Testing I(1) against I(d) alternatives in the presence of deteministic components

This paper discusses the role of deterministic components in the DGP and in the auxiliary regression model which underlies the implementation of the Fractional Dickey-Fuller (FDF) test for I(1) against I(d) processes with d € [0, 1). This is an important test in many economic applications because I(d) processess with dDeterministic components, Dickey-Fuller test, fractionally Dickey-Fuller test, fractional processes, long memory, trends, unit roots

What is what?: A simple time-domain test of long-memory vs. structural breaks

This paper proposes a new time-domain test of a process being I(d), 0Unit root tests, structural breaks, fractional integration, long memory

NONLINEAR MONETARY POLICY RULES: SOME NEW EVIDENCE FOR THE US

This paper dreives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size aymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed`s inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.

A MATCHING MODEL OF CROWDING-OUT AND ON-THE- JOB SEARCH (WITH AN APPLICATION TO SPAIN)

This paper considers a matching model of heterogenous and jobs which includes on-the-job search. High-educated workers transitorily accept unskilled jobs and continue to search for skilled jobs. We study the implications of this model for the unemployment rates of high and low-educated workers, for the share of mismatched workers and wage nequality both within and between skill groups. The model is used to shed light on the Spanish experience following a large educational upgrading since the mid-eighties.

Nonlinear monetary policy rules: some new evidence for the US

This paper dreives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size aymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed`s inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime

Unemployment and Inflation Persistence in Spain: Are There Phillips Trade-Offs?

This paper studies the dynamic behavior of inflation and unemployment in Spain during the period 1964?1997. In particular, we analyze the implications of high persistence in both unemployment and inflation dynamics for inference regarding the size of Phillips trade-offs and sacrifice ratios in the Spanish economy, in response to a demand shock. To do so we use a Stuctural VAR approach with several identification outlines which give rise to alternative interpretations of the joint unemployment-inflation dynamics. When using a bivariate VAR we cannot reject the existence of a permanent output loss of one-half of one percentage point for each percentage point of permanent disinflation. However, when the VAR is augmented with a third variable, in order to disentangle monetary from non-monetary shocks within the demand class, the evidence favours a lower and marginally permanent trade-off with an output loss of about one-fourth of one percentage point.Publicad

RESEARCH IN ECONOMICS IN SPAIN: RANKINGS OF INSTITUTIONS AND AUTHORS

In this paper we analyse the research in Economics in Spain during the 1990s considering the contributions of both Spanish and foreign economist who have worked in Spain during that period. To do so, we use different bibliometric indicators in order to elaborate rankings for both institutions and researchers. These rankings can be useful for several potentials users such as: a) Evaluation Agencies and Funding Bodies to help them in grant-allocation decisions; b) Graduate students who whish to choose the right institution to complete their postgraduate education, and c) Young Ph Ds who have entered the academic job market and need information about the research perfomance of different institutions.

Brownian cluster dynamics with short range patchy interactions. Its application to polymers and step-growth polymerization

We present a novel simulation technique derived from Brownian cluster dynamics used so far to study the isotropic colloidal aggregation. It now implements the classical Kern-Frenkel potential to describe patchy interactions between particles. This technique gives access to static properties, dynamics and kinetics of the system, even far from the equilibrium. Particle thermal motions are modeled using billions of independent small random translations and rotations, constrained by the excluded volume and the connectivity. This algorithm, applied to a single polymer chain leads to correct static and dynamic properties, in the framework where hydrodynamic interactions are ignored. By varying patch angles, various chain flexibilities can be obtained. We have used this new algorithm to model step-growth polymerization under various solvent qualities. The polymerization reaction is modeled by an irreversible aggregation between patches while an isotropic finite square-well potential is superimposed to mimic the solvent quality. In bad solvent conditions, a competition between a phase separation (due to the isotropic interaction) and polymerization (due to patches) occurs. Surprisingly, an arrested network with a very peculiar structure appears. It is made of strands and nodes. Strands gather few stretched chains that dip into entangled globular nodes. These nodes act as reticulation points between the strands. The system is kinetically driven and we observe a trapped arrested structure. That demonstrates one of the strengths of this new simulation technique. It can give valuable insights about mechanisms that could be involved in the formation of stranded gels.Comment: 55 pages, 32 figure

LOS NUEVOS FENÓMENOS MIGRATORIOS: RETOS Y POLÍTICAS

En este artículo se presenta una panorámica sobre los recientes movimientos migratorios en el mundo a la luz de la experiencia histórica. Se pone especial énfasis en los efectos de la inmigración sobre los mercados laborales de los países receptores, así como en el papel de la inmigración como solución al problema de la sostenibilidad de los sistemas de pensiones en los países occidentales. Además se ofrecen diferentes cálculos sobre el efecto de la inmigración en el bienestar económico de los países receptores y se discute una amplia gama de políticas de la inmigración conducentes a minimizar los costes y maximizar los beneficios en los países de destinos y de origen.