In this paper, we analyze the impact of several labor reforms in Spain on its equilibrium unemployment rate. To this end, we analyzed the behavior of the observed unemployment rate in Spain during the 1976-2012 period, thereby assessing whether that rate is better characterized as a hysteresis...

En este documento se analizan los determinantes de la frecuencia de intervenciÛn del Banco Central de Reserva en el mercado cambiario Peruano (compras y ventas). Se usan datos en frecuencia semanal para el periodo Enero 2001 hasta Diciembre 2010 usando la metodologia de modelos de conteo. Los...

In this paper we study how inflation expectations are formed and whether these change due to the occurrence of policy shifts or structural breaks. We conduct 4 experiments with 75 inexperienced subjects, in which we ask them to predict future home inflation and report confidence intervals. At...

La economía peruana ha venido creciendo sostenidamente en los últimos 15 años. Verificar si los departamentos (o regiones) han logrado un proceso de convergencia ya sea hacia un solo estado estacionario o a su propio estado estacionario sería equivalente a verificar un proceso de inclusión...

Perron and Wada (J Monet Econ 56:749–765, <CitationRef CitationID="CR60">2009</CitationRef>) propose a new method of decomposition of the GDP in its trend and cycle components, which overcomes the identification problems of models of unobserved components (UC) and ARIMA models and at the same time, admits non-linearities and asymmetries...</citationref>

Purpose – Based on the approach of Timljonavich and Vogelsang, the purpose of this paper is to present empirical evidence of the role of the federal transfers on the ß-convergence process in Canadian provinces. Design/methodology/approach – The paper uses information on annual personal...

Following Elliott (1999; International Economic Review 40, 767--83.) and Perron and Rodríguez (2003; Journal of Econometrics 115,1--27), we develop unit root tests in the context of structural change models using GLS detrended data ( Elliott, Rothenberg and Stock 1996; Econometrica 64, 813--39) when the...

Flexible exchange rate experience in Peru has been accompanied by frequent official interventions in the form of foreign exchange purchases or sales. Monetary authority pursues reducing excess volatility in the exchange rate through its direct intervention. However, in recent years, this...

This paper identifies the output gap using the theoretical definition of the gap within a Phillips curve. The results show that the output gap is large and persistent. Furthermore, the output gap is not correlated with the stochastic trend which is similar to the asumption used in the unobserved...