We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary authorities in charge of the two...

In Aristotle’s thought, economic activity refers to a kind or praxis consisting of allocating human and material means comprising the oikos –the domestic community- to fulfill its natural ends: ensure both life and means of life. By means of natural chrematistics -acquisitive art- families...

In this paper, we analyse a simple two-period neoclassical macroeconomic model -short and long term- that exclusively considers the real sector of the economy (labour and goods markets). It is shown how, under a general characterization, some important signs of comparative statics are...

The purpose of this work is to get some basic facts from the interaction between economic growth, age structure, macroeconomic environment and growth, taking into account the heterogeneity of both the demographic structure and the levels of development in the world. First we discuss the...

En este trabajo se pretende avanzar en la evaluación estructural de los componentes de los indicadores cíclicos estimados con modelos factoriales dinámicos. A partir de una generalización del test de Andrews (1993) ofrecemos la posibilidad de detectar rupturas en los componentes y darles una...

La grave crisis económica y financiera que atraviesa España tiene, obviamente, numerosas causas. Una de ellas ha sido el brutal impacto que ha tenido la expansión de la masa monetaria tras la entrada de España en el euro sobre los precios de los activos y la estructura económica del país....

The policy reaction to the COVID-19 pandemic will increase budget deficits massively in the world’s leading countries. The deficits will largely be monetised, with heavy state borrowing from both national central banks and commercial banks. The monetisation of budget deficits, combined with...