• Business cycle and monetary policy analysis in a structural sticky price model of the euro area 

      Casares Polo, Miguel Upna (2001)   Documento de trabajo / Lan gaiak  OpenAccess
      Structural models are a powerful tool for business cycle and monetary policy analysis because they are assumed to be invariant to either policy changes or external shocks. In this paper, we derive a neoclassical monetary ...
    • Business cycle and monetary policy analysis with market rigidities and financial frictions 

      Casares Polo, Miguel Upna; Deidda, Luca; Galdón Sánchez, José Enrique Upna (2013)   Documento de trabajo / Lan gaiak  OpenAccess
      We describe a dynamic macroeconomic model that incorporates firm-level borrowing constraints, competitive CES loan production, and rigidities on both setting prices and wages. The external finance premium (interest-rate ...
    • Business dynamism and economic growth: U.S. regional evidence 

      Casares Polo, Miguel Upna; Khan, Hashmat (2016)   Documento de trabajo / Lan gaiak  OpenAccess
      We document empirical evidence on the determinants of U.S. regional growth over the last 25 years, with a special attention to the role of entrepreneurial activity or `business dynamism'. The main data source is the Business ...
    • Data revisions in the estimation of DSGE models 

      Casares Polo, Miguel Upna; Vázquez, Jesús (2011)   Documento de trabajo / Lan gaiak  OpenAccess
      Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...
    • Dynamic analysis in an optimizing monetary model with transaction costs and endogenous investment 

      Casares Polo, Miguel Upna (2001)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper analyzes the period-to-period changes that occur in an optimizing monetary model with uncertainty and sticky prices. Money is incorporate in its role as a medium of exchange through a time-cost transactions ...
    • Entry and exit in recent US business cycles 

      Casares Polo, Miguel Upna (2015)   Documento de trabajo / Lan gaiak  OpenAccess
      I show evidence indicating that the variability of the total number of business units (establishments) has significantly increased in recent US business cycles, accounting for nearly 2/3 of real GDP fluctuations during the ...
    • An estimated new-Keynesian model with unemployment as excess supply of labor 

      Casares Polo, Miguel Upna; Moreno, Antonio Upna; Vázquez, Jesús (2010)   Documento de trabajo / Lan gaiak  OpenAccess
      As one alternative to search frictions, wage stickiness is introduced in a New-Keynesian model to generate endogenous unemployment fluctuations due to mismatches between labor supply and labor demand. The effects on an ...
    • Firm entry under financial frictions 

      Casares Polo, Miguel Upna; Poutineau, Jean Christophe (2011)   Documento de trabajo / Lan gaiak  OpenAccess
      Introducing both endogenous firm entry and a requirement for external finance in a general-equilibrium model leads to three main results. First, the financial constraint has contractionary effects on both equity investment ...
    • The great moderation of inflation: a structural analysis of recent U.S. monetary business cycles 

      Casares Polo, Miguel Upna; Vázquez, Jesús (2012)   Documento de trabajo / Lan gaiak  OpenAccess
      U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson ...
    • Long run analysis in alternative optimizing monetary models 

      Casares Polo, Miguel Upna (2001)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper explores the transmission channel from monetary variables to real variables in the steady-rate equilibria of various neoclassical optimizing models with money. The existence of superneutrality is rejected for ...
    • Monopolistic competition, sticky prices, and the minimal mark-up in steady state 

      Casares Polo, Miguel Upna (2007)   Documento de trabajo / Lan gaiak  OpenAccess
      This note reports the rate of inflation that minimizes the mark-up of prices over marginal costs in the steady-state solution of a monopolistic competition model with either Taylor (1980) or Calvo (1983) pricing. The minimal ...
    • A New Keynesian analysis of industrial employment fluctuations 

      Casares Polo, Miguel Upna (2009)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper describes a model with sticky prices, search frictions and hours-clearing wages that provides firm differentiation across several dimensions: price, output, wage, employment and hours per worker. The connection ...
    • On firm-level, industry-level, and aggregate employment fluctuations 

      Casares Polo, Miguel Upna (2013)   Documento de trabajo / Lan gaiak  OpenAccess
      Employment fluctuations are examined, at different levels of aggregation, in a dynamic model that provides firm-specific hiring decisions due to search frictions and sticky pricing. The results indicate that firm-level ...
    • Short run and long run effects of banking in a New Keynesian model 

      Casares Polo, Miguel Upna; Poutineau, Jean Christophe (2010)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper introduces both endogenous capital accumulation and deposit-in-advance requirements for investment in the banking model of Goodfriend and McCallum (2007). Impulse response functions from technology and monetary ...
    • Sticky prices, sticky wages, and also unemployment 

      Casares Polo, Miguel Upna (2008)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper shows a New Keynesian model where wages are set at the value that matches household's labor supply with firm's labor demand. Subsequently, wage stickiness brings industry-level unemployment fluctuations. After ...
    • Wage setting actors, sticky wages, and optimal monetary policy 

      Casares Polo, Miguel Upna (2007)   Documento de trabajo / Lan gaiak  OpenAccess
      Following Erceg et al. (2000), sticky wages are generally modelled assuming that households set wage contracts à la Calvo (1983). This paper compares that sticky-wage model with one where wage contracts are set by firms, ...
    • Wage stickiness and unemployment fluctuations: an alternative approach 

      Casares Polo, Miguel Upna; Moreno, Antonio Upna; Vázquez, Jesús (2009)   Documento de trabajo / Lan gaiak  OpenAccess
      Erceg, Henderson and Levin (2000, Journal of Monetary Economics) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations ...
    • Why are labor markets in Spain and Germany so different? 

      Casares Polo, Miguel Upna; Vázquez, Jesús (2016)   Documento de trabajo / Lan gaiak  OpenAccess
      The volatility of unemployment fluctuations has been about 3 times higher in Spain than in Germany over the recent business cycles (1996-2013). In contrast, fluctuations of the rate of wage inflation were significantly ...