This paper analyses interbank risk using the information content of basis swap (BS) spreads, floating-to-floating interest rate swaps whose payments are associated with euro deposit rates for alternative tenors. We propose an empirical model to decompose BS quotes into persistent and transitory...

En este trabajo se analizan las consecuencias de incorporar bienes comerciables, no comerciables y de inversión en un modelo de ciclo real para una economía abierta y pequeña aplicado a la economía española. La simulaciones estocásticas del modelo bajo el supuesto de expectativas...

In a very stylized endogenous growth economy with pollution and public abatement activities and without any production externality, we show that the government may exploit dynamic Laffer effects to achieve a double dividend through an environmental tax reform, while fulfilling its commitment to...

In an endogenous growth model with human capital acumulation,I discuss the feasibility of a reduction in a marginal tax rate on labor and capital income, given a predeterminated path for government expenditures. A permanent tax cut is feasible if it can be compensated by an increase in the tax...

This paper discusses the effects of a green tax reform in an AK growth model without abatement activities and with a negative environmental externality in utility function. There is also a non-optimal level of public spending. The results depend on the financing source of public spending. When...

This paper discusses wether by implementing an environmental tax reform, a government may achieve a double dividend. We consider the simplest endogenous growth model (AK model) and include a negative environmental externality in the utility function. Pollution flow can be reduced by means of...

Recently (April 2000), the New Market index began to be computed in the Spanish Stock Exchange as a relevant indicator of the new technological firms’ behavior in the Spanish economy. This paper provides empirical evidence about the relationships between the return and volatility of Spanish...

In an AK endogenous growth setup with a time-to-build investment technology, the steadystate growth rate and the level of welfare are shown not to be independent ot the time distribution of the financing of an investment project. We emphasize that welfare effects in the AK model are of opposite...

In a one sector growth model with pollution in the utility function, the competitive equilibrium can be indeterminate for plausible values of the intertemporal substitution elasticity of consumption and under constant returns to scale. The tax rate on pollution does not enter the condition...