This paper focuses on timing of fertility decisions, conditional on the level of educational attainment of parents. Timing of fertility and educational attainment of parents rationalize the negative relationship observed in the data between hourly wages and childbearing. It is shown how the...

Most of the large firms organization schemes consist in hierarchical structures of tiers with different wage levels. Traditionally the existence of this kind of organizations has been associated to the separation of productive and managerial or supervision tasks and to differences in the skills...

Empirical studies have shown little evidence to support the presence of all unit roots present in the filter in quarterly seasonal time series. This paper analyses the performance of the Hylleberg, Engle, Granger and Yoo (1990) (HEGY) procedure when the roots under the null are not all present....

In short-term evolution analysis, the economic time series are contamined by different types of noises which need to be erased in order to extract a trend signal. In the last years there has been increasingly developed some methods to estimate unobserved components based on the assumption that...

Tourism is one of the most important sectors in the global economy and is considered an efficient tool with which to promote economic growth. The case of Spain's economy is well known in this respect; in fact, widespread consensus exists on the part played by tourism in enhancing the...

In a big amount of economies the evolution of the manufacturing production is analysed using Gross Domestic Product and/or Gross Added Value data from National Accounts. In Spain, the problem of using these data is that they are not available as soon as it would be desirable. In consequence, it...

In A Tract on Monetary Reform John Maynard Keynes proposed to use the monetary base and the reserve-deposit ratio as main instruments of a monetary policy considered until then as no required. Beyond the concept of cycle credit developed in this book we find the first steps leading towards the...

In this paper we present a new reinsurance strategy, called threshold strategy, that has a different behaviour depending on the reserves. Whenever the reserves are less than a certain level, the portfolio manager decides to apply a proportional reinsurance. If the reserves are greater than b, it...

It is very well known that the first succesful valuation of a stock option was done by solving a deterministic partial differential equation (PDE) of the parabolic type with some complementary conditions specific for the option. In this approach, the randomness in the option value process is...

Several unit root tests in panel data have recently been proposed. The test developed by Harris and Tzavalis (1999 JoE) performs particularly well when the time dimension is moderate in relation to the cross-section dimension. However, in common with the traditional tests designed for the...