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Departament d'Economia i Empresa
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Documents de recerca, en accés obert, com ara working papers, informes de recerca, memòries tècniques, etc., del Departament d'Economia i Empresa de la UPF.
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Recent Submissions
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(2019-11-06)We examine the effects of borrower-based macroprudential policy for household leverage, liquidity, and nancial distress. For identi cation, we exploit the introduction of a mortgage loan-to-value limit in the Netherlands, ...
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(2019-11-03)We show that credit supply effects and associated real effects of monetary policy depend on the size of nonbank presence in the respective lending market. Nonbank presence also alters how monetary policy affects the ...
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(2019-12-16)We analyse the effects of supranational versus national banking supervision on credit supply, and its interactions with monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European ...
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(2019-11)We show that global liquidity limits the effectiveness of local monetary policy on credit markets. The mechanism is via a bank carry trade in international markets when local monetary policy tightens. For identification, ...
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(2020-03-23)We show that negative interest rate policy (NIRP) has expansionary effects on bank credit supply—and the real economy—through a portfolio rebalancing channel, and that, by shifting down and flattening the yield curve, NIRP ...
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(2020)We show that countercyclical liquidity policy smooths credit supply cycles, with stronger crisis effects. For identification, we exploit the Brazilian supervisory credit register and liquidity policy changes on reserve ...
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(2017-05)This paper studies the impact of time-varying idiosyncratic risk at the establishment level on aggregate unemployment fluctuations and on the labor market over the period 1972-2009. I build a tractable search-and-matching ...
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(2019)We develop a theory of endogenous uncertainty and business cycles in which short-lived shocks can generate long-lasting recessions. In the model, higher uncertainty about fundamentals discourages investment. Since agents ...
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(2019-07)En el texto que sigue argumento sobre los problemas de los cuidados de larga duración que requiere una sociedad envejecida y con prevalencia de situaciones de dependencia, y sus alternativas de financiación. Los mensajes ...
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(2019-06)La Economía del Medicamento, por su especificidad, se ha convertido en un campo sustantivo de la Economía de la Salud. Una lectura y análisis de sus aportaciones recientes permite detectar una serie de cuestiones que ...
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(2019-05)Argumento. La elaboración de indicadores no debe hacerse desde un prejuicio para justificar una acción de política pública y montar en su entorno una panoplia de indicadores seleccionables ad hoc. Tampoco debe elaborarse ...
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(2019-03)Mental disorders are leading causes of ill-health and disability worldwide. Various factors influence mental health, such as lifestyle (diet, sport, alcohol and drug consumption), social environment/context, work conditions, ...
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(2019)We analyze the impact of reserve requirements on the supply of credit to the real sector. For identification, we exploit a tightening of reserve requirements in Uruguay during a global capital in ows boom, where the change ...
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(2019)We study negative interest rate policy (NIRP) exploiting ECB’s NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply—and hence the real ...
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(2019)We show that local central bank policies attenuate global financial cycle (GFC)’s spillovers. For identification, we exploit GFC shocks and Brazilian interventions in FX derivatives using three matched administrative ...
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(2018)We analyze a small, new credit facility of a Spanish state-owned-bank during the crisis, using its continuous credit scoring system, firm-level scores, and credit register data. Compared to privately-owned banks, the ...
