Working Papers

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9903: Another Look at Unemployment Duration: Long-Term Unemployment and Exit to a Permanent Job

Olympia Bover and Ramón Gómez

9902: The Liquidity Effect in a Small Open Economy Model

Javier Andrés, David Lopez-Salido and Javier Valles

9825: The Long-Run Effect of Permanent Disinflations

Javier Andrés, Ignacio Hernando and David Lopez-Salido

9823: Is there Scope for Inflation Differentials in EMU? An Empirical Evaluation of the Balassa-Samuelson Model in EMU Countries

Enrique Alberola and Tymo Tyrväinen

9821: Assessing the Fit of Simulated Multivariate Dynamic Models

Eva Ortega

9820: Comparing Evaluation Methodologies for Stochastic Dynamic General Equilibrium Models

Eva Ortega

9819: The Spanish Business Cycle and its Relationship to Europe

Eva Ortega

9817: The Controllability of a Monetary Aggregate in EMU

Alberto Cabrero, Juan L. Escrivá, Emilio Muñoz and Juan Peñalosa

9816: Indicators of Short-Term Interest Rate Expectations. The Information Contained in the Options Market

María C. Manzano and Isabel Sánchez

9814: A Switching-Regime Model for the Spanish Inflation: 1962-1997

Juan Ayuso, Graciela Kaminsky and David Lopez-Salido

9813: The Retreat of Inflation and the Making of Monetary Policy: Where Do We Stand?

José Viñals

9811: Identifying European Monetary Policy Interactions: French and Spanish System with German Variables

Soyoung Kim

9809: Seasonal Adjustment and Signal Extraction in Economic Time Series

Víctor Gómez and Agustin Maravall

9808: Automatic Modeling Methods for Univariate Series

Víctor Gómez and Agustin Maravall

9807: A Comparative Study of the Portuguese and Spanish Labour Markets

Olympia Bover, Pilar García-Perea and Pedro Portugal

9806: Disinflation, Output and Unemployment: The Case of Spain

Javier Andrés, Ignacio Hernando and David Lopez-Salido

9805: Guide for Using the Programs TRAMO and SEATS (Beta Version: December 1997)

Víctor Gómez and Agustin Maravall

9804: Monetary Policy Rules and Business Cycles

Soyoung Kim

9728: A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain

Juan Dolado, José M. González-Páramo and José Viñals

9727: Monetary Policy and Exchange Rate Dynamics in the Spanish Economy

Javier Andrés, Ricardo Mestre and Javier Vallés

9726: How Informative are Financial Asset Prices in Spain?

Francisco Alonso, Juan Ayuso and Jorge Martínez Pagés

9725: Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries

Enrique Alberola, José M. Marqués and Alicia Sanchis

9724: How Do Countries Smooth Regional Disturbances? Risksharing in Spain: 1973-1993

Enrique Alberola and Pierfederico Asdrubali

9721: A Comparative Analysis of the Aggregate Matching Process in France, Great Britain and Spain

Una-Louise Bell

9720: The Back Calculation of Nominal Historical Series After the Introduction of the European Cuurency (An Application to the GDP)

José M. González Mínguez

9719: When May Peseta Depreciations Fuel Inflation?

Enrique Alberola, Juan Ayuso and J. David López-Salido

9715: The Joint Dynamics of Spot and Forward Exchange Rates

Francisco de Castro Fernández and Alfonso Novales

9713: The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain

José M. González Mínguez

9712: Spanish Unemployment and Inflation Persistence: Are There Phillips Trade-Offs?

Juan Dolado, J. David López-Salido and Juan Vega

9710: Are Ex-Post Real Interest Rates a Good Proxy for Ex-Ante Real Rates? An International Comparison with a CCAPM Framework

Juan Ayuso and J. David López-Salido

9701: Missing observations in ARIMA models: Skipping strategy versus outlier approach

Victor Gómez, Agustin Maravall and Daniel Peña

9633: What Does Consumption Tell Us about Inflation Expectations and Real Interest Rates?

Juan Ayuso and David Lopez-Salido

9628: Programs TRAMO and SEATS, Instruction for User (Beta Version: september 1996)

Victor Gómez and Agustin Maravall

9626: Do Exchange Rate Move to Address International Macroeconomic Imbalances?

Matthew Canzoneri, Javier Valles and José Viñals

9622: Computing Value Correspondences for Repeated Games with State Variables

Conklin James

9621: Short-term inflation indicators

María Matea Rosa and Ana Regil

9620: Adjustment Costs, Uncertainty and Employment Inertia

Una-Louise Bell

9617: Efficient Estimation of Cointegrating Relationships Among Higher Order and Fractionally Integrated Processes

Juan Dolado and Francesc Marmol

9616: Wage Bargaining in Industries with Market Power

A. Jorge Padilla, Samuel Bentolila and Juan Dolado

9615: Optimal Exchange Rate Targets and Macroeconomic Stabilization

Enrique Alberola

9613: An Empirical Analysis of the Peseta's Exchange Rate Dynamics

Juan Ayuso and Juan Vega

9612: Missing Observations and Additive Outliers in Time Series Models

Agustin Maravall and Daniel Peña

9611: Weighted Monetary Aggregates: An Empirical Approach

Francisco Alonso, Jorge Martínez Pagés and María Pérez Jurado

9610: Trends in European Productivity and Real Exchange Rates

Matthew Canzoneri, Behzad Diba and Gwen Eudey

9609: Unobserved Components in Economic Time Series

Agustin Maravall

9608: Estimation Error and the Specification of Unobserved Component Models

Agustin Maravall and Cristophe Planas

9607: Short-Term Analysis of Macroeconomic Time Series

Agustin Maravall

9606: Speculation, Hedging and Intermediation in the Foreign Exchange Market

Malte Krüger

9605: Credit Institutions' Price Policies and Type of Customer: Impact on the Money Transmission Mechanism

M. Cruz Manzano Frías and Sofía Galmés Belmonte

9603: On the Fate of Newcomers in the European Union: Lessons from the Spanish Experience

Barbara Dluhosch