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The post-covid inflation episode
(2023)
Documento de trabajo / Lan gaia,
The recent inflation episode has been examined in an estimated NK-DSGE model with sticky wages and unemployement. The rise of US price inflation resulted from a combination of a sudden rise in 2020, the expansionary monetary ...
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 ...
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. ...