We estimate the effects of stock market volatility on the growth rates of durable consumption, non-durable consumption and invest- ment using post-war US data. Our results indicate that high levels of stock market volatility exert large adverse effects on the growth rates of investment and...

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

En este trabajo se cuantifica el contenido informativo de los Índices de Confianza utilizados por el Banco de la República en la elaboración de su Informe sobre Inflación. Se estudian las frecuencias a las que ocurren sus variaciones y se comparan con las frecuencias de medidas similares de...

En este trabajo se cuantifica el contenido informativo de los Índices de Confianza utilizados por el Banco de la República en la elaboración de su Informe sobre Inflación. Se estudian las frecuencias a las que ocurren sus variaciones y se comparan con las frecuencias de medidas similares de...

In many European companies, if there were in force internal legal provisions and instruments, an important role for mitigating the negative effects of the economic downturn had the work flexibility and using the flexible forms of work, allowing them to avoid the loss of skilled employees. It is...

Cette revue de la littérature présente les principaux outils et résultats de la recherche se situant à l intersection de la finance et de la macroéconomie. L ambition de cette littérature est de fournir une analyse conjointe du cycle économique et des fluctuations des prix d actifs...

The stock market is one of the imperative indicators of the economy. This study strived to explore the impact of five macroeconomic variables on General Index in the long run and short run. In order to investigate the long run and short run relationships Johansen co-integation technique and VECM...

In this paper we investigate how capacity adjustment costs affect a firm¡¯s response to demand uncertainty. We first characterize the pattern of optimal capacity adjustment for a monopolistic firm and find that capacity behaves as a stabilizer for the firm¡¯s output. For duopolistic firms...

The state’s involvement in the management of social problems has followed a windy road during the last century, from the classical liberal laissez-faire to stressed and all-encompassing interventionism. The state’s action or non-action in relation to the regulating mechanisms of the social...

For 2011 the wiiw central scenario envisages further improvements in the economic performance of those countries that were still stagnating or contracting in 2010 (Bulgaria, Latvia, Romania, Croatia, Macedonia and Montenegro). However, in those countries that performed reasonably well in 2010...