Chile and Mexico, two Latin American countries that shared similar economic conditions in early’ 80s are studied in order to shed light about the role commodities play. In a general equilibrium growth accounting framework over the period 1980-2000 we show that Adjusted Total Factor...

This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vingage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which...

In this paper we analyze the role of replacement and innovation activity in shaping investment behavior and labor productivity in a panel of Spanish manufacturing firms from 1990 to 2001. Investment is concentrated about large investment episodes, or investment spikes, whose nature varies by...

Muchos expertos consideran el aumento registrado en las emisiones de CO2 en España desde mediados de los 90 una auténtica anomalía. Dicha anomalía podría resultar no serlo tanto cuando se relaciona la evolución de las emisiones con el boom inmobiliario. Este artículo muestra que el...

Why is R&D spending so low in Spanish firms? One possible answer may lie in a small contribution of innovative investments to value creation at the firm level. When pulling together complementary sources of spending data and related evidence to measure these investments, we observe that R&D is...

En este artículo describimos algunos de los patrones recientes de la inversión en España. Para ello examinamos tanto los datos agregados de la Contabilidad Nacional como los datos desagregados que proporcionan diversas encuestas, todo ello con especial énfasis en la evolución de la...

Economists model time as continuous or discrete. The recent literature on continuous time models with delays should help to bridge the gap between these two families of models. In this note, we propose a simple time--to--build model in continuous time, and show that a discrete time version is a...

Lucas [1987] has shown that in a representative agent framework, the potential welfare gain from stabilizing consumption around its mean is small. We provide an example and some insight for why Lucas' measure is an upper bound of the welfare cost of fluctuations in walrasian economies.

In this paper we measure the welfare cost of fluctuations in a simple representative agent economy with nonclearing markets. The market friction we consider involves price rigidities and a voluntary exchange rationing scheme. These features are incorporated into an otherwise standard...

In an optimal growth model with a time-to-build delay, the feasibility condition is a delayed-differential equation, and the Euler-type condition is an advanced-differential equation. As in Kalecki's theory of business cycles, the delayed nature of the feasibility constraint naturally induces...