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Instituto de Economía Internacional

Macroeconomía

Objectives

This area of research extends the investigation carried out by the team so far in the field of macroeconomic modeling in the methodological framework of stochastic general equilibrium models. It gives continuity to trajectory of a consolidated group that combines the scientific production and the effort to transfer the main results, through the design of models with strong theoretical and empirical foundations for the analysis and evaluation of economic stabilization policies.

The research of the team has actually two main guidelines. We study the interaction between unemployment and the presence of financial market imperfections that result in high private debt. These interactions have an impact on the dynamics of employment at the cyclic frequency, as well as in the process of macroeconomic adjustment after a credit crunch, and determine the effectiveness of the main instruments of economic policy. We shall also analyze the role of other factors that may explain the evolution of (un)employment such as technological restrictions, innovation and entrepreneurship and firms’ dynamics (market entry and exit, size, etc), always in a general equilibrium context.

The debt and employment dynamics in different economies depend increasingly on the international organization of the productive activity and its financial counterpart. This is the other main focus of our research. We will augment our theoretical framework with more realistic features of saving and investment decisions. These, along with inefficiencies in product and labor markets, will help to explain the size and persistence of the external positions of some countries that may result in the accumulation of external debt, sovereign crisis and sudden stops. This part of the research agenda will explore to what extent standard general equilibrium models, designed for the study of empirical regularities, can be modified to explain more rare or unlikely events and other nonlinearities. Despite its difficulty, this is a line of great current interest in macroeconomic analysis and is essential for understanding the adjustment process under way in many European countries, particularly Spain, after the financial crisis.

Selected Recent Publications

Andrés, J., López-Salido, J. D. and E. Nelson (2005): “Sticky Price Models and the Natural Rate Hypothesis”, Journal of Monetary Economics, 52, 1052-1073.

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

Andrés, J., J.D. López-Salido and J. Vallés (2006): “Money in an Estimated Business Cycle Model of the Euro Area”. The Economic Journal, 2006, 116 (April), 457-477.

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

Andrés, J., R. Doménech and A. Fatás (2008): "The Stabilizing Role of Government Size”. Journal of Economic Dynamics and Control, 32, 571-93.

Castelló-Climent, A. y Doménech, R. (2008): "Human Capital Inequality, Life Expectancy and Economic Growth”. Economic Journal, 118, 653-677.

Castelló-Climent, A. (2008): "On the Distribution of Education and Democracy”. Journal of Development Economics, 87 (2), 179-190.

Castelló-Climent, A. and R. Doménech (2008): “Human Capital Inequality, Life Expectancy and Economic Growth". The Economic Journal, Vol. 118, 653-677.

Andrés, J., López-Salido, J. D. and E. Nelson (2009): “Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area”. Journal of Economic Dynamics and Control, 33, 758-776.

Boscá, J. E., Doménech, R. and J. Ferri (2009): “Tax reforms and labor-market performance: an evaluation for Spain using REMS”. Moneda y Crédito (Segunda Epoca). Vol. 228, 145-188.

Ferri, J., M.L. Moltó and E. Uriel (2009): Time use and food taxation in Spain, FinanzArchiv/Public Finance Analysis, 65, 3, pp. 313-334.

Andrés, J., S. Hurtado, E. Ortega and C. Thomas (2010): "Spain in the Euro: a General Equilibrium Analysis”. SERIEs - Journal of the Spanish Economic Association, Vol 1, 1-2.

Andrés, J., Boscá, J. E., Doménech, R. and J. Ferri (2010). “Creación de empleo en España: ¿cambio en el modelo productivo, reforma del mercado de trabajo o ambas?”, Papeles de Economía Española, 124, 28-45.

Castelló-Climent, A. (2010). “Channels Through Which Human Capital Inequality Influences Economic Growth”, Journal of Human Capital, Vol 4, 394-450.

