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International Economics Institute

Macroeconomics

Objectives

The work undertaken in this area has paid great attention to the problems related to economic convergence, particularly that of European Union countries, and to the influence of the integration process. We have, however, also focused on other aspects, such as mechanisms of monetary and financial policy transmission, price patterns in the short and long-term or the influence of inflation gaps on economic growth and real exchange rate patterns. Finally, another area of interest is that of the analysis of foreign trade determinants, both of export and import flows and also the current account balance, from an intertemporal viewpoint. The main lines of research are the following:

  • Growth strategies and sustainability of industrialised countries and international economic policy coordination.

  • Real aspects of economic convergence and their relation to nominal factors. How growth, relative prices and asymmetric shock convergence are affected when differences between countries are observed in the accumulation of human capital, labour market characteristics or inflation gaps.

  • Analysis of basic balances (imbalances) in developed economies and their economic repercussions in the long term.

  • Analysis of monetary and fiscal policies in Dynamic General Equilibrium Models.

2006

Doménech, R. and de la Fuente A.(2006): "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make? ".Journal of the European Economic Association , 4(1), 1-36. (PDF)

Doménech, R. and Andrés J.(2006): "Automatic Stabilizers, Fiscal Rules and Macroeconomic Stability ".European Economic Review, 50(6), 1487-1506. (PDF)

Doménech, R., Fatás A. and Andrés J.(2006): "The Stabilizing Role of Government Size ". (PDF)

Doménech, R., Ferri, J., and Andrés J.(2006): "Price Rigidity and the Volatility of Vacancies and Unemployment ". (PDF)

Doménech, R. and Castelló A.(2006): "Human Capital Inequality, Life Expectancy and Economic Growth ". (PDF)

Doménech, R. and Garcia J. R.(2006): "Unemployment, Taxation and Public Expenditure in OECD Economies ". (PDF)

Doménech, R. and Gomez V.(2006): "Estimating Potential Output, Core Inflation and the NAIRU as Latent Variables ".Journal of Business & Economic Statistics, 24(3). (PDF)

Doménech, R. and de la Fuente A.(2006): "Capital Humano, Crecimiento y Desigualdad en las Regiones Españolas ". Moneda y Crédito. (PDF)

Doménech, R., Andrés J. and Leith C.(2006): "Fiscal Policy, Macroeconomic Stability and Finite Horizons ". Scottish Journal of Political Economy, 53(1). (PDF)

Doménech, R. and Andrés J.(2006): "Fiscal Rules and Macoeconomic Stability ".Hacienda Pública Española, 176-(1-2006). (PDF)

Boscá, J.E., Cutanda, A. y Escribá, J. (2006): "Efficiency in the Provision of Public and Private Capital in 15 OECD Countries". Investigaciones Económicas, (en prensa). (PDF)

2005

Doménech, R., and V. Gomez (October 2005): "Estimating Potential Output, Core Inflation and the NAIRU as Latent Variables". Journal of Business & Economic Statistics, (forthcoming). (PDF)

Boscá, J.E., García, J. R. y Taguas, D. (2005): Tipos Efectivos de Gravamen y Convergencia Fiscal en la OCDE: 1965-2001". Hacienda Pública Española, 174-(3/2005), pp. 119-141. (PDF) (DATOS)

Doménech, R., and J. Andrés and C. Leith (September 2005): "Fiscal Policy, Macroeconomic Stability and Finite Horizons". Scottish Journal of Political Economy, 53(1), (forthcoming). (PDF)

Andrés, J., D. López-Salido and J. Vallés (2005): " Money in an Estimated Business Cycle Model of the Euro Area ". The Economic Journal,(forthcoming). (PDF)

Andrés, J. and R. Doménech (2005): "Automatic Stabilizers, Fiscal Rules and Macroeconomic Stability". European Economic Review (forthcoming). (PDF)

De la Fuente, A. and R. Doménech (2005): "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make?". Journal of the European Economic Association (forthcoming). (PDF)

Doménech R. and A. de la Fuente (2005):  "Capital Humano, Crecimiento y Desigualdad en las Regiones Españolas". XVIII Simposio de Moneda y Crédito. (PDF)

Andrés, J., D. López-Salido and E. Nelson (2005):  "Sticky Price Models and the Natural Rate Hypothesis ". Journal of Monetary Economics. Vol. 52, p.1052-1053. (PDF)

Andrés, J. and R. Domenech: "Fiscal Rules and Macoeconomic Stability". IEI WP 0501. Hacienda Pública Española Invited Session, SAE. (PDF)

Doménech, R. y V. Gómez: "Ciclo Económico y Desempleo Estructural en la Economía Española". Investigaciones Económicas, 29(2), 259-288. (PDF)

Doménech, R.: "Política Fiscal y Crecimiento Económico", en Crecimiento y Competitividad: Bases del Progreso Económico y Social (Varios Autores). (PDF)


2004

Andrés, J., Boscá, J.E., y Doménech, R.: "Convergence in the OECD: transitional dynamics or narrowing steady state differences?". Economic Inquiry, 42(1), 141-149.

