General preferences for consumption goods in the random matching model of commodity money

This paper generalizes the original random matching model of money by Kiyotaki and Wright (1989) (KW) in two aspects: first, the economy is characterized by an arbitrary distribution of agents who specialize in producing a particular consumption good; and second, these agents have preferences such that they want to consume any good with some probability. The results depend crucially on the size of the fraction of producers of each good and the probability with which different agents want to consume each good. KW and other related models are shown to be parameterizations of this more general one.Commodity money, random matching, general preferences

Are changes in education important for the wage premium and unemployment?

A generalized rise in unemployment rates for both college and high-school graduates, a widening education wage premium, and a sharp increase in college education participation are characteristic features of the transformations of the U.S. labor market between 1970 and 1990. This paper investigates the interactions between these changes in the labor market and in educational attainment. First, it develops an equilibrium search and matching model of the labor market where education is endogenously determined. Second, calibrated versions of the model are used to study quantitatively whether either a skill-biased change in technology or a mismatch shock can explain the above facts. The skill-biased shock accounts for a considerable part of the changes but fails to produce the increase in unemployment for the educated labor force. The mismatch shock explains instead much of the change in the four variables, including the wage premium.Education, wage Premium, unemployment

Wage inequality and unemployment with overeducation

A skill-biased change in technology can account at once for the changes observed in a number of important variables of the US labour market between 1970 and 1990. These include the increasing inequality in wages, both between and within education groups, and the increase in unemployment at all levels of education. In contrast, in previous literature this type of technology shock cannot account for all of these changes. The paper uses a matching model with a segmented labour market, an imperfect correlation between individual ability and education, and a fixed cost of setting up a job. The endogenous increase in overeducation is key to understand the response of unemployment to the technology shock.Unemployment, wage premium, overeducation, SBTC

The economic effects of a Spanish trade boycott against Catalan products

We study the potential consequences of a hypothetical trade boycott against Catalan products organized by some sectors of the Spanish society mainly for political reasons. A symmetric trade boycott would have two effects: a reduction of Catalan exports to Spain and a partial process of import substitution in Catalonia. In order to quantify the economic impact of the boycott, we compare the "actual" Catalan economy, as described in the input-output table for 2005, with a "simulated" Catalan economy that takes into account the effects of a boycott on the trade exchanges between Catalonia and Spain.trade boycott, input output analysis

Circulation of private notes during a currency shortage

This paper provides a search theoretical model that captures two phenomena that have characterized several episodes of monetary history: currency shortages and the circulation of privately issued notes. As usual in these models, the media of exchange are determined as part of the equilibrium. We characterize all the different equilibria and specify the conditions under which there is a currency shortage and/or privately issued notes are used as means of payment. There is multiplicity of equilibria for the entire parameter space, but there always exist an equilibrium in which notes circulate, either alone or together with coins. Hence, credit is a self-fulfilling phenomenon that depends on the beliefs of agents about the acceptability and future repayment of notes. The degree of circulation of coins depends on two crucial parameters, the intrinsic utility of holding coins and the extent with which it is possible to find exchange opportunities in the market.money, notes, search, credit, currency shortage

The dog that didn’t bark: on the effect of the Great Recession on the surge of secessionism

This paper explores the relationship between the economic turmoil generated by the Great Recession and the increase of secessionism. Some authors have stressed that the Great Recession triggered profound changes in territorial preferences and, in the context of a conflict between the centre and the periphery, fuelled secessionism as a radical shift of the institutional setup. Nevertheless, other researchers have remarked that a deep recession may enhance the status quo bias and decrease the likelihood of radical changes. Our paper aims at contributing to this debate by analysing the case of Catalonia. We use an aggregate and an individual level empirical design to explore the relationship between the deterioration of the economic situation and the increase of preferences for secession among the Catalan population. The findings from the analysis of our empirical models do not support the hypothesis that the effects of the Great Recession had any significant impact on political preferences in Catalonia

La influencia de la productividad en la consolidación de los grupos nacionales de la banca privada española (1900-1914)

Este trabajo analiza el fenómeno de la crisis y auge de los grupos regionales de la banca española con una nueva metodología que permite estudiar el nivel de eficiencia y la productividad de las entidades financieras. Se han obtenido dos resultados relevantes. En primer lugar, se ha confirmado la influencia de los niveles de productividad en la trayectoria más o menos exitosa de los diversos grupos regionales bancarios. En segundo lugar, se ha demostrado que el progreso general de la banca privada durante el período inmediatamente anterior a la Primera Guerra Mundial fue debido más a un incremento generalizado de la competición, que redundó en un acercamiento de cada vez más entidades a los máximos niveles de eficiencia, que al desarrollo o/y adopción de innovaciones financieras

G protein-coupled receptor 37 (GPR37) emerges as an important modulator of adenosinergic transmission in the striatum

G protein-coupled receptor 37 (GPR37), also known as parkin associated endothelin-like (Pael) receptor, is an orphan G protein-coupled receptor, which suffers a defective parking ubiquitination in autosomal recessive Parkinson's disease promoting its endoplasmic reticulum aggregation and stress, neurotoxicity and neuronal death (Takahashi and Imai, 2003). Interestingly, we have demonstrated previously that GPR37 heteromerizes with adenosine A2A receptor (A2AR) in the striatum (Morató et al., 2017; Sokolina et al., 2017). In addition, we also reported some functional consequences of this direct interaction, whereby GPR37 deletion enhanced striatal A2AR cell surface expression with a concomitant increase in A2AR agonist-mediated cAMP accumulation (Morató et al., 2017); accordingly, an enhancement of A2AR agonist-induced catalepsy and antagonist-induced locomotor activity was observed upon GPR37 deletion (Morató et al., 2017). Overall, it has been hypothesized that GPR37 might hold a chaperone-like activity controlling A2AR cell surface targeting and function. However, the precise physiological function of GPR37 still is unidentified. The current findings now provide additional evidence for the role of GPR37 as a repressor of A2AR function