Monetary models of exchange rates tend to focus on inflation differentials to explain exchange rate movements. This paper assesses the ability of currency flows to predict exchange rate changes. The focus is on Japan. Currency flows are assumed to depend on the level of the current account and...

The yen has experienced several big swings over recent decades. This paper argues that the fluctuations of the Japanese exchange rate resulted mainly from corresponding movements in the current account, which affected the demand for yen relative to other currencies. The paper builds a vector...

When the current account balance and net capital outflows do not exactly offset each other, net payment flows arise. Payment inflows into a country push the real exchange rate up, outflows push it down. This paper uses a model of optimal consumption and portfolio choice to determine the factors...

The literature has focused on a particular way of aggregating judgments: Given a set of yes or no questions or issues, the individuals’ judgments are then aggregated separately, issue by issue. Applied in this way, the majority method does not guarantee the logical consistency of the set of...

Using administrative records from Public Employment Offices, this paper studies the main factors determining occupational matching between labour supply and demand. This is measured by matching the demanded occupation by job seekers and the occupation they finally secure. The results show that...

Given a choice problem, the maximization rule may select many alternatives. In such cases, it is common practice to interpret that the final choice will end up being made by some random procedure, assigning to any maximal alternative the same probability of being chosen. However, there may be...

En España no existe información oficial sobre el comercio interregional de bienes. En el marco del proyecto C-intereg se ha estimado la primera base de datos de comercio con detalle provincial, tomando como punto de partida la información disponible sobre transporte de mercancías junto con...

Recent experimental evidence suggests that some people dislike telling lies, and tell the truth even at a cost. We use experiments as well to study the socio-demographic covariates of such lie aversion, and find gender and religiosity to be without predictive value. However, subjects’ major is...

Innovation, mark-ups and the degree of trade openness vary substantially across sectors. This paper builds a multi-sector endogenous growth model to study the influence that asymmetric trade liberalization and sectorial differences in the degree of product market competition has on the effect of...

The directional distance function has been introduced in the efficiency literature with the intention of relaxing the fixed orientations represented by its classical input and output counterparts. However, the criteria underlying the choice of its associated directional vector are numerous. When...