¿Tiene la economía española un nivel óptimo de progresividad en el impuesto sobre la renta de las personas físicas (IRPF)? Este artículo cuantifica las consecuencias agregadas, distribucionales y de bienestar de establecer la progresividad del IRPF en su nivel óptimo. Con objeto de...

Summary of Banco de España Working Paper no. 2101. Published in SERIEs - Journal of the Spanish Economic Association, vol. 11(4), pp. 407-455, November 2020

This paper reports the results of a study that evaluated the economic risk inherent in market variability and the uncertainty of developing weight estimates for an advanced space launch vehicle program. The purpose of this study was to determine the sensitivity of a business case for advanced...

The consumption capital asset pricing model is the standard economic model used to capture stock market behavior. However, empirical tests have pointed out to its inability to account quantitatively for the high average rate of return and volatility of stocks over time for plausible parameter...

We postulate a nonlinear DSGE model with a financial sector and heterogeneous households. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk induces an...

A common finding in empirical studies using micro data on consumer and producer prices is that hazard functions for price changes are decreasing. This means that a firm will have a lower probability of changing its price the longer it has kept it unchanged. This result is at odds with standard...

Incluye bibliografía ; Este documento estudia la dinámica de los precios de las acciones en un modelo tipo «árbol de Lucas» en el que los inversores tienen vidas finitas y aprenden de su propia experiencia. Los individuos actualizan sus expectativas mediante aprendizaje bayesiano basado en...

This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...

El canal de transmisión de la política monetaria en el modelo neo keynesiano (NK) se basa en la suposición contrafactual de expectativas racionales e información completa (FIRE, por sus siglas en inglés), especialmente en la dimensión de equilibrio general (EG). El presente documento...

General financial models have become workhorse models in the fields of macroeconomics and finance. These models have been developed and extensively studied by general equilibrium theorists. What makes them so applicable for macroeconomics and finance is the well accepted fact that models with a...