Now showing items 1-20 of 25

    • 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 ...
    • Essays in macroeconomics 

      Aguilera Bravo, Asier (2019)   Tesis doctoral / Doktoretza tesia
      Esta tesis consta de tres capítulos, cada uno de los cuales analiza temas relevantes en el campo de la Macroeconomía. La investigación realizada en los tres capítulos se basa en la metodología de los modelos dinámicos de ...
    • 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 ...
    • International capital flows 

      Villar Olano, Alba del (2019)   Tesis doctoral / Doktoretza tesia
      This thesis uses modern macroeconomic modeling techniques and panel data econometrics to quantitatively measure the determinants of financial globalization and its e↵ects on advanced and developing economies. The first ...
    • 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 ...
    • On staggered prices and optimal inflation 

      Aguilera Bravo, Asier; Casares Polo, Miguel Upna (2019)   Documento de trabajo / Lan gaiak  OpenAccess
      This paper computes the steady-state optimal rate of inflation assuming two different sticky-price specifications, Calvo (1983) and Taylor (1980), in a model with monopolistic competition. The optimal rate of inflation ...
    • A portfolio-choice model to analyze the recent gross capital flows between Canada and the US 

      Casares Polo, Miguel Upna; Villar Olano, Alba del (2019)   Documento de trabajo / Lan gaiak  OpenAccess
      We calibrate a two-country New Keynesian model with endogenous portfolio choice and valuation effects to discuss the determinants of the increase in Canadian Net Foreign Assets with the US observed after 2012. Furthermore, ...
    • 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 ...
    • A structural analysis of US entry and exit dynamics 

      Casares Polo, Miguel Upna; Khan, Hashmat; Poutineau, Jean-Christophe (2018)   Documento de trabajo / Lan gaiak  OpenAccess
      The authors report empirical evidence indicating that US business formation has recently turned more volatile, procyclical and persistent due to changes in exit dynamics. To study these stylized facts, we estimate a DSGE ...