Brane actions, Categorification of Gromov-Witten theory and Quantum K-theory

Let X be a smooth projective variety. Using the idea of brane actions discovered by To\"en, we construct a lax associative action of the operad of stable curves of genus zero on the variety X seen as an object in correspondences in derived stacks. This action encodes the Gromov-Witten theory of X in purely geometrical terms and induces an action on the derived category Qcoh(X) which allows us to recover the Quantum K-theory of Givental-Lee.Comment: final version, 64 pages, accepted for publication in Geometry & Topolog

Schooling Quality in a Cross Section of Countries: a replication exercise and additional results

In this note we begin by replicate the results in “Schooling Quality in a Cross-Section of Countries†[Barro and Lee 2001, Economica 68]. Then, we go further and show that results can be different when more meaningful variables are considered. In particular, school inputs lessen their effects in some specifications, approximating the macroeconomic result from the microeconomic ones.

The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data

This paper investigates the existence of the bank-lending channel in the transmission of monetary policy using Portuguese micro bank data. In contrast to the conventional approach, which addresses the identification issue by resorting to reduced form equations for bank credit with variables in differences, we directly estimate loan-supply schedules with variables in levels, thereby exploiting recent results on cointegration for panel data. We conclude that there is evidence of the existence of a bank-lending channel, and that the importance of the bank lending-channel is larger for less capitalised banks.Monetary policy transmission mechanism; bank lending channel; identification; nonstationary panel data; cointegration

The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data

This paper investigates the existence of the bank-lending channel in the transmission of monetary policy using Portuguese micro bank data. In contrast to the conventional approach, which addresses the identification issue by resorting to reduced form equations for bank credit with variables in differences, we directly estimate loan-supply schedules with variables in levels, thereby exploiting recent results on cointegration for panel data. We conclude that there is evidence of the existence of a bank-lending channel, and that the importance of the bank lending-channel is larger for less capitalised banks JEL Classification: C33, E44, E52, G21bank lending channel, Identification, Monetary policy transmission mechanism

The dynamic effects of shocks to wages and prices in the United States and the euro area

This paper investigates the dynamics of aggregate wages and prices in the United States (US) and the Euro Area (EA) with a special focus on persistence of real wages, wage and price inflation. The analysis is conducted within a structural vector error-correction model, where the structural shocks are identified using the long-run properties of the theoretical model, as well as the cointegrating properties of the estimated system. Overall, in the long run, wage and price inflation emerge as more persistent in the EA than in the US in the face of import price, unemployment, or permanent productivity shocks. This finding is robust to the changes in the sample period and in the models’ specifications entertained in the paper. JEL Classification: C32, C51, E31, J30impulse response function, Persistence, structural error-correction model