We study the dynamic general equilibrium of an economy where risk averse shareholders delegate the management of the firm to risk averse managers. The optimal contract has two main components: an incentive component corresponding to a non-tradable equity position and a variable 'salary'...

We reexamine the issue of executive compensation within a general equilibrium production context. Intertemporal optimality places strong restrictions on the form of a representative manager's compensation contract, restrictions that appear to be incompatible with the fact that the bulk of many...

The continuous growth of house prices in Spain in recent years has been an issue with economists and market participants. It is still an issue of debate whether the increases are based in fundamentals or whether they essentially constitute a bubble. In this work we study and document the price...

Spainís national housing policy is primarily focused on assisting individuals with limited economic resources in gaining access to affordable housing. Through various programs, rule, and regulations the government has historically sought to increase the supply and affordability of housing. A...

Recent studies have found unmeasured intangible capital to be large and important.In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from...