Working Papers

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2014_1411: A Spectral EM Algorithm for Dynamic Factor Models

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

2014_1410: Testing a Large Number of Hypotheses in Approximate Factor Models

Dante Amengual and Luca Repetto

2014_1409: The Optimal Scope of the Royalty Base in Patent Licensing

Gerard Llobet and Jorge Padilla

2014_1408: Capital Regulation in a Macroeconomic Model with Three Layers of Default

Laurent Clerc, Alexis Derviz, Caterina Mendicino, Stéphane Moyen, Kalin Nikolov, Livio Stracca, Javier Suarez and Alexandros P. Vardoulakis

2014_1407: Distributional Linkages between European Sovereign Bond and Bank Asset Returns

Julio Galvez and Javier Mencia

2014_1406: Neglected Serial Correlation Tests in UCARIMA Models

Gabriele Fiorentini and Enrique Sentana

2014_1405: The Effect of a Child on Female Work when Family Planning May Fail

Pablo Lavado

2014_1404: The Local Political Economy Effects of School Construction in Indonesia

Monica Martinez-Bravo

2014_1403: Financial Frictions, Product Quality, and International Trade

Rosario Crinò and Laura Ogliari

2014_1402: Why did Sponsor Banks Rescue their SIVs? A Signaling Model of Rescues

Anatoli Segura

2014_1401: Sending the Pork Home: Birth Town Bias in Transfers to Italian Municipalities

Felipe Carozzi and Luca Repetto

2013_1311: Moral Hazard and Debt Maturity

Gur Huberman and Rafael Repullo

2013_1310: When Credit Dries up: Job Losses in the Great Recession

Samuel Bentolila, Marcel Jansen, Gabriel Jimenez and Sonia Ruano

2013_1309: Banning US Foreign Bribery: Do US Firms Win?

Roberto Ramos

2013_1308: The Growth of Cities

Gilles Duranton and Diego Puga

2013_1307: International Trade and Institutional Change: Medieval Venice’s Response to Globalization

Diego Puga and Daniel Trefler

2013_1306: Dynamic Specification Tests for Dynamic Factor Models

Gabriele Fiorentini and Enrique Sentana

2013_1305: Challenges in Identifying and Measuring Systemic Risk

Lars Hansen

2013_1304: Compulsory Schooling, Education and Mental Health: New Evidence from SHARELIFE

Laura Crespo, Borja López-Noval and Pedro Mira

2013_1303: Debt Maturity and the Liquidity of Secondary Debt Markets

Max Bruche and Anatoli Segura

2013_1302: The Role of Local Officials in New Democracies: Evidence from Indonesia

Monica Martinez-Bravo

2013_1301: Learning by Working in Big Cities

Jorge De la Roca and Diego Puga

2012_1211: Tests for Serial Dependence in Static, Non-Gaussian Factor Models

Gabriele Fiorentini and Enrique Sentana

2012_1210: Heterogeneity in Expected Longevities

Josep Pijoan-Mas and José-Víctor Ríos-Rull

2012_1209: The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data

Stéphane Bonhomme and Laura Hospido

2012_1208: Grouped Patterns of Heterogeneity in Panel Data

Stéphane Bonhomme and Elena Manresa

2012_1207: Optional Law for Firms and Consumers: An Economic Analysis of Opting Into the Common European Sales Law

Juan-José Ganuza and Fernando Gomez

2012_1206: Durable Goods, Borrowing Constraints and Consumption Insurance

Enzo A. Cerletti and Josep Pijoan-Mas

2012_1205: Cyclical Adjustment of Capital Requirements. A Simple Framework

Rafael Repullo

2012_1204: Dissecting the Size Distribution of Establishments Across Countries

Manuel Garcia-Santana and Roberto Ramos

2012_1203: Payments and Participation: The Incentives to Join Cooperative Standard Setting Efforts

Anne Layne-Farrar and Gerard Llobet

2012_1202: The Procyclical Effects of Bank Capital Regulation

Rafael Repullo and Javier Suarez

2012_1201: Sequential Estimation of Shape Parameters in Multivariate Dynamic Models

Dante Amengual, Gabriele Fiorentini and Enrique Sentana

2011_1106: Reforming an Insider-Outsider Labor Market: The Spanish Experience

Samuel Bentolila, Juan Dolado and Juan F Jimeno

2011_1105: Dinamic Maturity Transformation

Anatoli Segura and Javier Suarez

2011_1104: Advertising and Consumer Awareness of New, Differentiated Products

Alicia Barroso and Gerard Llobet

2011_1103: Dynamic Correlations, Estimation Risk, and Porfolio Management During the Financial Crisis

Luis García-Álvarez and Richard Luger

2011_1102: The Countercyclical Capital Buffer of Basel III: A Critical Assessment

Rafael Repullo and Jesús Saurina

2011_1101: Flat Tax Reforms: Investment Expensing and Progressivity

Javier Díaz-Giménez and Josep Pijoan-Mas

2010_1010: Small Scale Reservation Laws and the Misallocation of Talent

Manuel Garcia-Santana and Josep Pijoan-Mas

2010_1009: Two-Tier Labor Markets in the Great Recession: France Vs. Spain

Samuel Bentolila, Juan Dolado, Pierre Cahuc and Thomas Le Barbanchon

2010_1008: Model Averaging in Economics

Enrique Moral-Benito

2010_1007: Caregiving to Elderly Parents and Employment Status of European Mature Women

Laura Crespo and Pedro Mira

2010_1006: Panel Growth Regressions with General Predetermined Variables: Likelihood-Based Estimation and Bayesian Averaging

Enrique Moral-Benito

2010_1005: The Spanish Crisis: Background and Policy Challenges

Javier Suarez

2010_1004: A Unifying Approach to the Empirical Evaluation of Asset Pricing Models

Francisco Peñaranda and Enrique Sentana

2010_1003: Walking Wounded or Living Dead? Making Banks Foreclose Bad Loans

Max Bruche and Gerard Llobet

2010_1002: An Economic Take on Patent Licensing: Understanding the Implications of the “First Sale Patent Exhaustion” Doctrine

Anne Layne-Farrar, Gerard Llobet and A. Jorge Padilla

2010_1001: Entrepreneurial Innovation, Patent Protection and Industry Dynamics

Gerard Llobet and Javier Suarez

2009_0913: Valuation of VIX Derivatives

Javier Mencia and Enrique Sentana