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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 ...
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 portfolio-choice model to analyze the recent gross capital flows between Canada and the US
(2019)
info:eu-repo/semantics/workingPaper,
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, ...
On staggered prices and optimal inflation
(2019)
info:eu-repo/semantics/workingPaper,
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 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. ...
On firm-level, industry-level, and aggregate employment fluctuations
(2013)
Documento de trabajo / Lan gaiak,
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 ...
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 ...
Short run and long run effects of banking in a New Keynesian model
(2010)
Documento de trabajo / Lan gaiak,
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 ...
Data revisions in the estimation of DSGE models
(2011)
Documento de trabajo / Lan gaiak,
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 ...