Recent research has explored the growing ‘financialization’ process in the U.S. and other advanced economies. The term is a catch-all phrase used to denote important changes in the structure of non-financial corporations’ balance sheets, including the growth of income from financial...

The Bogor Declaration of 1994 proposed free trade in the Asia Pacific region by the year 2020. If implemented as announced, this program will have important implications for the world economy over the next few decades. This paper uses a new dynamic multi-sector global model called the...

The standard overlapping generations model is extended to include retradeable paper assets (shares) of firms. Two period lived consumers hold portfolios including paper assets and capital in order to transfer wealth over time. An infinitely lived firm produces a stochastic output using a...

The paper analyzes the consequences of joining markets of government discount bonds between identical economies when, in each country, there exists a positive probability of the government to default. In autarky such economies of overlapping generations of consumers with capital accumulation...

This dissertation evaluates the empirical relation between the value-added tax (VAT) and the level of aggregate consumption. Furthermore, it develops a theoretical framework and an empirical analysis to study the impact of the VAT, as a form of taxing consumption, on capital accumulation,...

Este trabajo analiza cómo los diferentes sistemas de asignación de licitaciones públicas entre empresas afectan a la dinámica empresarial y al crecimiento económico a largo plazo. Por un lado, construimos una base de datos administrativos que combina información sobre las características...

The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term subject. From the course home page: Course Description This half semester class presents an...

Uses the tools of macroeconomics to study three macroeconomic policy problems in depth. Possible topics include long-run economic growth, the macroeconomics of the transition to a modern capitalist society, federal government surpluses and deficits, Social Security, the distribution of earnings...

ESMA provides further details on trade reporting in updated EMIR Q&AThe European Securities and Markets Authority (ESMA) has issued today updated Question & Answers (Q&As) on the implementation of the European Markets Infrastructure Regulation (EMIR). These updated Q&As clarify, among others,...