From the classical gold standard up to the current ERM2 arrangement of the European Union, target... more From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to generate, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper studies the contribution of Information and Communication Technologies (ICT) to econom... more This paper studies the contribution of Information and Communication Technologies (ICT) to economic growth and labor productivity growth in Andalucía (Spain) over 1995-2004. We find that the contribution of ICT assets to total market GVA growth is quantitatively modest. However the contribution to GVA growth and employment growth within the intensive ICT sectors has experienced a considerable increase during the period. Although our analysis detects that intensive ICT sectors exhibit a high productivity level with respect to that of the non intensive ones, our main conclusion is that the advantages that might emerge from the use of ICT are nor yet observable in the economic dynamics of Andalucía, at least in a similar manner to that of the most developed.
This paper analyzes the linkages between the credibility of a target zone regime, the volatility ... more This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility and volatility. Narrower bands give less scope for the exchange rate to
This paper analyzes the linkages between the credibility of a target zone regime, the volatility ... more This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility and volatility. Narrower bands should give less scope for the exchange rate to fluctuate but may make agents perceive a larger probability of realignment which by itself should increase the volatility of the exchange rate. We build a model where this trade-off is made explicit. The model is used to understand the reduction in volatility experienced by most EMS countries after their target zones were widened on August 1993. As a natural extension, the model also rationalizes the existence of non-official, implicit target zones (or fear of floating), suggested by some authors.
This paper studies the impact of the information and communication technologies (ICT) on economic... more This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox. JEL classification: E22, O30, O40.
This paper studies the impact of the information and communication technologies (ICT) on U.S. eco... more This paper studies the impact of the information and communication technologies (ICT) on U.S. economic growth using a dynamic general equilibrium approach. We use a production function with six different capital inputs, three of them corresponding to ICT assets and other three to non-ICT assets. We find that the technological change embedded in hardware equipment is the main leading non-neutral force of the U.S. productivity growth and accounts for about one quarter of it during the period 1980-2004. As a whole, ICT-specific technological change accounts for about 35% of total labor productivity growth. JEL classification: E22, O30, O40.
In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of ... more In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of different technological sources to productivity growth in the three leading economies: Germany, Japan, and the U.S. The sources of technology are classified as representing either neutral progress or investment-specific progress. The latter can be split into two different types of equipment: information and communication technologies (ICT) and non-ICT equipment. We find that in the long run, neutral technological change is the main source of productivity growth in Germany. For Japan and the U.S., the main source of productivity growth is investment-specific technological change, mainly associated with ICT. We also find that a non negligible part of productivity growth has been due to technology specific to non-ICT equipment; this is mainly true after 1995. JEL classification: O3; O4.
From the classical gold standard up to the current ERM2 arrangement of the European Union, target... more From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to generate, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate... more This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate flexibility. We show that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature on target zones that previous models were not able to generate jointly, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate... more This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate flexibility. We show that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature on target zones that previous models were not able to generate jointly, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
El diagnóstico clínico de la gota puede ser preciso en formas clínicamente típicas. Sin embargo, ... more El diagnóstico clínico de la gota puede ser preciso en formas clínicamente típicas. Sin embargo, en las formas clínicas crónicas o atípicas dicha fiabilidad parece no darse en la práctica.Se ha estudiado una cohorte de 348 pacientes con diagnóstico de gota por cristales de urato, remitidos con una valoración diagnóstica definida, de los que se recogieron datos sobre la severidad de la enfermedad en cuanto a la distribución articular y la presencia de tofos. Se analizaron los datos de precisión respecto al diagnóstico de derivación según los parámetros de severidad clínica y los facultativos que remitían a los pacientes.La mayor precisión diagnóstica se observó en las formas monoarticulares precedentes tanto en áreas de urgencias como en medicina familiar, pero no así en los remitidos por otras especialidades. La presencia de formas oligopoliarticulares redujo significativamente la precisión del diagnóstico de referencia en todos los grupos de facultativos. La presencia de tofos no favoreció la precisión diagnóstica.Las formas crónicas y severas de la gota son frecuentemente mal evaluadas desde el punto de vista clínico.The clinical diagnosis of gout can be quite precise in clinically typical forms. However, in chronic or atypical forms, such precision tends to be diminished in clinical practice.A cohort of 248 patients with a diagnosis of urate crystal arthropathy was studied, sent with a definite clinical evaluation, and data such as severity of the disease, joint distribution and the presence of tophi were gathered. Precision data was analyzed with respect to the referral diagnosis according to the severity parameters and the type of physician sending the patient.The best diagnostic precision was seen in the monoarticular forms that were sent both by the emergency room as well as by family physicians, but not in those sent by other specialists. The presence of oligoarticular forms reduced significantly the diagnostic precision in all of the specialties referring patients. The presence of tophi did not improve diagnostic precision.Chronic and severe forms of gout are frequently wrongly evaluated from the clinical standpoint.
