We estimate Okun’s relationship for four European countries (France, Germany, the Netherlands and Spain) with a nonparametric procedure, without imposing a previous specific functional form. We apply the non parametric MARS methodology that endogenously detects multiple thresholds and therefore is able to identify multiple possible regimes. In addition, we control for the Euro area crisis…
Abstract: Este trabajo analiza la evolución y los determinantes de la desigualdad salarial mensual y horaria en España desde 1995 a 2014 utilizando los datos de la Encuesta Cuatrienal de Estructura Salarial. El aumento de la jornada a tiempo parcial es la variable clave que explica el distinto comportamiento observado en ambas. La primera aumenta…
Abstract:I present a dynamic model of the U.S. economy with trade, labor mobility, endogenous growth and realistic geography to examine the relationship between spatial frictions, city formation and aggregate development. In the model, a subset of locations endogenously specialize in innovative industries that are subject to economies of scale. This leads to the formation and…
Abstract: Empirical observation shows that policies are usually gradually introduced in a society. This paper presents a model of repeated elections that captures this phenomenon, and that allows countries to differ in their institutional flexibility, thus in the speed of implementation of new policies. We show that with gradual implementation of policies there is an…
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Abstract: The consequences that educational underperformance has on both individuals and society as a whole lead policy makers and planners to focus on how to measure it properly. The aim of this paper is to propose an index to measure educational poverty which, taking as a starting point the economic literature on multidimensional poverty measurement,…
Abstract: We explore the role of public funds sharing in the framework of laboratory federalism, viewed as a learning process of policy innovation and imitation. In a model of decentralized, rich-to-poor redistribution with labor mobility, such a learning dynamics leads to the complete erosion of the welfare state. We show that suitably designed funds sharing schemes can correct this…
Abstract: When measuring multidimensional poverty it is reasonable to expect that the trade-offs between variable pairs can differ depending on whether the concerned pairs are complements or substitutes. Yet, currently existing approaches based on deprivation count distributions unrealistically assume that all pairs of variables are related in the same way, an unfortunate circumstance that undermines…
ABSTRACT: Adaptive learning (AL) takes over other features needed to generate a sizable term premium under rational expectations. Indeed, a time-varying term premium emerges in a first-order approximation of a DSGE model under AL. We estimate a real-time AL model that builds on Slobodyan and Wouters (2012a). Our extension disentangles the expectations hypothesis of the term structure (EH)…
This paper addresses the long-term impacts of climate change on wind speed and, therefore, on wind energy generation. A projection of wind speed was carried out for four selected wind farms in Spain, using an ensemble of three climate models, two scenarios (RCP 4.5 and 8.5) and two time periods (2018-2041 and 2042-2065) per plant….
