Departament d'Economia i Empresa

 

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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  • Ponzetto, Giacomo A. M.; Petrova, Maria; Enikolopov, Ruben (2020-10-07)
    Trade barriers cause substantial deadweight losses, yet they enjoy surprising voter support. We develop an electoral model that accounts for this puzzling popularity of protectionism. Producers have incentives to acquire ...
  • Gennaioli, Nicola; Ponzetto, Giacomo A. M. (2017-01)
    Many real-world contracts contain vague clauses despite the enforcement risk they entail. To study the causes and consequences of this phenomenon, we build a principal agent model in which contracts can include vague clauses ...
  • Broner, Fernando; Didier, Titiana; Schmukler, Sergio L.; Von Peter, Goetz (2021-09-16)
    Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2020-06)
    Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, ...
  • Odendahl, Florens; Rossi, Barbara, 1971-; Sekhposyan, Tatevik (2021-07-18)
    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, ...
  • Inoue, Atsushi; Rossi, Barbara, 1971- (2021-04)
    We propose a new approach to analyze economic shocks. Our new procedure identi es economic shocks as exogenous shifts in a function; hence, we call them "functional shocks". We show how to identify such shocks and how to ...
  • Rossi, Barbara, 1971- (2020-07-31)
    The recent financial crisis led central banks to lower their interest rates in order to stimulate the economy until they hit the zero lower bound. How should one identify monetary policy shocks in unconventional times? ...
  • Rossi, Barbara, 1971- (2021-07)
    This article provides guidance on how to evaluate and improve the forecasting ability of models in the presence of instabilities, which are widespread in economic time series. Empirically relevant examples include predicting ...
  • Hoesch, Lukas; Rossi, Barbara, 1971-; Sekhposyan, Tatevik (2021-07)
    Does the Federal Reserve have an “information advantage” in forecasting macroeconomic variables beyond what is known to private sector forecasters? And are market participants reacting only to monetary policy shocks or ...
  • Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, Alberto (2021-04)
    This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...
  • Fornaro, Luca; Wolf, Martin (2021-07)
    We provide a framework in which monetary policy affects firms’ automation decisions (i.e. how intensively capital and labor are used in production). This new feature has far-reaching consequences for monetary policy. ...
  • Gancia, Gino A.; Ponzetto, Giacomo A. M.; Ventura, Jaume (2021-06)
    This paper develops a theoretical framework to study the interaction between globalization and political structure. We show that political structure adapts in a non-monotonic way to declining transport costs. Borders hamper ...
  • Ortún Rubio, Vicente; Serra Burriel, Miquel; Manganelli, Anton-Giulio (2017-04-04)
    Background: The Results Centre (CdR) of the Integrated Public Use Healthcare System of Catalonia (SISCAT) is a comprehensive network of public information about healthcare utilization and results at all levels. The aim ...
  • Broner, Fernando; Bustos, Paula; Carvalho, Vasco M. (2019-12)
    We study the determinants of comparative advantage in polluting industries. We combine data on environmental policy at the country level with data on pollution intensity at the industry level to show that countries with ...
  • Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...
  • Doerr, Sebastian; Gissler, Stefan; Peydró, José-Luis; Voth, Hans-Joachim (2020-11-17)
    Do financial crises radicalize voters? We study Germany’s banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and firm-bank connections of over ...
  • Santamaría, Marta; Ventura, Jaume; Yesilbayraktar, Ugur (2021-05)
    Are country borders still an impediment to trade flows within Europe? Using a microlevel survey with 3 million annual shipments of goods, we construct a matrix of bilateral trade for 269 European regions. Take two similar ...
  • Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)
    We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...
  • Fornaro, Luca (2021-04)
    Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature ...
  • Andersen, Asger Lau; Johannesen, Niels; Jørgensen, Mia; Peydró, José-Luis (2021-03)
    We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a ...

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