Castelló-Climent, A. (2010). “Inequality and Growth in Advanced Economies: An Empirical Investigation”, Journal of Economic Inequality, Vol 8, 293-321.

Boscá, J. E., Díaz, A., Doménech, R., Ferri, J., Pérez, E. y L. Puch (2010): “A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy”. SERIEs Journal of the Spanish Economic Association. Vol. 1(2), 135-169.

Betrán C., J. Ferri and M.A. Pons (2010): “Explaining UK wage inequality in the past globalization period, 1880-1913”. Cliometrica, Vol 4, No 1, pp. 19-50.

Boscá, J.E., R. Doménech, J. Ferri y J. Varela (2011): The Spanish Economy: A General Equilibrium Perspective. Palgrave MacMillan. Londres (Reino Unido). In press.

Boscá, J. E., Doménech, R. and Ferri J. (2011): “Search, Nash Bargaining and Rule of Thumb Consumers”. European Economic Review. Forthcoming.

Castelló-Climent, A. y A. Hidalgo-Cabrillana (2012): “The Role of Educational Quality and Quantity in the Process of Economic Development”. Economics of Education Review, 31 (5), pp. 391-409.

Selected Presentations at Academic Conferences

Boscá, J. E., Díaz, A., Doménech, R., Ferri, J., Pérez, E. y L. Puch (2008). “A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy”. XI Encuentro de Economía Aplicada. Salamanca.

Boscá, J.E.; R. Doménech y J. Ferri (2008). “Tax Reforms and Labor-Market Performance: An evaluation for Spain using REMS”. XXI Simposio de Moneda y Crédito. Madrid.

Boscá, J.E.; R. Doménech y J. Ferri (2008). “Search, Nash Bargaining and Rule of Thumb Consumers”. XXXIII Simposio de Análisis Económico. Zaragoza.

Boscá, J.E. (2008). “Efectos Macroeconómicos de La Crisis de Liquidez en España: el Aumento de la Prima de Riesgo”. Curso: Los Retos de la Economía Española. La Crisis Global de Liquidez y sus Efectos Económicos. Universidad Internacional Menéndez Pelayo. Santander.

Castelló-Climent, A. (2008). “Channels Through Which Human Capital Inequality Influences Economic Growth”. XXXIII Simposio de Análisis Económico. Zaragoza.

Castelló-Climent, A. (2008). “Channels Through Which Human Capital Inequality Influences Economic Growth”. XXII Annual Conference of the European Society for Population Economics. Londres.

Boscá, J.E.; R. Doménech y J. Ferri (2009). “Search, Nash Bargaining and Rule of Thumb Consumers”. V Warsaw International Economic Meeting (WIEM 2009). Varsovia (Polonia).

Boscá, J. E., Díaz, A., Doménech, R., Ferri, J., Pérez, E. y L. Puch (2009). A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy”. Banco de España and Investigaciones Económicas Conference: “Estimation and Empirical Validation of Structural Dynamic Stochastic Models for the Spanish Economy”. Madrid.

Boscá, J.E. y J. Ferri (2009). “Creación de empleo: Del viejo al nuevo modelo productivo”. Encuentro: Retos de la Economía Española. Bases para la Recuperación. Universidad Internacional Menéndez Pelayo. Santander.

Andrés, J.; Boscá, J.E. y J. Ferri (2009). “Labour Market Search, Housing Prices and Borrowing Constraints”. XXXIV Simposio de la Asociación Española de Economía. Valencia.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2009). “Quality and Quantity of Education in the Process of Development”. 14th Meeting of the Latin American and Caribbean Economic Association. Buenos Aires.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2009). “Quality and Quantity of Education in the Process of Development”. 24th Annual Congress of the European Economic Association. Barcelona.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2009). “Quality and Quantity of Education in the Process of Development”. 2009 Midwest Macroeconomics Meeting. Indianapolis.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2009). “Quality and Quantity of Education in the Process of Development”. XXXIV Simposio de Análisis Económico. Valencia.

