Working Papers

From Centro de Estudios Monetarios Y Financieros-
Centro de Estudios Monetarios Y Financieros. Casado del Alisal, 5-28014 Madrid, Spain..
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9720: Monetary Policy and the Term Structure of Interest Rates

M. Balmaseda, R.A. Braun and E. Nieto

9719: The Relation Between Conditionally Heteroskedastic Factor Models amd Factor GARCH Models

Enrique Sentana

9718: Banking (Conservatively) with Optimists

Michael Manove and A.J. Padilla

9717: Unemployment Duration, Benefit Duration, and the Business Cycle

Olympia Bover, Manuel Arellano and Samuel Bentolila

9716: General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies

Y. Lim and Robert Townsend

9713: A Quantitative Analysis of Swedish Fertility Dynamics: 1751-1990

Zvi Eckstein, Pedro Mira and K.I. Wolpin

9712: Polish Labour Market Institutions on the Road to the EU

Samuel Bentolila

9711: Least Squares Predictions and Mean-Variance Analysis

Enrique Sentana

9710: Transitions to and from Self-Employment in Spain: An Empirical Analysis

Raquel Carrasco

9709: Identification, Estimation and Testing of Conditionally Heteroskedastic Factor Model

Enrique Sentana and Gabriele Fiorentini

9706: Autoregressive Models with Sample Selectivity for Panel Data

Manuel Arellano, Olympia Bover and Jose Labeaga

9618: Binary Choice Panel Data Models with Predetermined Variables

Manuel Arellano and Raquel Carrasco

9617: Conditional Means of Time Series Processes and Time Series Processes for Conditional Means

Gabriele Fiorentini and Enrique Sentana

9616: Sticky Labor in Spanish Regions

Samuel Bentolila

9615: An EM Algorithm for Conditionally Heteroskedastic Factor Models

Antonis Demos and Enrique Sentana

9614: Hysteresis and the Sources of Shocks: A Cross-Country Analysis

M Balmaseda, Juan Dolado and David Lopez-Salido

9613: Non-Admissible Decompositions in Unobserved Components Models

Gabriele Fiorentini and Christophe Planas

9604: Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel

Rafael Repullo and Javier Suarez

9603: Testing the CCAPM on Spanish Data: A New Approach

E.M. Rubio

9602: Market Power and Multimarket Contact. Some Evidence form the Spanish Hotel Industry

N Fernandez and P-L Marin

9601: A Theory of Union Power and Labor Turnover

Kai-Uwe Kuhn and A.J. Padilla

9522: Fiscal Policy and the Sub-Optimality of the Walsh Contract for Central Bankers

Haizhou Huang and A.J. Padilla

9521: Changes in Spanish Labor Income Structure During the 1980's:a Quantile Regression Approach

Alberto Abadie

9520: Monitoring,Liquidation,and Security Design

Rafael Repullo and Javier Suarez

9519: Analytic Derivatives and the Computation of Garch Estimates

Gabriele Fiorentini, Giorgio Calzolari and L. Panattoni

9518: Endogenous Cycles in a Stiglitz-Weiss Economy

Javier Suarez and O. Sussman

9517: Quadratic Arch Models

Enrique Sentana

9516: The Economics of Bank Regulation

Sudipto Bhattacharya, Arnoud Boot and Anjan Thakor

9515: Why Is Spanish Unemployment so High?

Juan Dolado and Juan F Jimeno

9514: Has the EMS Reduced the Cost of Capital?

Enrique Sentana, M. Shah and Sushil Wadhwani

9513: Time Non-Separabilities in Preferences: A Household Data Analysis

David Lopez-Salido

9512: Learning About Intertemporal Susbtitution in Comsumption from Alternative Data and Preference Specifications: The Case of Spain

David Lopez-Salido

9511: Credit Market and Real Economic Growth Activity: A Model of Financial Intermediation

Rafael Repullo and Javier Suarez

9509: Unobserved Components in ARCH Models: An Application to Seasonal Adjustment

Gabriele Fiorentini and Agustin Maravall

9508: New Evidence on International Capital Market Integration

B.K. Rhee

9503: Designing Institutions for International Monetary Policy Coordination

Antonio Morales and A.J. Padilla

9502: Consumption Behavior and Signal Extraction from Individual Income

David Lopez-Salido

9501: Investment and Banking: Some International Comparisons

O. Sussman

9425: Some Remarks on Leland's Model of Insider Trading

Rafael Repullo

9424: Making Wald Tests Work for Cointegrated Var Systems

Juan Dolado and Helmut Lütkepohl

9421: A Positive Rank-One Modification on the Symmetric Factorization of a Positive Semi-Definite Matrix

Enrique Sentana

9420: The Likelihood Function of a Conditionally Heteroskdastic Factor Model with Heywood Cases

Enrique Sentana

9419: Marginalization and Contemporaneous Aggregation in Multivariate Garch Proceses

Theo Nijman and Enrique Sentana

9418: Estimating Dynamic Investment Models with Financial Constraints

César Alonso-Borrego

9417: Demand for Labour Inputs with Asymmetric Adjustment Costs

César Alonso-Borrego

9416: A Devaluations Model for the EMS

E.G. Garcia

9415: An Index of Co-Movements in Financial Time Series

Enrique Sentana and M. Shah

9414: The Information Content of Options on the IBEX-35

Hans Dewachter and A.M. Leon

9413: Dynamic Banking: A Reconsideration

Sudipto Bhattacharya and A.J. Padilla

9412: An Empirical Model of Female labour Supply for Spain

Maite Martinez-Granado

9410: Financial Capitalism in Pre-World War I Germany: Universal Banks, Interlocking Directorships and the Mining and Steel Industry

Marco Becht and Carlos Ramirez

9409: The Theory and Estimation of Individual and Social Welfare Measures: A Critical Review

Marco Becht

9407: Endogenous Communication Among Lenders and Entrepreneurial Incentives

A.J. Padilla and Marco Pagano

9315: The EC Effect od the Spamish GDP and Unemployment Rate

R.M. Villarrubia

9314: Dependent or Independent Nonlinearity in Speculative Returns

Hans Dewachter

9313: Testing for Forecasting Poential in the Bispectrum

Hans Dewachter