We consider quarterly data of the Spanish economy from 1987 to 2013 to establish causal interconnections in a model free manner, using symbolic dynamics and permutation entropy (PE) and establish the exogeneity of adoption of the Euro (in Jan 1999) as the governing mechanism that leads to the key causal impacts on (1) interest rates,…
Abstract: We present a factor-proportions trade model in which heterogeneous firms can offshore intermediate inputs subject to fixed offshoring costs. In the skill-abundant country, high-productivity firms offshore a larger range of labor-intensive inputs to the labor-abundant countries than low-productivity firms. Differently from the traditional versions of factor-proportions trade theory, Heckscher-Ohlin forces operate at the within-industry…
Abstract: Convencionalmente se suelen clasificar los efectos de la construcción de una infraestructura de transporte en backward linkages, o efectos hacia atrás, y forward linkages, o efectos hacia delante. Estos últimos son medidos a través del contrafactual conocido como “Ahorro Social”. La bibliografía española ha puesto de relieve que los backward linkages de la construcción de sistema ferroviario español…
Abstract: We uncover new dynamic patterns related to importers age and the macroeconomic environment that static models cannot explain. Our patterns are related to import switching, i.e., the simultaneous adding and dropping of intermediates at the firm level. Three facts stand out. First, switching is pervasive as 65% of firms do it and, at the…
Abstract: In the last decade the approaches of the global history have been emphasized in order to visualize the progress, form and method which historians have undertaken when carrying out ambitious research projects to analyse and compare diverse geographical and cultural areas of Asia and Europe. But when dealing with comparisons and cross-cultural studies in…
Abstract Spanish GDP grew at an average rate of 3.5% per year during the expansion of 1995- 2007, above the EU average of 2.2%. However, this growth was based on factor accumulation rather than productivity gains. In particular, TFP fell at an annual rate of 0.7%, while it increased at 0.4% in the EU and…
Abstract: This paper analyses the transmission of monetary policy to bank lending conditions during the period of financial and sovereign debt crisis in the euro area. A unique bank-level dataset is used to capture the main channels through which standard and non-standard monetary policy measures propagates to the lending behaviour of individual banks. The results…
Abstract The aim of this paper is to create counterfactual series in a reliable way and illustrate its use. The present literature is dominated by the Synthetic Control Method (SCM), but there are cases where it cannot perform and it was not created considering the trade-off between bias and variance, hence the accuracy of results…
ABSTRACT The growth of the mobile data services market is no longer dependent on push strategies from suppliers. On the contrary, demand is now driving the market to the extent that it will not be easy for mobile operating companies to cope up with the demand to come in the near future. Operators are forced…
Abstract This paper proposes a theory of media silence. The argument is that news organizations have the power to raise public concern and so affect the probability that there is ex-post verification of the true state of the world. Following the seminal article by Gentzkow and Shapiro (2006), we consider a newspaper that seeks to…
