This paper studies the effect of the inception of the euro on the international tourism of the Eurozone. To do this, a gravity model is estimated using two different samples, the OECD countries and the European OECD countries, over the period 1995-2008. The results suggest a noticeable impact of...

In this paper we assess the credibility of Bank of Spain’s monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we...

En el presente trabajo se introduce al lector en los modelos autorregresivos para la varianza condicionada heterocedástica, incidiendo en los problemas que plantean los esquemas más sencillo y sugiriendo diversas soluciones. Se describe el concepto, las hipótesis y los modelos que explican la...

In this paper we show that the conditional variance of the GARCH(1,1) model is a measure that usually overstimates the magnitude of volatility in time series.

En este artículo se estima la duración condicional o intensidad esperada de la actividad de negociación del futuro del Ibex35 negociado en intervalos de tiempo irregularmente espaciados mediante los modelos ACD, teniendo en cuenta la periodicidad intradiaria y diversas funciones de pseudo...

The paper presents an overview of several studies about the credibility of the European Monetary System (EMS). These studies compare different credibility indicators in terms of their ability to detect exchange rate crises in a target zone. Marginal credibility seems to be the best measure for...