We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases....

We examine the role of money in three environments: the New Keynesian model with separable utility and static money demand; a nonseparable utility variant with habit formation; and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behavior of...

In this paper we use the notion of a housing bubble as an equilibrium in which some investors hold houses only for resale purposes and not for the expectation of a dividend, either in the form of rents or utility. We provide a life-cycle model where households face collateral constraints that...

This paper studies the dynamic behavior of inflation and unemployment in Spain during the period 1964-1997. In particular, we analyze the implications of high persistence in both unemployment and inflation dynamics for inference regarding the size of Phillips trade-offs and sacrifice ratios in...

This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964-1995. We analyze the implications both of full hysteresis in unemployment and high inflation persistence for inference regarding dynamic Phillips trade-offs and sacrifice ratios in the Spanish...

Europe has been the driving force of economic policy in Spain over the last four decades and the key factor behind the modernisation and globalisation of the Spanish Economy. Being a founding member of the Economic and Monetary Union (EMU) marked the achievement of one of the key goals in the...

Este trabajo quiere contribuir a ampliar y extender entre la opinion publica un amplio debate social sobre la necesidad de reformar los sistemas de pensiones, haciendolos sostenibles.

[eng] Emerging economies in an interdependent World : the case of Latin America . Until the turn of the century, the reference to a country as an emerging economy had negative connotations : uncertain, risky, « poor » policy making, etc. In the last decade, countries have been able to change...

The debate on the reform of the pension system in Spain is not very lively, in contrast with the international experience. The Spanish economic boom since the mis nineties, the slowdown in the number of pensioners due to the retirement of the cohorts born during the Civil War, and the...