that investment decisions are made ...
• Reflexión al hilo de los trabajos de eleboración del informe de expertos para la reforma de la financiación autonómica

  López i Casasnovas, Guillem (2017)

  Juzgando quien suscribe que el modelo propuesto (http://www.minhafp.gob.es/Documentacion/Publico/CDI/Sist%20Financiacion%20y%20Deuda/Informaci%C3%B3nCCAA/Informe_final_Comisi%C3%B3n_Reforma_SFA.pdf), pese a contar con ...
• La crisis, los datos y su impacto en el sistema sanitario

  López i Casasnovas, Guillem (2017)
• On the robustness of least-squares Monte Carlo (LSM) for pricing American derivatives

  Moreno, Manuel; Navas, Javier R. (2001-04-01)

  This paper analyses the robustness of Least-Squares Monte Carlo, a technique recently proposed by Longstaff and Schwartz (2001) for pricing American options. This method is based on least-squares regressions in which ...
• Logistics-production, logistics-marketing and external integration: Their impact on performance

  Giménez, Cristina; Ventura, Eva (2003-01-01)

  Highly competitive environments are leading companies to implement Supply Chain Management (SCM) to improve performance and gain a competitive advantage. SCM involves integration, co-ordination and collaboration across ...
• I just ran four million regressions

  Sala-i-Martin, Xavier (1997-01-01)

  In this paper I try to move away from the Extreme Bounds method of identifying ``robust'' empirical relations in the economic growth literature. Instead of analyzing the extreme bounds of the estimates of the coefficient of ...
• Bubbles and capital flows

  Ventura, Jaume (2002-10-01)

  This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. ...
• Sources of real exchage rate fluctuations: How important are nominal shocks?

  Galí, Jordi; Clarida, Richard (1993-10-01)

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• The political cost of reforms (preliminar version of working paper number 1360: Uncertainty, electoral incentives and political myopia)

  Bonfiglioli, Alessandra; Gancia, Gino (2010-01-01)

  This paper formalizes in a fully-rational model the popular idea that politicians perceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments ...
• Partisan competition, growth and the franchise

  Llavador, Humberto; Oxoby, Robert (2003-12-01)

  We present an argument for changes in the franchise in which an elite split along economic interests use the suffrage to influence implemented policies. Through the influence of these policies on the character of ...
• Insurance with frequent trading

  Penalva, José (1997-10-01)

  This paper looks at the dynamic management of risk in an economy with discrete time consumption and endowments and continuous trading. I study how agents in such an economy deal with all the risk in the economy and ...
• Homes and husbands for all: Marriage, housing and the baby boom

  Hill, Matthew J. (2014-03-01)

  The U.S. experienced an unprecedented increase in fertility during the baby boom. After falling for a century and a half, fertility rates jumped by 45 percent from 1945 to 1955, before resuming their decline in 1965. The ...
• Restless bandits, partial conservation laws and indexability

  Niño-Mora, José (1999-12-01)

  We show that if performance measures in a stochastic scheduling problem satisfy a set of so-called partial conservation laws (PCL), which extend previously studied generalized conservation laws (GCL), then the problem ...
• Organized vs. competitive corruption

  Celentani, Marco; Ganuza, Juan J. (2001-01-01)

  We study bureaucratic corruption in a model in which a constituency sets required levels for a given set of activities. Each activity is carried out by an external provider, and its realization is supervised by a bureaucrat. ...
• Earnings management in Spain. Some evidence from companies quoted in the Spanish stock exchange

  Amat, Oriol; Perramon, Jordi; Oliveras, Ester (2003-04-01)

  After the accounting scandals that have taken place mainly in the United States during the last years, some Spanish leading authorities have defended the idea that this kind of accounting problems cannot happen in Spain. ...

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