Who is afraid of the big bad ban? An evaluation of the effects of the clean air law on expenditure at hospitality venues

ABSTRACT Background In January 2011 Spain modified clean air legislation in force since 2006, removing all existing exceptions applicable to hospitality venues. Although this legal reform was backed by all political parties with parliamentary representation, the government’s initiative was contested by the tobacco industry and its allies in the hospitality industry. One of the most…

Flexibility in the Spanish Company Law, 1885-1936

ABSTRACT The Spanish business code allowed firms two types of organizational flexibility in the late 19th and early 20th century. Firms enjoyed great leeway in adapting rules to their needs. The corporation was especially flexible in this way. Spanish law also allowed firms to in effect crea- te their own legal form. Until 1920, firms…

Information and Quality with an Increasing Number of Brands

ABSTRACT We analyze the potential trade-off between product variety and consumer information and the implications this trade-off has for product quality. We introduce a simple information accumulation process in a horizontal differentiation model with unobservable quality. As the number of brands increases, per-brand consumer information decreases, which leads to lower average quality. Eventually, the reduction…

Green shoots and double dips in the Euro area. A real time measure

Camacho, M., Pérez Quirós, G., y Poncela, P. 2014, International Journal of Forecasting 30: 520-535. Abstract: In order to perform real-time business cycle inferences and forecasts of GDP growth rates in the euro area, we use an extension of the Markov-switching dynamic factor models that accounts for the features of the day-to-day monitoring of economic developments,…

The Euro-Sting revisited: the usefulness of financial indicators to obtain euro area GDP

Camacho, M., y Garcia Serrador, A., 2014, The Euro-Sting revisited: the usefulness of financial indicators to obtain euro area GDP. Journal of Forecasting 33: 186-197.

Output gap and non-linear convergence

Beyaert, A., García-Solanes, J., Journal of Policy Modelling, 36, 1, 2014, pp. 121-135. Abstract: We apply unit root tests in a multivariate TAR model with bootstrapping simulations to assess the influence of short-run economic conditions on long-run economic convergence and to extract economic policy implications. We use two different groups of countries whose members share important…