Optimal Fiscal Policy with Rationing in the Labor Market

Published as an article in: Topics in Macroeconomics, 2005, vol. 5, issue 1, article 17.

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.

Decomposing the Gender Wage Gap: The effect of firms, occupations and Job Stratification

This paper presents new evidence on the role of segregation into firms, occupations within a firm and stratification into professional categories within firm-occupations in explaining the gender wage gap. I use a generalized earnings model that allows observed and unobserved group characteristics to have different impact on wages of men and women within the same group. The database is a large sample of individual wage data from the 1995 Spanish Wage Structure Survey. Results indicate that firm segregation in our sample accounts for around one-fifth of the raw gender wage gap. Occupational segregation within firms accounts for about one-third of the raw wage gap, and stratification into different professional categories within firms and occupations explains another one-third of it. The remaining one-fifth of the overall gap arises from better outcomes of men relative to women within professional categories. It is also found that rewards to both observable and unobservable skills, particularly those related to education, are higher for males than for females within the same group. Finally, mean wages in occupations or job categories with a higher fraction of female co-workers are lower, but the negative impact of femaleness in higher for women.

Skill premium effects on fertility and female labor force supply

Published as an article in: Journal of Population Economics, 2004, vol. 17, issue 1, pages 1-16.

A factor model of seasonality in stock returns

Published as an article in: The Quarterly Review of Economics and Finance, 2004, vol. 44, issue 2, pages 224-236.

Trend analysis in two standard growth models

This paper analyzes the trend processes characterized by two standard growth models using simple econometrics. The first model is the basic neoclassical growth model that postulates a deterministic trend for output. The second model is the Uzawa-Lucas model that postulates a stochastic trend for output. The aim is to understand how the different trend processes for output assumed by these two standard growth models determine the ability of each model to explain the observed trend processes of other macroeconomic variables such as consumption and investment. The results show that the two models reproduce the output trend process. Moreover, the results show that the basic growth model captures properly the consumption trend process, but fails in characterizing the investment trend process. The reverse is true for the Uzawa-Lucas model.

Is there a Phillips Curve in the US and the EU15 Countries? An empirical investigation

This paper studies the comovement between output and inflation in the EU15 countries. Following den Haan (2000), I use the correlations of VAR forecast errors at different horizons in order to analyze the output-inflation relationship. The empirical results show that eight countries display a significant positive comovement between output and inflation. Moreover, the empirical evidence suggests that a Phillips curve phenomenom is more likely to be detected in countries where inflation is more stable.

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

Endogenous Formation of Competing Partnership with Moral Hazard

Published as an article in: Games and Economic Behavior, 2003, vol. 44, issue 1, pages 183-194.

The Evaluation of Fisheries Management: A Dynamic Stochastic Approach

In this article, we analyze how to evaluate fishery resource management under “ecological uncertainty”. In this context, an efficient policy consists of applying a different exploitation rule depending on the state of the resource and we could say that the stock is always in transition, jumping from one steady state to another. First, we propose a method for calibrating the growth path of the resource such that observed dynamics of resource and captures are matched. Second, we apply the calibration procedure proposed in two different fishing grounds: the European Anchovy (Division VIII) and the Southern Stock of Hake. Our results show that the role played by uncertainty is essential for the conclusions. For European Anchovy fishery (Division VIII) we find, in contrast with Del Valle et al. (2001), that this is not an overexploited fishing ground. However, we show that the Southern Stock of Hake is in a dangerous situation. In both cases our results are in accordance with ICES advice.

The role of the term spread in an augmented Taylor rule: An empirical investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of switching regimes, one characterized by low volatility and the other by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the term spread, inflation and the economic activity index depend on the regime. The estimation results also show robust empirical evidence that the ATR has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period. However, a closer look at the Greenspan period shows the existence of two alternative regimes and that the response of the Fed funds rate to inflation has not been significant during this period once the term spread is considered.

The effect of flexibility in working hours on fertility: A comparative analysis of selected european countries

The main aim of this paper is to measure the extent to which part-time work enhances fertility for married or cohabiting women of fertile age. The study covers eleven European countries. The data used are a pool sample of five waves of the European Community Household Panel. Given that we believe that the decisions concerning fertility and labor market status are taken jointly, we carry out a simultaneous estimation approach. Results suggest that policy makers wishing to implement adequate part-time schedules so as to enhance fertility should look at the part-time schedules available in Belgium, Ireland and The Netherlands, which enhance fertility for women who take advantage of this flexibility measure so as to reconcile family and work.

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

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

La gestión del conocimiento científico-técnico en la universidad: un caso y un proyecto

[ES] Actualmente, las universidades se enfrentan a aumentos en sus necesidades de financiación, cuando el criterio predominante es que los poderes públicos tengan una menor presencia en la misma. Por otra parte, algunos investigadores indican que la Universidad parece estar perdiendo posiciones como centro de generación de conocimiento, el cual, como recurso en s. mismo, este siendo objeto de creciente atención por parte de las empresas y los gobiernos, considerándose le el recurso clave en la consecución de ventajas competitivas. En estas circunstancias, estimamos que la Universidad debe hacer mayores esfuerzos en orientar su investigación a la aplicación del conocimiento científico-técnico, en colaboración con las empresas y las administraciones públicas, como indica el modelo de la triple hélice de Etzkowitz y Leydesdorff. En este trabajo se presenta también como se afronta en la Universidad del País Vasco/Euskal Herriko Unibertsitatea la gestión del conocimiento científico técnico, as. como un proyecto de investigación cuya finalidad consiste en la búsqueda de un modelo de gestión de este conocimiento en el contexto descrito.

La investigación comercial como instrumento básico para el conocimiento de las actitudes del electorado: un estudio empírico en la Universidad del País Vasco

[ES] Hoy en día, cualquier partido político debe utilizar el marketing para analizar su mercado y posicionarse en el mismo con una estrategia adecuada. Para ello, el papel de la investigación comercial resulta fundamental, dado que nos permite detectar las necesidades y deseos de los electores, pudiendo el partido adoptar decisiones tendentes a satisfacerlas.