Models of the exchange process based on search theory can be used to analyze the features of objects that make them more or less likely to emerge as ``money'' in equilibrium. These models illustrate the trade--off between endogenous acceptability (an equilibrium property) and intrinsic...

The context where the university admissions exams are performed is presented and the main concerns about this exams are outlined and discussed from a statistical point of view. The paper offers an illustration of the use of random coefficient models in the study of educational data. The...

This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The...

This paper analyses whether or not tax subsidies to private medical insurance are self-financing by means of a structural approach. We construct a simulation routine based on a microeconometric discrete choice model that allows us to evaluate the impact of premium changes on the utilisation of...

This paper analyzes the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric...

I develop an overlapping-generations framework in which changes in lending standards generate endogenous cycles. In my economy, entrepreneurs who are privately informed about the quality of their projects need to borrow funds. Intermediaries screen entrepreneurs both through the amount of...

We use a dynamic monopolistic competition model to show that an economy that inherits a small range of specialized inputs can be trapped into a lower stage of development. The limited availability of specialized inputs forces the final goods producers to use a labor intensive technology, which...

We introduce two ways of comparing information structures, say ${\cal I}$ and ${\cal J}$. First we say that ${\cal I}$ is richer than ${\cal J}$ when for every compact game $G$, all correlated equilibrium distributions of $G$ induced by ${\cal J}$ are also induced by ${\cal I}$. Second, we say...

Este informe de investigación examina los factores sociales y políticos que han determinado el nivel y variabilidad de la abstención electoral en las elecciones generales españolas. Extendiendo los modelos de carácter psicológico y sociológico que se han empleado (con éxito relativo)...

The degree of connection between tax and financial reporting is regarded as a key factor in the study of international accounting differences. The position for Spain is briefly outlined in previous research but without examination of any specific accounting issues except, in outline only,...