A new procedure to predict with subspace methods is presented in this paper. It is based on combining multiple forecasts obtained from setting a range of values for a specic parameter that is typically xed by the user in the subspace methods literature. An algorithm to compute these predictions...

We study the dynamic properties of an endogenous growth model with pollution in which the government can control the pollution through distorting taxes on the pollutant firms and through public abatement activities. First, we characterize the conditions for indeterminacy of equilibria when the...

We show that in a simple growth model, where public consumption enters the utility function, and under constant returns to scale in production, the competitive equilibrium can be undetermined. Indeterminacy of equilibria arises for plausible values of the elasticity of intertemporal substitution...

Se analiza cuál es la política monetaria óptima bajo una regla de gasto público no habitual en la literatura: el gasto representa un porcentaje constante en la producción. En este caso, dado que el ritmo de crecimiento de la ofeta monetaria y el coeficiente legal de caja influyen sobre el...

Remunerar los archivos de caja en manos de los intermediarios financieros no es una práctica hoy en día habitual en las economías occidentales. Sin embargo, en Estados Unidos han comenzado a aparecer quienes defienden su uso como instrumento útil para implementar la polítiva monetaria. Se...

Although spectral analysis of stationary stochastic processes has solid mathematical foundations, this is not always so for some non-stationary cases. Here, we establish a rigorous mathematical extension of the classic Fourier spectrum to the case in which there are AR roots in the unit circle,...