This paper gives new evidence on the relationship between integration and industrial agglomeration in the presence of scale economies, by testing directly one of the predictions that can be derived from Krugman (1991), that is, the existence of regional nominal wage gradients and its...

In this paper it is analyzed if the Contabilidad Nacional Trimestral series in Spain are extremely smooth and, therefore, if they really explain about the evolution of the Spanish economy on the short term. It is shown, by use of spectral analysis, that the Spanish quarterly series have a...

The agricultural sector has always been characterized by a predominance of small firms. International competition and the consequent need for restraining costs are permanent challenges for farms. This paper performs an empirical investigation of cost behavior in agriculture using panel data...

We investigate optimal buy-and-hold strategies for terminal wealth problems in a multi-period framework. As terminal wealth is a sum of dependent random variables, each of these variables corresponding to an amount of capital that has been invested in a particular asset at a particular date, we...

The supply of motorways reduces travel time costs by road, affecting thus the demand for road transport. Besides these intramodal effects, there exist intermodal effects too as far as motorways have impact on the demand of the competing modes. In this paper we establish and estimate a model that...

In this work we revise Levels Models of the Interest Rates in Chile. In addition to the traditional Level Models by Chan, Karoly, Longstaff and Sanders (1992) in the USA, and Parisi (1998) in Chile, by Maximun Likelihood method we allow that the conditional volatility also include the unexpected...

The liberalisation of air transport that took place in the European Union at the beginning of the nineties has involved positive effects on the welfare traveller. However, there is an agreement in the academic literature that such effects depend on the existence of an effective competition at...

The present study evaluates the existence of differences in competitiveness of Spanish industrial firms as a consequence of the district effect. A quantitative analysis has been performed in order to assess external competititveness taking into account whether firms are locates in industrial...

In this work the valuation methodology of compound option written on a downand-out call option, developed by Ericsson and Reneby (2003), has been applied to deduce a credit risk model. It is supposed that the firm has a debt structure with two maturity dates and that the credit event takes place...

In this paper we obtain the expression of the random variable final value of an annuity-due, its mathematical expectation and its variance, considering a stochastic accumulation law based on a Wiener Process. Due to the fact that stochastic accumulation factors are dependent when, temporally...