We compare the Sharpe rations of investment funds which combine one riskless and one risky asset following: i) timing strategies which forecast excess returns using simple regressions; ii) a strategy which uses multiple regression instead; and iii) a passive allocation which combines the funds in...

In this paper, I first provide a unifying approach to Mean-Variance analysis and Value at Risk, which highlights both their similarities and differences. Then I use it to explain how fund managers can take investment decisions within the well-known Mean-Variance allocation framework that satisfy...

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...

This paper investigates the impact that fiscal policy has on economic activity and sovereign debt during economic downturns in the euro area, mainly Germany and Spain. Our theoretical and empirical framework shows that the macroeconomic returns of austerity crucially depend on the values of...

Some economists have advocated an expansionary demand policy to reduce unemployment in Spain. This means accepting a negatively sloped short-run Phillips curve that would allow the exploitation of the celebratred trade-off between inflation and unemployment. This paper gives a qualitative...

En este trabajo abordamos el tema de la medición del déficit tanto del Estado como de las Administraciones Públicas españolas en la última década. El objetivo principal es la delimitación y medición del déficit con un criterio económico, es decir, el establecimiento de la magnitud del...