Incluye bibliografía ; This paper presents a dynamic general equilibrium model designed to compute the aggregate impact of immigration, accounting for relevant supply and demand effects. We calibrate the model to the Spanish economy, allowing for enough heterogeneity in the demographic...

Artículo de revista

Artículo de revista ; El Consejo Europeo aprobó en diciembre de 2020 el reglamento por el que se establece el marco financiero plurianual de la Unión Europea (UE) para el período 2021-2027 y el instrumento de recuperación Next Generation EU. Ambos mecanismos permitirán aportar en los...

Este documento presenta una metodología para analizar la sostenibilidad de la deuda pública, que incorpora elementos que permiten cuantificar la incertidumbre del entorno macrofinanciero. El objetivo es identificar los riesgos, no solo bajo supuestos concretos, sino también teniendo en cuenta...

Differences in the relative price of investment over consumption goods across countries are big, even after excluding non-tradable consumption goods. We interpret these differences as arising from differences in a wide range of policies that increase the cost of investment. Under this...

We study the aggregate effects of a social security reform in a large overlapping generations model where markets are incomplete and households face uninsurable idiosyncratic income shocks. We depart from the previous literature by assuming that, because of lack of commitment in the credit...