This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, when te budget deficit is the only policy instrument available. We develop a three-country model in which countries show different preferences regarding...

In this paper we study possible rankings of opportunity profiles. An opportunity profile is a list of sets of alternative opportunities, one set for each agent in the society. We compare such opportunity profiles on the basis of the notion of "equality of opportunities". Our main results show...

En este trabajo se examina la manera en que los países miembros de una unión monetaria responden a las perturbaciones específicas y a las que proceden del resto del mundo, cuando el déficit público es el único instrumento de política. Desarrollamos un modelo de tres países que muestran...

The validity and reliability of the EQ-5D-5L in comparison with the standard 3L has been tested through the analysis of psychometric properties making use of different samples of patients. However, it is likely that the condition of the illness may affect the power of the 5L version with respect...

This paper examines the relationship between fiscal decentralization and internal conflict in 77 countries during the period 1972-2000. The results show that the devolution of scal power to subnational tiers of government reduces the incidence of civil conflict. This finding is robust to the...

This paper explores optimal incentive schemes in public health institutions when agents (doctors) are intrinsically motivated. We develop a principal-agent dynamic model with moral hazard in which agents’ intrinsic motivation could be promoted (crowding-in) by combining monetary and...

This paper explores optimality of contracts and incentives when the principal (public organisation) can undertake investments to change agents’ (public workers) identity. In the model, workers within the organisation can have different identities. We develop a principal-agent dynamical model...

U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation ofinflation and nominal interest rate (Gibson paradox). Our findings point at lower exogenous variability of supply-side...

In this paper the differences in the incidence of pay for performance plans between occupations in a sample of Spanish manufacturing establishments are analysed. Our results show that there are significant differences between occupations in the incidence of individual, group and firm or plant...