Incluye bibliografía ; This paper analyses the impact that firms' financial position has on investment decisions using panel data from a large sample of non-financial corporations (around 120,000 firms) in six euro area countries (Belgium, Germany, France, Italy, the Netherlands and Spain). The...

Incluye bibliografía ; This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition...

This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries....

This paper develops an error components model that is used to examine the impact of job changes on the dynamics and variance of individual log earnings. I use data on work histories drawn from the Panel Study of Income Dynamics (PSID), that makes possible to do the distinction between voluntary...

This paper investigates the empirical determinants of corporate cash holdings in the euro area as a function of firm size. The results show that there are significant differences in investment in liquid assets for firms of different size. More specifically, liquid assets for smaller firms in the...

Hay evidencia en la literatura sobre episodios de consolidación fiscal que producen efectos expansivos (no keynesianos) (por ejemplo, Alesina y Ardagna, 1998). En este documento replicamos este resultado para un grupo de países de la OCDE asumiendo exogeneidad de la decisión de ajuste fiscal,...

En este trabajo se estudia la estimación de modelos no lineales de datos de panel que incluyen efectos fijos múltiples. La estimación de estos modelos es complicada tanto por la dificultad de estimar especificaciones con miles de coeficientes, como por el problema de los parámetros...

Este artículo ofrece una evaluación de la contribución al PIB de la infraestructura. A partir de un conjunto de datos de infraestructura que abarca 88 países durante los años 1960-2000, y utilizando un enfoque de panel de series de tiempo, el trabajo estima una función de producción...

We estimate the importance of preference interdependence from consumption choices. Our strategy follows the literature that tests the constraints imposed by optimality in the evolution of individual consumption. We derive a Euler equation from a preference specifi cation that allows for...

This paper tests the opportunity-cost theory using a panel of Spanish firms during the period 1991-2010. Under this theory, productivity-enhancing activities, such as R&D investment, should increase during downturns because of the fall in their relative cost – in terms of forgone output –....