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The two greatest. Great recession vs. great moderation

Gadea-Rivas, María Dolores; Gómez-Loscos, Ana; … - Banco de España - 2014

. Through painstaking empirical analysis of the data, this paper shows this is not the case. Output volatility remains subdued … output volatility (the hallmark of the Great Moderation) is associated with weaker recoveries. …

Persistent link: https://www.econbiz.de/10010928919

Measuring and explaining the volatility of capital flows towards emerging countries

Broto, Carmen; Díaz-Cassou, Javier; Erce-Domínguez, Aitor - Banco de España - 2008

This paper analyzes the determinants of the volatility of different types of capital inflows to emerging countries …. After calculating a variable that proxies capital flows volatility, we study its possible causality relations with a set of …, various factors exhibit a non-robust effect on the volatility of the three different categories of capital flows, which poses …

Persistent link: https://www.econbiz.de/10005022258

House purchase versus rental in Spain

Ortega, Eva; Rubio, Margarita; Thomas, Carlos - Banco de España - 2011

One of the most salient feature of the Spanish housing market, compared to other European economies, is its relatively low rental share. This may be partly attributed to the existence of fiscal distortions in Spain favoring ownership. In this paper, we simulate the potential efects of different...

Persistent link: https://www.econbiz.de/10009001396

The euro area inefficiency gap

Galí, Jordi; Gertler, Mark; López-Salido, J. David - Banco de España - 2003

We construct a measure of Euro area cyclical efficiency, following the approach developed in Galí, Gertler and López-Salido (2002). Our measure –which we call "the gap"– corresponds to the inverse of price over social marginal cost. Here we present a time series of this gap for the Euro...

Persistent link: https://www.econbiz.de/10004965249

Technology, convergence and business cycles.

Nuño, Galo - Banco de España - 2009

In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the...

Persistent link: https://www.econbiz.de/10008479122

Measuring the NAIRU in the Spanish Economy

Estrada, Ángel; Hernando, Ignacio; López-Salido, J. David - Banco de España - 2000

This paper addresses the issue of measuring the NAIRU in the Spanish economy. We implement some of the procedures proposed in the literature to estimate the NAIRU, describing their advantages and disadvantages. Our analysis shows that these alternative approaches provide significantly different...

Persistent link: https://www.econbiz.de/10005590690

Markups, gaps, and the welfare costs of business fluctuations

Galí, Jordi; Gertler, Mark; López-Salido, J. David - Banco de España - 2002

In this paper we present a simple, theory-based measure of the variations in aggregate economic efficiency associated with business fluctuations. We decompose this indicator, which we refer to as “the gap”, into two constituent parts: a price markup and a wage markup, and show that the...

Persistent link: https://www.econbiz.de/10004981000

International reserves and gross capital flows. Dynamics during financial stress

Alberola, Enrique; Erce, Aitor; Serena, José María - Banco de España - 2012

This paper explores the role of international reserves as a stabilizer of international capital flows during periods of global financial stress. In contrast with previous contributions, aimed at explaining net capital flows, we focus on the behavior of gross capital flows. We analyze an...

Persistent link: https://www.econbiz.de/10010862256

Does the IMF´s official support affect sovereign bond maturities?

Erce, Aitor - Banco de España - 2012

This paper looks at whether the tendency of some governments to borrow short term is reinforced by financial support from the International Monetary Fund. I first present a model of sovereign debt issuance at various maturities featuring endogenous liquidity crises and maturity mismatches due to...

Persistent link: https://www.econbiz.de/10010862291

Contagion and portfolio shift in emerging countries' sovereign bonds

Ríos, Antonio Díez de los; Herrero, Alicia García - Banco de España - 2003

The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion by focusing on pricing errors, after general market...

Persistent link: https://www.econbiz.de/10004965259