Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.

A note on collusion sustainability with optimal punishments and detection lags

In this note we characterize optimal punishments with detection lags when the market consists of n oligopolistic firms. We extend a previous note by Colombo and Labrecciosa (2006) [Colombo, L., and Labrecciosa, P., 2006. Optimal punishments with detection lags. Economic Letters 92, 198-201] to show how in the presence of detection lags optimal punish- ments fail to restore cooperation also in markets with a low number of firms.

Memorias tituladas "Mi campaña proselitista", sobre las actividades de Juventud Vasca durante la II República.

Fecha: >1970 / Unidad de instalación: Carpeta 48 - Expediente 8-10 / Nº de pág.: 5 (mecanografiadas)

Copia de una carta remitida por la Secretaría de Estado del Vaticano al Vicario General de Barcelona, José María Torrent, en la que se informa al último de la actitud a seguir ante la propuesta del Ministro de Justicia de la República, Manuel de Irujo, de apertura de iglesias al culto.

Fecha: 29-12-1937 original (>1970 copia) / Unidad de instalación: Carpeta 48 - Expediente 8-9 / Nº de pág.: 3 (mecanografiadas)

Profit as Cost versus Profit as Surplus over Cost: A Case Study on Varian's "Intermediate Microeconomics"

On the analysis of Varian’s textbook on Microeconomics, which I take to be a representative of the standard view, I argue that Varian provides two contrary notions of profit, namely, profit as surplus over cost and profit as cost. Varian starts by defining profit as the surplus of revenues over cost and, thus, as the part of the value of commodities that is not any cost; however, he provides a second definition of profit as a cost, namely, as the opportunity cost of capital. I also argue that the definition of competitive profit as the opportunity cost of capital involves a self-contradictory notion of opportunity cost.