In this paper we use a relatively general intertemporal asset pricing model where housing services and consumption are non-separable to obtain a measure of the potential overvaluation of housing in relation to rents in Spain, the United Kingdom and the United States. The results show that part...

We estimate alternative price-to-rent ratios in the Spanish housing market by considering different stochastic discount factors in present value models similar to those used in the financial literature but where the higher rigidity that characterises this market is taken into account. We...

Taking the Spanish market for deposits as a case study we show the importance of properly controlling for the quality of the services provided when assessing the degree of banking competition. While a simple approach based on estimating the price elasticity of the residual supply of deposit...

This paper uses a Spanish panel of tax returns and another on household expenditure during the period 1985-1991 to examine the incidence of the introduction in 1988 of tax incentives to retirement savings on contributions to pension funds and on savings. We first identify the population cohorts...

El objetivo de este trabajo es analizar, tanto desde el punto de vista empirico como desde el teorico, la relacion entre los niveles de riesgo de tipo de cambio y de tipo de interes, asi como el grado de compromiso de las autoridades monetarias con la estabilidad cambiaria, atendiendo no solo a...

En 1999 ha entrado en funcionamiento un nuevo marco operativo para la instrumentacion de la politica monetaria unica en el area del euro. Este nuevo marco comporta una serie de cambios en relacion con la situacion previa en nuestro pais, algunos de los cuales pueden tener implicaciones...

Artículo de revista

Artículo de revista

Organizado por: Banco de España

Evento: VI Jornada Securities Services sobre retos del post-trading en un entorno de transformación. Organizado por: Cecabank