1,656,104 research outputs found

    La obligaci贸n empresarial de establecer un sistema de c贸mputo diario de la jornada laboral conforme al derecho comunitario

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    La Audiencia Nacional, mediante auto de 19 de enero de 2018, plantea al Tribunal de Justicia Europea una petici贸n de decisi贸n prejudicial conforme al art铆culo 267 TFUE, en la que expresa sus dudas sobre la conformidad con el Derecho de la Uni贸n de la interpretaci贸n dada por el Tribunal Supremo al art铆culo 35, partado 5, del Estatuto de los Trabajadores. Entiende dicho 贸rgano jurisdiccional que el Derecho espa帽ol no puede garantizar el cumplimiento efectivo de las obligaciones establecidas en la Directiva 2003/88 y en la Directiva 89/391. Para el Tribunal de Justicia de la Uni贸n Europea (Gran Sala)1, los art铆culos 3, 5 y 6 de la Directiva 2003/88/CE del Parlamento Europeo y del Consejo, de 4 de noviembre de 2003, interpretados a la luz del art铆culo 31, apartado 2, de la Carta de los Derechos Fundamentales de la Uni贸n Europea y de los art铆culos 4, apartado 1, 11, apartado 3, y 16, apartado 3, de la Directiva 89/391/CEE del Consejo, de 12 de junio de 1989, deben interpretarse en el sentido de que se oponen a una normativa de un Estado miembro que, seg煤n la interpretaci贸n de esa normativa adoptada por la jurisprudencia nacional, no impone a los empresarios la obligaci贸n de establecer un sistema que permita computar la jornada laboral diaria realizada por cada trabajador

    An Empirical Analysis of the Credit-Output Relationship: Evidence from Peru

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    This paper investigates the empirical relationship between credit and output in Peru. The analysis is based on the estimation of vector error correction models and the identification of structural shocks. The models considered include real output, real credit growth (in domestic currency, foreign currency and both), and terms of trade. Using quarterly data for the period 1994-2011, the results suggest that real credit growth contain useful information to understand the evolution of the non-deterministic component of real output. In particular, the results show that: (i) there exist a stable long-run relationship between real credit growth, output and terms of trade, (ii) real credit growth is useful in forecasting output in the long-run, and (iii) a structural permanent shock in real credit has positive permanent effects on output. Therefore, credit aggregates could be useful as indicator variables for policymakers.Credit growth, output growth, vector error correction models, structural shocks.

    Monetary Policy and Stock Market Booms

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    Historical data and model simulations support the following conclusion. Inflation is low during stock market booms, so that an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy. Adjustments to the interest rate rule can remove this source of welfare-reducing instability. For example, allowing an independent role for credit growth (beyond its role in constructing the inflation forecast) would reduce the volatility of output and asset prices.inflation targeting, sticky prices, sticky wages, stock price boom, DSGE model, New Keynesian model, news, interest rate rule
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