This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model where the fully rational expectations assumption is replaced by a formal definition of quasi-rational learning. The model...

Migration among Spanish regions has fallen significatly since the 1970s, in spite of large and widening regional unemployment rate differentials. In this paper I argue that this evolution is the result of : a large increase in the national unemployment rate; the reduction in regional dispersion...

Traditional American corporation statutes state that the business and affairs of the corporation shall be managed by a board of directors who act as fiduciaries of the corporation. The purpose of this paper is to explain the economic logic underlying the regulation of corporate directors'...

The aim of this paper is to analyse precautionary saving associated with income risk over the last two decades in Spain; some empirical evidence seems to point to the extension of temporary job contracts in those years as an important source of uncertainty for Spanish households. I use a...

This paper studies how the legal liability rules for directors can be optimally designed to provide them with the incentives to fulfill their fiduciary duties and to maximize ex-ante firm value. I present a principal-agent model where the shareholders can obtain a verifiable but costly and...

The purpose of this article is to review the major results in the literature regarding stranded costs. Despite the starting differences in the areas of research included in the paper, they have one characteristic in common: all recognize that during the last decades, the treatment of stranded...