Nuestros investigadores

We propose a model with two markets to analyze the welfare implications of price discrimination with quality differences. In each market a local firm that operates in that market only competes against a global firm that operates in both markets. Local firms produce higher-quality goods than the global firm. If the quality levels of the local firms' products are the same, price discrimination is never welfare-decreasing. If they differ, discrimination is welfare-increasing if quantity increases. Because of a positive allocation effect of price discrimination, there are parameter values such that welfare increases while total output decreases with price discrimination. (JEL D43, D60)

This paper investigates the relationship between oil prices and exchange rates in three African countries using a Vector AutoRegressive (VAR) model. We use daily data on nominal exchange rates, oil prices and short term interbank interest rates from 01/12/2003 to 02/07/2014. The results suggest that the exchange rate of the three selected countries behavior is different in the event of an oil price shock, not only before and after the oil peak of July of 2008, but also between each other. Therefore, no general rule can be made for net oil importing sub-Saharan countries, such as Botswana, Kenya and Tanzania. We conclude that after an oil price peak, the Botswanan pula clearly appreciates against the US dollar, the Kenyan and Tanzanian shilling.

This study examines the relationship between oil price volatility and stock returns in the G7 economies (Canada, France, Germany, Italy, Japan, the UK and the US) using monthly data for the period 1970 to 2014. In order to measure oil volatility we consider alternative specifications for oil prices (world, nominal and real prices). We estimate a vector autoregressive model with the following variables: interest rates, economic activity, stock returns and oil price volatility taking into account the structural break in the year 1986. We find a negative response of G7 stock markets to an increase in oil price volatility. Results also indicate that world oil price volatility is generally more significant for stock markets than the national oil price volatility.

This paper offers further evidence to "The Economist" index of economic power developed by Pujol (2002, 2003, and 2009). The original index is composite by construction and it gives information about year 2000, comparing the results with year 1990.

Las perspectivas financieras de las pensiones españolas no son halagüeñas. La recesión ha provocado una fuerte caída del número de cotizantes. Viviremos, además, un intenso envejecimiento de la población, que elevará las tasas de dependencia en los próximos cuarenta o cincuenta años. Ambos son retos de envergadura para la sostenibilidad financiera del actual modelo de pensiones. En este artículo se abordan las distintas opciones con que hacer frente a dichos desafíos y se defiende la urgente necesidad de un debate público sobre la cuestión. Un debate riguroso que, con el pretexto de evitar la politización de un asunto tan sensible, ha sido sistemáticamente negado a la sociedad española por la opacidad política del Pacto de Toledo, provocando entre los españoles confusión y complacencia acerca de la viabilidad del sistema de pensiones.-----The financial perspectives for the future of the pensions¿ system in Spain are not very hopeful. Economic recession has caused a substantial decrease in Social Security affiliation. We also expect the intensification of the Spanish aging population and, consequently, higher dependence rates. All these problems pose great challenges for the financial sustainability of the pensions' system. In this paper we address the different possible options to face those challenges and point to the urgent debate this question asks for. Unfortunately, this debate has been systematically neglected. Precisely trying to avoid partisan discussions, the debate has been left to the Pacto de Toledo, which has political opacity as one of its main characteristics. This situation leads to social ignorance and indulgence with respect to the sustainability of the pensions system