Unemployment in Galician autonomous community (Spain)

An aspect of unquestionable transcendency is the impact of the unemployment in the current society. Most part of the countries in the European continent present as from the decade of the 70's very significant rates of unemployment. The persistence of this characteristic in the occupational market constitutes the most important fact of concern for citizens and governments. The problem of the unemployment becomes much more serious in the case of Spain, and the Galician Autonomous Community is not an exception. The society considers the unemployment as the great plague of the modern times, not only because of the serious effects that brings about at individual and familiar level, loss of occupational income as relevant factor of the distribution of the revenue, but also at social level by the repercussions on the economic growth, the regional development and the economic inequalities. The magnitude and the complexity of the unemployment can not be analyzed from an only cause, neither so from an economic approach alone, that without doubt would be partial. The unemployment is a complex process affected by many variables, which exceeds the narrow framework of the occupational market and definitively has a lot to do with the location, the demography, the possibility of economic growth and the expansion of final demand. However, due to its transcendency, the economic aspects related to the unemployment, the utilization of the human resources and the generated revenue levels are economic problems of a great relevancy.

Sobre el papel del saldo presupuestario en las decisiones del Banco Central Europeo

Este trabajo analiza si el saldo presupuestario del conjunto de los países que integran la Unión Monetaria Europea ha influido en la determinación de los tipos de interés a corto plazo por parte del Banco Central Europeo (BCE). El análisis empírico es llevado a cabo con el método de los momentos generalizados, estimando una función de reacción de política monetaria que incluye esa variable fiscal. Se ha encontrado que, para el periodo que va desde 1999:1 hasta 2007:4, el saldo presupuestario fue una variable significativa en la función de reacción del BCE.This study inquires into whether the budgetary balance of the set of countries constituting the European Monetary Union has influenced the European Central Bank's (ECB's) determination of short term interest rates. The empirical analysis is performed using the generalized method of moments to estimate a monetary policy reaction function that includes the aforementioned fiscal variable. It was found that for the period 1999:1 to 2007:4, the budget balance was a significant variable in the ECB's reaction function.peerReviewe

Derivatives and monetary policy: Evidence from the Federal Reserve (2000-2015)

Al tiempo que el uso de los productos financieros derivados se hacía cada vez más frecuente, numerosos trabajos de investigación analizan sus efectos sobre la puesta en práctica de la política monetaria. En el marco teórico de las reglas monetarias de tipos de interés (Taylor rules), a través del método generalizado de los momentos (MGM) contrastamos la influencia de los productos financieros derivados sobre la gestión de la política monetaria por parte de la Reserva Federal entre 2000 y 2015. El análisis realizado nos permite concluir que la volatilidad implícita del mercado de derivados es una variable explicativa del comportamiento del tipo de interés nominal de corto plazoWhile the use of money market derivative products was increasing, many research studies were published on how derivative products affect the implementation of monetary policies. In the theoretical framework of an interest rate forecasting model (Taylor rules), we will use the generalised method of moments (GMM) to compare the influence of financial derivative products over the Federal monetary policy carried out from the year 2000 to 2015. By means of this analysis we may conclude that the implicit volatility of the derivatives markets is an explanatory variable of the behaviour of the short-term nominal interest rat

Unemployment in Galician autonomous community (Spain)

An aspect of unquestionable transcendency is the impact of the unemployment in the current society. Most part of the countries in the European continent present as from the decade of the 70's very significant rates of unemployment. The persistence of this characteristic in the occupational market constitutes the most important fact of concern for citizens and governments. The problem of the unemployment becomes much more serious in the case of Spain, and the Galician Autonomous Community is not an exception. The society considers the unemployment as the great plague of the modern times, not only because of the serious effects that brings about at individual and familiar level, loss of occupational income as relevant factor of the distribution of the revenue, but also at social level by the repercussions on the economic growth, the regional development and the economic inequalities. The magnitude and the complexity of the unemployment can not be analyzed from an only cause, neither so from an economic approach alone, that without doubt would be partial. The unemployment is a complex process affected by many variables, which exceeds the narrow framework of the occupational market and definitively has a lot to do with the location, the demography, the possibility of economic growth and the expansion of final demand. However, due to its transcendency, the economic aspects related to the unemployment, the utilization of the human resources and the generated revenue levels are economic problems of a great relevancy

¿Son asimétricas las reacciones de política monetaria de un banco central? El caso del BCE

