Documents de recerca de la UPF, en accés obert, com ara working papers, informes de recerca, memòries tècniques, etc. Aquests i materials d'altres institucions estan disponibles a Recercat (Dipòsit de la Recerca de Catalunya).
We propose a novel forecast evaluation methodology to assess models' absolute and relative forecasting performance when it is a state-dependent function of economic variables. In our framework, the forecasting performance, ...
We consider optimal government debt maturity in a deterministic economy in which the government can issue any arbitrary debt maturity structure and in which bond prices are a function of the government's current and future ...
Macroprudential regulators worldwide have introduced regulations to limit household leverage in light of existing evidence which suggests that high leverage is associated with household distress during crisis. We analyse ...
We investigate the long-run effects of permanent corporate tax reforms on aggregate capital behavior. In an investment model with fixed adjustment costs and partial irreversibility, we show that corporate taxes and investment ...
We argue that the positive relationship between pro-market institutions and entrepreneurial growth aspirations is dampened for individuals with general human capital (higher education), but augmented for those with specific ...
Heblich, Stephan; Nagy, David Krisztián; Trew, Alex; Zylberberg, Yanos(2023-07-03)
This paper studies how cities' industrial structure shapes their life and death. Our analysis exploits the large heterogeneity in the early composition of English and Welsh cities. We extract built-up clusters from early ...
We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are directly connected. We compare the performance, both theoretically and ...
We develop a model of a Financial Stability Fund (Fund) for a union of sovereign countries. By contract design, the Fund never has expected undesired losses while, being default-free, a participant country has greater ...
We investigate the effect of scrutiny (e.g., credit ratings, analyst reports, or mandatory disclosures) on the security design problem of a privately informed issuer. We show that scrutiny has important implications for ...
Fabiani, Andrea; López Piñeros, Martha; Peydró, José-Luis; Soto, Paul E.(2021-08-01)
We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital ...
We study a large-scale land titling reform implemented as a randomized control-trial to isolate its causal effects on litigation. The reform consisted of demarcating land parcels, registering existing customary rights, and ...
We study the effects of maternal age on infant health. Age at birth has been increasing for the past several decades in many countries, and correlations show that health at birth is worse for children born to older mothers. ...
Galí, Jordi; Giusti, Giovanni; Noussair, Charles N.(2020-05-01)
Advocates of a Leaning-Against-the-Wind monetary policy have claimed that such a policy can moderate asset price bubbles. On the other hand, there are compelling theoretical arguments that the policy would have the opposite ...
Bid delegation to specialized intermediaries is common in the auction systems used to sell internet advertising. When the same intermediary concentrates the demand for ad space from competing advertisers, its incentive to ...
All parameters in linear simultaneous equations models can be identified (up to permutation and scale) if the underlying structural shocks are independent and if at most one of them is Gaussian. Unfortunately, existing ...
How does the US labor market absorb low-skilled immigration? I address this question using the 1995 Mexican Peso Crisis, an exogenous push factor that raised Mexican migration to the US. In the short run, high-immigration ...
We study promotion incentives in the public sector by means of a field experiment with the Ministry of Health in Sierra Leone. The experiment creates exogenous variation in meritocracy by linking promotions to performance ...
How will future climate change affect rural economies like sub-Saharan Africa (SSA) in terms of migration and welfare losses? How can policy enhance SSA's capacity to adapt to this process? I answer these questions with a ...
People's behavior is informed and influenced by other people's choices. In many online technologies, for instance, aggregate information about the choices of other individuals is encoded in the form of rankings. Such ...
We investigate the impact of paternity leave policies on gender role attitudes in the next generation. We measure gender-stereotypical attitudes using an Implicit Association Test with 3,000 online respondents in six ...