Asymmetries in the Cyclical Effects of Monetary Policy on Output: Some European Evidence

In this paper, I present empirical evidence for …ve European countries (Germany, France, UK, Spain and Italy) and the Euro-zone on whether monetary policy shocks produce di¤erent e¤ects on real output growth depending on the phase of the business cycle that the economy is undergoing (the socalled ‘state’ asymmetry). To do so, I apply a multivariate extension of the Hamilton(1989)’s Markov switching methodology. I …nd evidence in favour of ‘state’ asymmetries at the aggregate level in all the countries whereby interest-rate shocks have larger e¤ects in recessions than in expansions. I also carry out the analysis at the sectorial level and observe that this asymmetric effect seems to be di¤erent in the analysed countries when I focus on a sectorial analysis.monetary policy, Taylor rule, asymmetries, Generalised Method of the Moments and Markov switching models

Efficiency of propensity score adjustment and calibration on the estimation from non-probabilistic online surveys

Peer Reviewe

The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?

Published as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.comovement, VAR forecast errors, optimal policy, NKM model

Term Structure and the Estimated Monetary Policy Rule in the Eurozone

Published as an article in: Spanish Economic Review, 2008, vol. 10, issue 4, pages 251-277.NKM model, term structure, policy rule, indirect inference

Are monetary-policy reaction functions asymmetric?: The role of nonlinearity in the Phillips curve

This paper investigates the implications of a nonlinear Phillips curve for the derivation of optimal monetary policy rules. Combined with a quadratic loss function, the optimal policy is also nonlinear, with the policy-maker increasing interest rates by a larger amount when inflation or output are above target than the amount it will reduce them when they are below target. Specifically, the main prediction of our model is that such a source of nonlinearity leads to the inclusion of the interaction between expected inflation and the output gap in an otherwise linear Taylor rule. We find empirical support for this type of asymmetries in the interest rate-setting behaviour of four European central banks but none for the US Fed.Publicad

On the asymptotic spatial behaviour of the solutions of the nerve system

In this paper we investigate the asymptotic spatial behavior of the solutions for several models for the nerve fibers. First, our analysis deals with the coupling of two parabolic equations. We prove that, under suitable assumptions on the coefficients and the nonlinear function, the decay is similar to the one corresponding to the heat equation. A limit case of this system corresponds to the coupling of a parabolic equation with an ordinary differential equation. In this situation, we see that for suitable boundary conditions the solution ceases to exist for a finite value of the spatial variable. Next two sections correspond to the coupling of a hyperbolic/parabolic and hyperbolic/ordinary differential problems. For the first one we obtain that the decay is like an exponential of a second degree polynomial in the spatial variable. In the second one, we prove a similar behaviour to the one corresponding to the wave equation. In these two sections we use in a relevant way an exponentially weighted Poincaré inequality which has been revealed very useful in several thermal and mechanical problems. This kind of results have relevance to understand the propagation of perturbations for nerve models.Peer ReviewedPostprint (author’s final draft

Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.

This paper derives 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 asymmetries, 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.Publicad

The relationship between height and economic development in Spain. A historical perspective

This paper investigates the relationship between height and economic development in Spain in the modern period. The relation is investigated using recently constructed times series with recruitment data of conscripts. We observed changes in average height along the analyzed period. These variations could be explained by different indicators of economic development such as consumption of hygiene products, the deflator of private consumption, income per capìta, schooling rate, infant mortality and trade (degree of openness). We model human stature as a Vector Autoregressive Model (VAR) and we proceed to estimate a Vector Autoregressive Equilibrium Correction Model (VECqM) to quantify the height response to different changes in the different explanatory variables. The analysis shows that there is a long-°©‐run relationship between height, income, and other indicators of economic development in Spain as consumption of hygiene products, and the degree of opennessHeight, health, income, education, economic development, cointegration, Spain.

Quasi-filiform Leibniz algebras of maximum length

The n-dimensional p-filiform Leibniz algebras of maximum length have already been studied with 0 p 2. For Lie algebras whose nilindex is equal to n − 2 there is only one characteristic sequence, (n − 2, 1, 1), while in Leibniz theory we obtain two possibilities: (n−2, 1, 1) and (n−2, 2). The first case (the 2-filiform case) is already known. The present paper deals with the second case, i.e., quasi-filiform non Lie Leibniz algebras of maximum length. Therefore this work completes the study of maximum length of Leibniz algebras with nilindex n − p with 0 p 2.Junta de Andalucía FQM-14