The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?

Published as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

The Relationship between Risk and Expected Return in Europe

Revised: 2006-07

Wage differentials between Permanent and Temporal Contracts: Further Evidence

The main objective of this paper is to estimate wage differentials between permanent and temporal workers for different qualification levels and decompose such differentials to see which factors contribute more to explain them. The data we use is the "Encuesta de Estructura Salarial", a survey carried out in 1995 in all countries of the European Union, which contains very detailed information on wages and other characteristics for about 180.000 workers. The empirical results indicate that (a) the wage gap between permanent and temporal workers increases with qualification and it is smaller for females than for males, (b) when decomposing average wage differentials for each qualification level, we observe that the vast majority of such differential is explainedby differences in characteristics, and in particular by differences in tenure and occupation. With respect to differences in returns, our results indicate that the returns to tenure are higher for temporal workres relative to permanent workers for both males and females and for every qualification level. Returns to occupation are higher for permanent than for temporal workers, and the differenceis particularly high for females.

Wage differentials between permanent and temporary workers: Firm and occupational segregation

Published as an article in: Moneda y Crédito (2004), 219, pp.: 43-68.

‘Neptune’ between ‘Hesperus’ and ‘Vulcan’: On descriptive names and non-existence

[EN]This work will focus on some aspects of descriptive names. The New Theory of Reference, in line with Kripke, takes descriptive names to be proper names. I will argue in this paper that descriptive names and certain theory in reference to them, even when it disagrees with the New Theory of Reference, can shed light on our understanding of (some) non-existence statements. I define the concept of descriptive name for hypothesised object (DNHO). My thesis being that DNHOs are, as I will specify, descriptions: a proposition expressed by the utterance ‘n is F’, where ‘n’ is a DNHO, is not singular at all; it is a descriptive proposition. To sum up, concerning proper names, the truth lies closer to the New Theory of Reference, but descriptivism is not altogether false. As for DNHOs descriptivism is, in some cases, the right fit.

Redeeming America's Fall from Grace between Utopian and Dystopian horizons: The case of George Lucas's Star Wars trilogy

Eterio Pajares, Raquel Merino y José Miguel Santamaría (eds.)

Ethnography as a linking method between psychology and sociology: research design

World Conference on Psychology and Sociology 2012