This paper dreives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size aymmetries, and...

Time invariance of factor loadings is a standard assumption in the analysis of large factor models. Yet, this assumption may be restrictive unless parameter shifts are mild (i.e., local to zero). In this paper we develop a new testing procedure to detect big breaks in these loadings at either...

This paper analyses how to test I(1) against I(d), d1, in the presence of deterministic components in the DGP, by extending a Wald-type test, i.e., the (Efficient) Fractional Dickey-Fuller (EFDF) test, to this case. Tests of these hypotheses are important in many economic applications where it...

In this paper, we analyse the recent patterns of occupational segregation by gender in the EU countries vis-á-vis the US. Given the lack of long time-series data on homogeneous LFS data about occupations and educational attainments for male and female workers in EU countries, we use a single...

In this paper we analyse the research in Economics in Spain during the 1990s considering the contributions of both Spanish and foreign economist who have worked in Spain during that period. To do so, we use different bibliometric indicators in order to elaborate rankings for both institutions...

This paper considers a matching model of heterogenous and jobs which includes on-the-job search. High-educated workers transitorily accept unskilled jobs and continue to search for skilled jobs. We study the implications of this model for the unemployment rates of high and low-educated workers,...