This paper studies the effect of labor market reform, in the form of reductions in firing costs and unemployment benefits, on inflation volatility. With this purpose, we build a New Keynesian model with search and matching frictions in the labor market, and estimate it using Euro Area data....

This paper presents US and euro area estimates for a fully heterogeneous model, in which there is a continuum of fi rms setting prices with a constant probability of adjustment, which may differ from fi rm to fi rm. The estimated model accurately matches the empirical distribution function of...

Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in fi nancial markets. Key to the literature is the evidence,...

This paper considers panel growth regressions in the presence of model uncertainty and reverse causality concerns. For this purpose, my econometric framework combines Bayesian Model Averaging with a suitable likelihood function for dynamic panel models with weakly exogenous regressors and fi xed...

En este trabajo se utiliza el marco teorico que proporciona el modelo de valoracion de activos conocido como CCAPM (Consumption Capital Asset Pricing Model) para obtener tipos de interes reales ex-ante, cotas para los errores de expectativas de inflacion y primas de riesgo en cuatro paises:...

Este trabajo explora el comportamiento de las expectativas de inflación en países que comparten su política monetaria, en particular los de la UEM. Se investigan las posibles características comunes a varios horizontes, así como los diferenciales entre países. Se propone un modelo...

"Motivación. El período actual de elevada inflación plantea dificultades a los inversores para mantener sus objetivos de rentabilidad en términos reales. En este contexto, es relevante analizar cuál ha sido la rentabilidad de los distintos tipos de activos en los episodios inflacionarios...

Rationale The current period of high inflation makes it difficult for investors to maintain their profitability targets in real terms. Against this background, it is important to analyse the returns on different types of assets recorded in this and past inflationary episodes. Takeaways •In the...