Open Access
Rethinking fiscal rules
(Elsevier, 2023) Carranza-Ugarte, Luis; Díaz-Saavedra, Julián; Galdón Sánchez, José Enrique; Economía; Ekonomia; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
The Covid 19 pandemic has caused both a decrease in tax revenues and an increase in public spending, forcing governments to increase fiscal deficits to unprecedented levels. Given these circumstances, it is foreseeable that fiscal rules will play a predominant role in the design of many countries¿ recovery policies. We develop a general equilibrium, overlapping generations model for a small, open economy in order to study the impact of several fiscal rules upon welfare, public expenditures and growth. We calibrate the model to the Peruvian economy. In this economy, fiscal rules have been widely used and, unlike in other Latin American countries, they have been relatively successful. We find that fiscal rules will generate better results in terms of output if, in addition to maintaining control over the fiscal result, they also preserve public investment. We also find that the performance of economies that implement structural rules tends to be better than the performance of economies that implement rules based on realized budget balance.
Open Access
Loan production and monetary policy
(Cambridge University Press, 2019) Casares Polo, Miguel; Deidda, Luca; Galdón Sánchez, José Enrique; Economía; Ekonomia
The authors examine optimal monetary policy in a New Keynesian model with unemployment and financial frictions where banks produce loans using equity as collateral. Firms and households demand loans to finance externally a fraction of their flows of expenditures. Our findings show amplifying business-cycle effects of a more rigid loan production technology. In the monetary policy analysis, the optimal rule clearly outperforms a Taylor-type rule. The optimized interest-rate response to the external finance premium turns significantly negative when either banking rigidities are high or when financial shocks are the only source of business cycle fluctuations.
Embargo
The value of information in competitive markets: evidence from small and medium-sized enterprises
(The University of Chicago Press, 2024-11-12) Galdón Sánchez, José Enrique; Gil, Ricard; Uriz-Uharte, Guillermo; Economía; Ekonomia
We empirically investigate how the performance of small and medium-sized enterprises (SMEs) changes when gaining access to market information. To do so, we evaluate the impact of an information program diffused by a bank among its SME customers. Adopting firms gained access to reports with rich information about their own clientele and that of nearby establishments. While we find that adoption is associated with a 4.5% revenue increase, our instrumental variable results indicate that adoption increases revenue by 9%. The main mechanism driving our result is that the new information prompted adopting establishments to target gender-age customer groups underserved before adoption.
Open Access
El desarrollo del sector de las tecnologías de la información y de la comunicación. La influencia de los costes de despido
(Gobierno de Navarra, Departamento de Economía y Hacienda, 2002) Galdón Sánchez, José Enrique; Economía; Ekonomia
El desarrollo y la implementación de las tecnologías de la información y de la comunicación (TIC) están afectando a la economía de una forma revolucionaria. En particular, están afectando su crecimiento, su estructura productiva, sus niveles de empleo y otros muchos aspectos de la vida cotidiana de los agentes económicos que la integran. Una de las razones por las que tanto el desarrollo como la implementación de las TIC tienen tanta importancia es que dichas tecnologías afectan a la economía en todas sus dimensiones. Esto es debido, en parte, a que la mayoría de los trabajadores y consumidores son, a su vez, usuarios de estas tecnologías. Dado el carácter “local” de la legislación del mercado de trabajo, aquí nos centraremos en el análisis del sector más local de las TIC: los servicios de las Tecnologías de la Información (TI). Para ello, investigaremos de manera empírica la relación existente en este sector entre las rigideces en el mercado de trabajo, en particular el nivel de los costes de despido, y el empleo; realizando a continuación algunas consideraciones teóricas sobre este problema. Igualmente, analizaremos de forma empírica diferentes aspectos del sector de las TIC en diferentes países de la OCDE. Junto al análisis internacional, hemos introducido también un análisis del sector de las TIC en la Comunidad Foral Navarra. A continuación se llevan a cabo una serie de consideraciones teóricas que nos permitirán analizar como los costes de despido afectan al mercado de trabajo en una economía en la que sólo existe un sector tradicional, y comparar los resultados con los de una economía en la que existen dos sectores: uno tradicional y otro de las TI. El resto del artículo queda organizado de la siguiente forma. La sección 2 aborda el análisis empírico con los datos internacionales y los de la Comunidad Foral Navarra disponibles. La sección 3 contiene las consideraciones teóricas del problema. Finalmente, la sección 4 presenta las conclusiones.
