This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which rational agents vote on hypothetical social security reforms. We construct an Overlapping Generations economy in which individuals face idiosuncratic risk with respect to their labor productivity and...

The aim of this essay is based on the analysis of the earnings profiles in Spain. Whit this objective it has been used the family budget Survey from Spain for the year 1990 (EPF/90). The theory of human capital will be the start point for the modelling of earnings profiles. These earnings...

The deficit existent in our country in order of the available of quantitative indicators to made a regional industrial activity conjuncture analysis have initiated a discussion in different forums about which is the best methodology for elaborating indicators of this characteristics. In this...

This paper deals with the detection of the non-invertibility in moving average (MA) models. We derive an inequality for MA processes. This inequality establishes bounds for the la-weighted sum of the autocorrelations of processes with positive real unit roots depending on the structure of the...

The lack of suitable critical values for the Dickey-Fuller integrability test in finite-samples can drive researchers to spurious conclusions when using asymptotic critical values. In this paper we estimate response surfaces for the Dickey-Fuller unit root test with structural breaks that allow...

This paper considers the design of equalisation transfers in the presence of asymmetric information with respect to the provision cost of regional public output (Adverse selection). To overcome this problem, the central layer of government has to design an optimal incentive-compatible direct...

A Citizen's Pension (CP) is a Citizen's Income for older people, payable on an individual basis to citizens, regardless of gender, current or past employment or marital status, living arrangements or income. A particular advantage of a CP at an adequate level is that it has the potential to lift...

This paper discusses the ?structural cointegrating VAR? approach to macroeconometric modelling and compares it to other approaches currently followed in the literature, namely, the large-scale simultaneous equation macroeconometric models, the structural VARs, and the dynamic stochastic general...

In this paper we analyze if the structural adjustment program (ESAP), implemented during 1991-1995, contributed to an increase in total factor productivity in the manufacturing sector. To evaluate if productivity has grown we first estimate indexes of total factor productivity for 31...

This paper evaluates the inertial inflation hypothesis for Brazil during the 1970s and the first half of the 1980s. According to this hypothesis, (wage) indexation created a feedback mechanism such that one-time supply shocks were fully transmitted into permanent increases in inflation. First a...