From the classical gold standard up to the current ERM2 arrangement of the European Union, target... more From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to generate, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper studies the contribution of Information and Communication Technologies (ICT) to econom... more This paper studies the contribution of Information and Communication Technologies (ICT) to economic growth and labor productivity growth in Andalucía (Spain) over 1995-2004. We find that the contribution of ICT assets to total market GVA growth is quantitatively modest. However the contribution to GVA growth and employment growth within the intensive ICT sectors has experienced a considerable increase during the period. Although our analysis detects that intensive ICT sectors exhibit a high productivity level with respect to that of the non intensive ones, our main conclusion is that the advantages that might emerge from the use of ICT are nor yet observable in the economic dynamics of Andalucía, at least in a similar manner to that of the most developed.
This paper analyzes the linkages between the credibility of a target zone regime, the volatility ... more This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility and volatility. Narrower bands give less scope for the exchange rate to
This paper analyzes the linkages between the credibility of a target zone regime, the volatility ... more This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility and volatility. Narrower bands should give less scope for the exchange rate to fluctuate but may make agents perceive a larger probability of realignment which by itself should increase the volatility of the exchange rate. We build a model where this trade-off is made explicit. The model is used to understand the reduction in volatility experienced by most EMS countries after their target zones were widened on August 1993. As a natural extension, the model also rationalizes the existence of non-official, implicit target zones (or fear of floating), suggested by some authors.
This paper studies the impact of the information and communication technologies (ICT) on economic... more This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox. JEL classification: E22, O30, O40.
This paper studies the impact of the information and communication technologies (ICT) on U.S. eco... more This paper studies the impact of the information and communication technologies (ICT) on U.S. economic growth using a dynamic general equilibrium approach. We use a production function with six different capital inputs, three of them corresponding to ICT assets and other three to non-ICT assets. We find that the technological change embedded in hardware equipment is the main leading non-neutral force of the U.S. productivity growth and accounts for about one quarter of it during the period 1980-2004. As a whole, ICT-specific technological change accounts for about 35% of total labor productivity growth. JEL classification: E22, O30, O40.
In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of ... more In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of different technological sources to productivity growth in the three leading economies: Germany, Japan, and the U.S. The sources of technology are classified as representing either neutral progress or investment-specific progress. The latter can be split into two different types of equipment: information and communication technologies (ICT) and non-ICT equipment. We find that in the long run, neutral technological change is the main source of productivity growth in Germany. For Japan and the U.S., the main source of productivity growth is investment-specific technological change, mainly associated with ICT. We also find that a non negligible part of productivity growth has been due to technology specific to non-ICT equipment; this is mainly true after 1995. JEL classification: O3; O4.
From the classical gold standard up to the current ERM2 arrangement of the European Union, target... more From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to generate, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate... more This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate flexibility. We show that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature on target zones that previous models were not able to generate jointly, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate... more This paper presents a benchmark model that rationalizes the choice of the degree of exchange rate flexibility. We show that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature on target zones that previous models were not able to generate jointly, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.
El diagnóstico clínico de la gota puede ser preciso en formas clínicamente típicas. Sin embargo, ... more El diagnóstico clínico de la gota puede ser preciso en formas clínicamente típicas. Sin embargo, en las formas clínicas crónicas o atípicas dicha fiabilidad parece no darse en la práctica.Se ha estudiado una cohorte de 348 pacientes con diagnóstico de gota por cristales de urato, remitidos con una valoración diagnóstica definida, de los que se recogieron datos sobre la severidad de la enfermedad en cuanto a la distribución articular y la presencia de tofos. Se analizaron los datos de precisión respecto al diagnóstico de derivación según los parámetros de severidad clínica y los facultativos que remitían a los pacientes.La mayor precisión diagnóstica se observó en las formas monoarticulares precedentes tanto en áreas de urgencias como en medicina familiar, pero no así en los remitidos por otras especialidades. La presencia de formas oligopoliarticulares redujo significativamente la precisión del diagnóstico de referencia en todos los grupos de facultativos. La presencia de tofos no favoreció la precisión diagnóstica.Las formas crónicas y severas de la gota son frecuentemente mal evaluadas desde el punto de vista clínico.The clinical diagnosis of gout can be quite precise in clinically typical forms. However, in chronic or atypical forms, such precision tends to be diminished in clinical practice.A cohort of 248 patients with a diagnosis of urate crystal arthropathy was studied, sent with a definite clinical evaluation, and data such as severity of the disease, joint distribution and the presence of tophi were gathered. Precision data was analyzed with respect to the referral diagnosis according to the severity parameters and the type of physician sending the patient.The best diagnostic precision was seen in the monoarticular forms that were sent both by the emergency room as well as by family physicians, but not in those sent by other specialists. The presence of oligoarticular forms reduced significantly the diagnostic precision in all of the specialties referring patients. The presence of tophi did not improve diagnostic precision.Chronic and severe forms of gout are frequently wrongly evaluated from the clinical standpoint.
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Papers by Jesus Lopez