Open Access
On financial frictions and firm market power
(Banco de España, 2019) Casares Polo, Miguel; Deidda, Luca; Galdón Sánchez, José Enrique; Economía; Ekonomia
Construimos un modelo de equilibrio general estático con empresas monopolísticamente competitivas que toman prestados fondos de bancos competitivos en una economía sujeta a restricciones financieras. Estas fricciones son debidas a la imposibilidad de verificar tanto los beneficios de las empresas como el esfuerzo de sus gestores. El poder de mercado tiene dos efectos contrapuestos. Por un lado, las empresas marcan sus precios por encima del coste marginal y la producción resultante es inferior a la que se obtendría en competencia perfecta. Por otro, debido al incremento en la rentabilidad de las empresas, el poder de mercado reduce el impacto de las fricciones financieras. El resultado de la interacción de estos dos efectos es ambiguo. Este trabajo muestra que, ceteris paribus, existe un nivel óptimo positivo de poder de mercado que maximiza el bienestar. Este nivel aumenta con el riesgo moral y disminuye con la eficiencia del proceso de liquidación de las empresas en caso de quiebra.
Open Access
Dismissal conflicts and unemployment
(2001) Galdón Sánchez, José Enrique; Güell, Maia; Economía; Ekonomia
Firing costs are often blamed for unemployment. In this paper, we investigate this widespread belief theoretically. Firing costs are introduced in an efficiency wage model to capture their effects on employment through wages. In addition, dismissal conflicts are modelled explicitly and their cost is derived. These two elements are included and linked. Modelling firing costs in a context where worker effort is not perfectly observable implies that a double moral hazard problem could arise. Whenever firms face a redundancy, they tend to use disciplinary dismissals in order to avoid paying firing costs. Similarly, workers will then tend to deny any disciplinary case to get a compensation. Our claim in this paper is that the resolution of this problem by a third party will be imperfect given the information problem. This implies that disciplinary dismissals will not be costless. Firing costs in turn will have a negative effect on aggregate employment because they modify the rent that has to be paid to workers to prevent shirking. We also find that the solution to the problem does not necessarily imply the elimination of firing costs.
Open Access
Performance appraisal: dimensions and determinants
(2012) Bayo Moriones, José Alberto; Galdón Sánchez, José Enrique; Martínez de Morentin, Sara; Economía; Ekonomia; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa: 1435/2004
The determinants of the dimensions that shape a formal system of performance appraisal are studied in relation to a sample of Spanish manufacturing establishments. In particular, the factors that influence the measures used to evaluate performance, the person who carries out such appraisal and its frequency are analysed. Our results show that the characteristics of the establishment exert a significant influence on the configuration of performance appraisal. Specifically, we find that the use of practices complementary to performance evaluation and the structural factors of the establishment are found to correlate closely with the dimensions of formal performance appraisal.
Open Access
Employment protection legislation and the IT-sector in OECD countries
(2001) Galdón Sánchez, José Enrique; Economía; Ekonomia
This paper explores the relationship between employment protection legislation (EPL) and the share of employment in the IT-sector. Evidence from several OECD countries suggests that the importance of the IT-sector is smaller in economies with high levels of EPL than in economies with low levels. This shows up in the amount of resources dedicated to research on IT as well as in the share of employment in the sector. A simple model is provided to explain these facts. EPL affects both labor supply and labor demand in the same way resulting in lower employment equilibrium levels.
Open Access
The determinants of pay settlements. The influence of the national context
(Taylor & Francis, 2013) Bayo Moriones, José Alberto; Galdón Sánchez, José Enrique; Martínez de Morentin, Sara; Gestión de Empresas; Enpresen Kudeaketa; Economía; Ekonomia
This article studies the influence of national context and collective bargaining on the factors taken into account when adjusting wages. Using data from Spanish and British manufacturing establishments, we examine the relative importance of the cost of living, the ability to recruit or retain employees, the financial performance of the organisation and the industrial relations climate on wage adjustments of manual workers at the establishment level. Our findings show that there are significant differences on the importance given to these factors in both countries. In part, these are related to differences in the incidence of collective bargaining.
Open Access
The process of wage adjustment: an analysis using establishment-level data
(2013) Bayo Moriones, José Alberto; Galdón Sánchez, José Enrique; Martínez de Morentin, Sara; Economía; Ekonomia
In this article, we use data from Spanish manufacturing plants to analyze the determinants of the importance attributed to several criteria when wages are adjusted. More specifically, the criteria we take into account in the study are the cost of living, the wages of the firm in relation to its competitors, the fulfillment of collective agreements at sector level, the need to recruit and retain employees, the performance of the organization, and the industrial relations climate. Our results show that the structural characteristics of the establishment, as well as the wage setting arrangements and trade unions, play a role in explaining the importance of the factors mentioned in shaping wage adjustments. The human resource management policies adopted by the employer seem to be less relevant.