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The Harmonized Index of Consumer Prices (HICP) is the primary measure of inflation in the euro area, and plays a central role in the policy deliberations of the European Central Bank (ECB). The ECB defines its Treaty mandate of price... more
The Harmonized Index of Consumer Prices (HICP) is the primary measure of inflation in the euro area, and plays a central role in the policy deliberations of the European Central Bank (ECB). The ECB defines its Treaty mandate of price stability as “...a year-onyear increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2% [...] to be maintained over the medium term.” Among the rationales given for defining price stability as prevailing at some positive measured inflation rate is the possibility that the HICP as published incorporates measurement errors of one sort or another that may cause it to systematically overstate the true rate of inflation in the euro area. This paper reviews what currently is known about the scope of measurement error in the HICP. We conclude that given the vague conceptual framework of the HICP, the scant research on price measurement issues in the EU and the ongoing improvements in the HICP, there is very little scientific bas...
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Research Interests: Business, Management, Industrial Organization, Intellectual Property, Property Rights, and 14 moreTheory of the Firm, Decentralization, Papers, Social Science Research Network, Profitability, Incentive, Restructuring, Sunk Costs, Intellectual Property Right, Physical Capital, Sunk Cost, Equity Law, Imperfect, and information leakage
Este artículo revisa los trabajos recientes que estiman la contribución de las tecnologías de la información al crecimiento de la productividad media del trabajo en Estados Unidos y en países europeos, concluyendo que durante loos años... more
Este artículo revisa los trabajos recientes que estiman la contribución de las tecnologías de la información al crecimiento de la productividad media del trabajo en Estados Unidos y en países europeos, concluyendo que durante loos años noventa del siglo anterior surgió o se amplió un desfase tecnológico entre estos dos bloques económicos. El desfase se caracteriza por un menor desarrollo del sector productor de bienes duraderos asociado a las tecnologías de la información en Europa y por la ausencia, en el caso europeo pero no en el norteamericano, de un efecto positivo de estas tecnologías sobre la productividad de los otros sectores productivos; en particular, de sectores de bienes duraderos que utilizan productos asociados o tecnologías de la información.
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Sumario: Eficencia e incentivos en los servicios sanitarios -- Financiación de los servicios sanitarios -- Oficinas y productos farmaceuticos -- Estrategias de regulación de los servicios sanitarios En port.: FEDEA, Asociación de Economía... more
Sumario: Eficencia e incentivos en los servicios sanitarios -- Financiación de los servicios sanitarios -- Oficinas y productos farmaceuticos -- Estrategias de regulación de los servicios sanitarios En port.: FEDEA, Asociación de Economía de la Salud
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We quantify the effects of monetary policy transparency and credibility on macroeco-nomic volatility in an estimated model of the Euro area economy. In our model, private agents are unable to distinguish between temporary shocks to the... more
We quantify the effects of monetary policy transparency and credibility on macroeco-nomic volatility in an estimated model of the Euro area economy. In our model, private agents are unable to distinguish between temporary shocks to the central bank's monetary policy rule and persistent shifts in the inflation target, and therefore use optimal filtering techniques to construct estimates of the future monetary policy stance. We find that the macroeconomic benefits of credibly announcing the current level of the time-varying inflation target are reasonably small as long as private agents correctly understand the stochastic processes governing the inflation target and the temporary policy shock. If, on the other hand, private agents overestimate the volatility of the inflation target, the overall gains of announcing the target can be substantial. We also show that the central bank can help private agents in their learning process by responding more aggressively to deviations of infl...
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... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Assessemt Criteria for Output Gap Estimates. Camba-Mendez, GC and Palenzuela-Rodriguez, D. Working Papers from Quebec a Montreal - Recherche en... more
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Assessemt Criteria for Output Gap Estimates. Camba-Mendez, GC and Palenzuela-Rodriguez, D. Working Papers from Quebec a Montreal - Recherche en gestion. ...
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This paper aims at bridging the gap between recent theoretical progress in welfare& based optimal policy and its application to models suitable for policy analysis. With this purpose, the framework of Benigno and Woodford (2005b) with a... more
This paper aims at bridging the gap between recent theoretical progress in welfare& based optimal policy and its application to models suitable for policy analysis. With this purpose, the framework of Benigno and Woodford (2005b) with a linear&quadratic (LQ) approximation (in a ...
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This paper does not re‡ect views or opinions of the European Central Bank but solely those of its authors. The authors are grateful to Kosuke Aoki, Philip Lane and Roger Farmer for very helpful dicussions and to Gianni Lombardo, Klaus... more
This paper does not re‡ect views or opinions of the European Central Bank but solely those of its authors. The authors are grateful to Kosuke Aoki, Philip Lane and Roger Farmer for very helpful dicussions and to Gianni Lombardo, Klaus Masuch, Roberto Motto and Sergio Nicoletti-Altimari as well as participants at the XVII Simposium Moneda y Crédito in Madrid and CEPR conference Designing a Macroeconomic Policy Framework for Europe in Barcelona for helpful comments. Any errors are the The issue of analyzing and explaining consumer price and in‡ation di¤erentials in a currency area has attracted the attention of a considerable number of researchers in the recent past years. 1 Recent research was to a large extent spurred by the experience with the major change in the exchange rate regime and the implications for price formation
We analyze the implications of a market imperfection related to the inability to establish intellectual property rights, that we label "unverifiable communication." Employees are able to collude with external parties selling... more
We analyze the implications of a market imperfection related to the inability to establish intellectual property rights, that we label "unverifiable communication." Employees are able to collude with external parties selling "knowledge capital" of the firm. The firm organizer engages in strategic interaction simultaneously with employees and competitors, as she introduces endogenous transaction costs in the market for information between those agents. Incentive schemes and communication costs are the key strategic variables used by the firm to induce frictions in collusive markets. Unverifiable communication introduces severe allocative distortions, both at internal product development and at intended sale of information (technology transfer). We derive implications of the model for observable decisions like characteristics of the employment relationship (full employment, incompatibility with other jobs), firms' preferences over cluster characteristics for lo...
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ABSTRACT. ‐ We,present,a,simple,model,of the,determinants,and economic,effects of formal,firm-level bargaining,in a collective bargaining system,with mandatory,extension,of sectoral collective agreements.,We model the effects on agents’... more
ABSTRACT. ‐ We,present,a,simple,model,of the,determinants,and economic,effects of formal,firm-level bargaining,in a collective bargaining system,with mandatory,extension,of sectoral collective agreements.,We model the effects on agents’ incentives to engage in relation-specific investments, and,test the main,predictions of the model,using Spanish data which,combine information from collective bargaining statistics and from firms’ balance,sheets. We find that: (i) controlling for an endogeneity bias, firms’ size appears to increase the
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We present a simple model of the determinants and economic effects of formal firm-level bargaining in a collective bargaining system with mandatory extension of sectoral collective agreements. We model the effects on... more
We present a simple model of the determinants and economic effects of formal firm-level bargaining in a collective bargaining system with mandatory extension of sectoral collective agreements. We model the effects on agents' incentives to engage in relation-specific investments, and test the main predictions of the model using Spanish data which combine information from collective bargaining statistics and from firms'