This paper studies the effects that conventional and unconventional monetary policies generate when endogenous growth, trend inflation and financial frictions are considered in a New Keynesian macroeconomic model. Financial variables play a key role in the determination of the steady state...

Given the unobservable quality of the natural rate of interest, the consequences of central banks using an incorrect value in the monetary policy rule are analyzed in a New Keynesian DSGE model with endogenous growth, financial frictions and trend inflation. Our results confirm the financial...

We find non-linearities in the U.S. long-run relationships among trend inflation, growth rate and financial frictions. Moreover, our results show that mismeasurements of the natural rate of interest deviate the trend inflation from its target, which is especially clear when monetary policy...

Este trabajo analiza los cambios en la relación entre el precio del petróleo y el PIB de Estados Unidos desde una perspectiva de largo plazo. Aunque en ninguna de las dos series (tasas de crecimiento del PIB y del precio del petróleo) se detectan cambios estructurales en la media, se...

This paper studies the effectiveness of the non-pharmaceutical measures adopted by governments in order to control the evolution of the COVID-19 pandemic. To that end, we estimate a Panel VAR model for 50 countries and test for causality between the 7 day cumulative incidence, the mortality rate...

This paper analyses to what extent the Spanish regions have undergone a process of convergence since 1980. The application of unit root techniques to the data of the Human Development Index allow us to show that the evolution of the Spanish economy can be understood as a sum of divergent forces,...

This paper analyses the convergence of US house prices. Our results confirm the existence of some degree of segmentation in the US housing market. We also provide robust evidence that the bursting of the housing price bubble has altered this market, observing different results when the sample...

We study the possible existence of convergence across the Spanish provinces, paying special attention to the influence the recent international crisis has had on this process. To this end, we have taken the traditional per capita GDP as well as the multidimensional index of human development as...