Una gran parte de los bancos centrales adopta sus decisiones conforme a determinados objetivos, fundamentalmente de inflación y crecimiento económico. La pregunta que nos hacemos es si son igual de intensas las reacciones de esos institutos centrales cuando las desviaciones respecto a los objetivos señalados son positivas, en comparación con el caso en que sean negativas, o si, por el contrario, las reacciones son asimétricas. Para responder a esta cuestión, con base en los planteamientos taylorianos de la función de reacción de política monetaria, analizamos las posibles causas de comportamientos asimétricos y establecemos una metodología para determinar si las decisiones de un banco central han sido asimétricas, o no. Empíricamente, analizamos el caso del Banco Central Europeo (BCE), para concluir que en el caso de éste no es posible afirmar que haya reaccionado asimétricamente en el periodo 1999-2008.A large part of the central bank's decisions are subject to certain objectives, mainly inflation and economic growth. The question we ask is whether they are equally intense reactions when these central institutes deviations to the above objectives are positive, compared to the case in which they are negative, or if, on the contrary, the reactions are asymmetric. To answer this question, based on Taylorist approaches the reaction function of monetary policy, analyze the possible causes of asymmetric behavior and establish a methodology for determining whether the decisions of a central bank are asymmetric or not. Empirically, we analyze the case of the European Central Bank (ECB), to conclude that if this is not possible to say that has reacted asymmetrically periodo 1999 in 2008.peerReviewe

La (in)estabilidad de la demanda de dinero en Colombia, 2003-2020

[Resumen] : En este trabajo realizamos un análisis empírico de la evolución del agregado monetario M3 y de sus componentes en Colombia, con el propósito de evaluar las propiedades de estabilidad de cada uno de los activos que forman M3. El análisis se realiza con base en pruebas de raíces unitarias y cointegración. La estacionariedad de las series se estudia mediante las pruebas de adf-gls y M-type test, así como con pruebas que consideran la posibilidad de cambio estructural. El estudio prosigue empleando el modelo de vectores de corrección de errores (vecm) y mínimos cuadrados ordinarios totalmente modificados (fmols) para estimar la relación de largo plazo entre los componentes de M3 y las variables macroeconómicas determinantes. Los resultados obtenidos nos permiten afirmar que la estabilidad de la demanda de los diferentes componentes de M3 se mantiene, a pesar de distintos shocks que han afectado a la economía colombiana durante estos años.[Abstract]: An empirical analysis is made of the evolution of M3 and its components in Colombia during the period 2003-2020. The purpose is to evaluate the stability of each of the assets that make up the aggregate M3. Unit-root and co-integration tests are used. The stationarity of the series is studied by adf-gls and M-type tests, as well as with tests that incorporate the possibility of structural change. In the following we implement two different methodologies to estimate the long-run relationship between M3 components and the macroeconomic determinant variables [Vector Error Correction Model (vecm) and Fully Modified Ordinary Least Squares (fmols)]. The results obtained allow us to affirm that the stability of the demand of the different components of M3 is maintained, in spite of different shocks that have affected the Colombian economy over these years

¿Existe evidencia de asimetrías en la gestión de la política monetaria por parte del Banco Central Europeo? (1999-2014)

El objetivo de este artículo es verificar la presencia de asimetrías en la actuación del Banco Central Europeo (BCE) desde el inicio de su mandato hasta finales de 2014. La metodología utilizada es doble: la estimación, mediante el método de los momentos generalizado (MMG), de una regla de política monetaria óptima y de una regla que incluye variables ficticias multiplicativas capaces de detectar la presencia de comportamientos asimétricos. La crisis de crecimiento en la eurozona y los problemas de liquidez provocaron la puesta en marcha de medidas no convencionales de política monetaria después de 2008. Nuestros resultados muestran presencia de asimetría en la determinación de los tipos de interés por parte del BCE durante el periodo analizado, así como una reorientación de las decisiones de política monetaria más favorables al crecimiento económico

Sobre el papel del saldo presupuestario en las decisiones del Banco Central Europeo

Este trabajo analiza si el saldo presupuestario del conjunto de los países que integran la Unión Monetaria Europea ha influido en la determinación de los tipos de interés a corto plazo por parte del Banco Central Europeo (BCE). El análisis empírico es llevado a cabo con el método de los momentos generalizados, estimando una función de reacción de política monetaria que incluye esa variable fiscal. Se ha encontrado que, para el periodo que va desde 1999:1 hasta 2007:4, el saldo presupuestario fue una variable significativa en la función de reacción del BCE.This study inquires into whether the budgetary balance of the set of countries constituting the European Monetary Union has influenced the European Central Bank's (ECB's) determination of short term interest rates. The empirical analysis is performed using the generalized method of moments to estimate a monetary policy reaction function that includes the aforementioned fiscal variable. It was found that for the period 1999:1 to 2007:4, the budget balance was a significant variable in the ECB's reaction function.peerReviewe

Inflation Targeting: Evidence for Latin America (1999-2015)

In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these central banks have taken into account the economic growth, in addition to price stability. However, only Chile has taken into account the evolution of the exchange rate. Furthermore, Chile, Brazil and Peru have followed an asymmetric behavior, while Colombia and Mexico have adopted a linear monetary policy rule