Andrés, J.; Boscá, J.E.; Doménech, R. y J. Ferri (2010). “Job Creation in Spain: Productivity Growth, Labour Market Reforms or Both?”. XVII Encuentro de Economía Pública: Políticas Públicas ante la Crisis. Murcia.

Andrés, J.; Boscá, J.E.; Doménech, R. y J. Ferri (2010). “Job Creation in Spain: Productivity Growth, Labour Market Reforms or Both?”. 9th journées Louis-André Gérard-Varet. Conference in Public Economics. Marsella (Francia).

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2010). “Quality and Quantity of Education in the Process of Development”. 2010 Annual Meeting of the Society for Economic Dynamics. Montreal.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2010). “2010 Royal Economic Society Conference”. 2010 Royal Economic Society Conference. University of Surrey, UK.

Castelló-Climent, A., Mukhopadhyay, A. (2010). “Mass Education or a Well Educated Minority Elite in the Process of Development: the Case of India”. 6th Annual Conference on Economic Growth and Development. Nueva Delhi.

Castelló-Climent, A., Mukhopadhyay, A. (2011). “Mass Education or a Well Educated Minority Elite in the Process of Development: the Case of India”. 26th Annual Congress of the European Economic Association. Oslo.

Castelló-Climent, A., Hidalgo-Cabrillana, A. (2011). “Quality and Quantity of Education in the Process of Development”. 2011 Asian Meeting of the Econometric Society. Seúl.

Castelló-Climent, A., Mukhopadhyay, A. (2011). “Mass Education or a Well Educated Minority Elite in the Process of Development: the Case of India”. 2011 Royal Economic Society Conference. Royal Holloway, Londres.

Recent research projects with external institutions

“Desigualdad, Composición del Capital Humano y Crecimiento Económico. Reexaminando la Disyuntiva entre Desigualdad y Crecimiento con Nuevos Datos y Enfoques”.
CICYT ECO2011-29283
Amparo Castelló Climent
2012 – 2014

“Calidad del Sistema Educativo, Composición de la Educación y Crecimiento Económico”.
Fundación Ramón Areces
Amparo Castelló Climent
2010 – 2011

“Distribución del Capital Humano, Crecimiento Económico y Desarrollo Político”.
Ministerio de Educación y Ciencia (ECO2008-02675)
Amparo Castelló Climent
2009 – 2011

“Modelos de Equilibrio General Dinámico en Economías Abiertas. Aplicación para el Estudio de la Estructura Financiera y del Mercado de Trabajo y su Influencia sobre las Políticas Monetaria y Fiscal”.
CICYT ECO2008-04669/ECON
Javier Andrés
2008 – 2011

“Fluctuaciones y Crecimiento en la UEM. Análisis de Políticas Monetarias y Fiscales con Modelos Dinámicos de Equilibrio General”.
CICYT SEJ2005-01365
Rafael Doménech and Javier Andrés
2005 - 2008

"Política Regional, Cohesión Territorial y Políticas Públicas".
Fondo Europeo de Desarrollo Regional (FEDER): Programa Operativo de Asistencia Técnica y Gobernanza 2007-2013.
Javier Escribá and José E. Boscá
2009 – 2013

“Crecimiento Económico, Productividad y Territorio: Capital Público y Privado, Educación y Progreso Técnico”.
CICYT ECO2009-09569
Javier Escribá
2009 – 2012

“Modelización Macroeconómica y Economía Regional”.
Dirección General de Presupuestos (Ministerio de Economía y Hacienda) and Fundación Rafael del Pino
Javier Escribá and José E. Boscá
2008 - 2010

 

Investigación

Comercio Internacional
Contabilidad Internacional
Macroeconomía
Marketing
Medio Ambiente
Modelización Mat. y Financiera
Transporte y Logística
Turismo
Inversiones Extranjeras
Mujer y Mercado de Trabajo