Andrés, J., D. López-Salido y E. Nelson: "Tobin's imperfect asset substitution in optimizing general equilibrium". Journal of Money Credit and Banking, 36, 665-90.

Andrés, J., 1. Hernando y D. López-Salido: "The role of the financial system in the growth-inflation link: The OECD experience". European Journal of Political Economy, 20, 941-61.

Andrés, J.,D. López-Salido y J. Vallés: "The liquidity effect in a small open economy model" Spanish Economic Review, 6, 159-178.

Andrés, J., Rafael Doménech y Antonio Fatás: "The Stabilizing Role of Government Size". CEPR Dicussion Paper 4384. (PDF)

Andrés, J., JD. López-Salido y E. Nelson: "Money and the Natural Rate of Interest". CEPR Dicussion Paper.

Andrés, J.: "Un Modelo Macroeconómico de Equilibrio General para el Análisis de la Política Monetaria", en José Pérez, Carlos Sebastián y Pedro Tedde (eds.), Estudios en Homenaje a Luis Ángel Rojo. Editorial.

Boscá, J.E., Escribá, J. y Murgui, M.J.: "TFP Growth in Spanish Regions: Effects of Quasi-fixed and External Factors and Varying Capacity Utilization". Regional Studies. 38(6), 587-601.

Boscá, J.E., Cutanda, A. y Escribá, J.: "Rates of return to public and private capital: new estimates using nonlinear Euler equations". Applied Economics, 36(11), 1225-32.

Camarero, M.; Tamarit, C.: "Estimating exports and imports demand for manufactured goods: The role of FDI". Review of World Economics, 140(3), 347-75.

Camarero, M.; Tamarit, C.: "Hysteresis vs. Natural rate of unemployment: new evidence for OECD countries". Economics Letters, 84, 413-7.

Doménech, R. y V. Gómez: "Ciclo Económico y Desempleo Estructural en la Economía Española". Documento de Trabajo D-2004-03, Ministerio de Economía y Hacienda.

Martínez, A.: "The Euro’s Exchange Rate Problems", Cuadernos de Economía, 27, 73.

Martínez, A. (2004) : "El crecimiento de la economía valenciana: factores explicativos", en Globalización y desarrollo local. Una perspectiva Valenciana, coordinado por José Honrubia. Ed. PUV, Valencia.

Selected Presentations at Academic Conferences in 2004

Andrés, J., J.D. López-Salido and E. Nelson: "Sticky Price Models and the Natural Rate Hipótesis". Carnegie-Rochester Conference Series on Public Policy.

Andrés, J. and Rafael Doménech: "Fiscal Rules and macroeconomic Stability". XXIX Simposio de Análisis Económico.

Javier Andrés, Rafael Doménech and Campbell Leith: "Fiscal Policy, Macroeconomic Stability and Finite Horizons". 19th Meeting of The European Economic Association y XXIX Simposio de Análisis Económico.

Andrés, J., J.D: López-Salido. and E. Nelson: "Money and the Natural Rate of Interest". 19th Meeting of The European Economic Association, 2004.

Andrés, J., E. Ortega and J. Vallés: "Market Structure and Inflation Differentials in the European Monetary Union". 19th Meeting of the European Economic Association.

Camarero, M.; Carrión-i-Silvestre, J.LL. and C. Tamarit: "Testing for hysteresis in unemployment in OECD countries. New evidence using stationarity panel tests with breaks". Third Annual Meeting of the ESF-EMM Network.

Camarero, M.; Carrión-i-Silvestre, J.LL. and C. Tamarit: "Unemployment dynamics and NAIRU estimates for CEECs: some evidence using a univariate approach". XXX Reunión de Estudios Regionales.

Camarero, M. and C. Tamarit: "New evidence on the RIRP". IV Workshop on Internacional Economics.


Recent research projects with external institutions

Fluctuations and Economic Growth in the EMU. Analysis and Assessment of Economic Policies with Stochastic General Equilibrium Models
Domenech, Rafael
CICYT SEC2002-266
2002 - 2005

Collaboration Agreement with the Ministry of Economy and Finance and the University of Valencia
Domenech, Rafael
Ministry of Economy and Finance
2005

Collaboration agreement for the creation of the Observatorio de Coyuntura Económica Internacional
Martínez, Aurelio
Caja de Ahorros del Maditerráneo (CAM)
2002 - 2005

Regional Productivity and Growth: Investment Allocation Determinants, Private Capital and Infrastructure
Francisco Javier Escribá Pérez
CICYT SEC2002-00667
2002 - 2005

Macroeconomic Modelling and Regional Economics
Domenech, Rafael
Ministry of Economy and Finance
2002-2004


 

Research

International Trade
International Accounting
Macroeconomics
Marketing
Environment
Financial and Math. Modelling
Transport and Logistics
Tourism
Foreign Inversions
Women and Labour Market