The co-movements of labor productivity with output, total hours, vacancies and unemployment have changed since the mid 1980s. This paper offers an explanation for the sharp break in the fluctuations of labor market variables based on endogenous labor supply decisions following the mortgage...

In this article we show that the picture emerging from models that allow for generalized parameter heterogeneity in convergence equations changes our view of the convergence process within the OECD. Estimation methods that allow for non- or partial heterogeneity stress the importance of...

This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis...