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Business dynamism and economic growth: U.S. regional evidence
(2016)
Documento de trabajo / Lan gaiak,
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 ...
Business cycle and monetary policy analysis with market rigidities and financial frictions
(2013)
Documento de trabajo / Lan gaiak,
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 ...
Long run analysis in alternative optimizing monetary models
(2001)
Documento de trabajo / Lan gaiak,
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 ...
Dynamic analysis in an optimizing monetary model with transaction costs and endogenous investment
(2001)
Documento de trabajo / Lan gaiak,
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 ...
Business cycle and monetary policy analysis in a structural sticky price model of the euro area
(2001)
Documento de trabajo / Lan gaiak,
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 ...
Monopolistic competition, sticky prices, and the minimal mark-up in steady state
(2007)
Documento de trabajo / Lan gaiak,
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 ...
Why are labor markets in Spain and Germany so different?
(2016)
Documento de trabajo / Lan gaiak,
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 ...
A structural analysis of US entry and exit dynamics. Technical appendix
(2018)
Documento de trabajo / Lan gaiak,
A. The optimizing programs of the model and other technical details (pages 1-7)
B. Short-run and long-run equilibria in the DSGE model with endogenous entry and exit (pages
8-12)
C. Average productivity (pages 13-15)
D. ...
Entry and exit in recent US business cycles
(2015)
Documento de trabajo / Lan gaiak,
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 ...
Wage stickiness and unemployment fluctuations: an alternative approach
(2009)
Documento de trabajo / Lan gaiak,
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 ...