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Papers by Angel Guizar Estrada

Research paper thumbnail of Sectoral and aggregate technology growth in Spain

Spanish Economic Review, 2004

In this paper we analyze technological change in the Spanish economy by constructing adjusted Sol... more In this paper we analyze technological change in the Spanish economy by constructing adjusted Solow residuals, where the adjustment attempts to correct for the bias associated with the potential presence of imperfect competition, increasing returns, variable input utilization and, especially, sectoral reallocation of inputs across sectors. We refer to this modified Solow residual as a technology index. Sectoral reallocations and variable input utilization are key determinants of the differences between the aggregate Solow residual and the technology index resulting from the aggregation of estimated sectoral technological growth. In particular, we show that technological growth has been in the last two decades more intense than what suggests the standard aggregate Solow residual indices. However, starting in the mid nineties, there has been a deceleration in the aggregate growth rate of technology which is basically due to the behaviour of the manufacturing sectors.

Research paper thumbnail of Patterns of Convergence and Divergence in the Euro Area

Research paper thumbnail of Patterns of Convergence and Divergence in the Euro Area

IMF Economic Review, 2013

ABSTRACT

Research paper thumbnail of Growth and Imbalances in Spain: A Reassessment of the Output Gap

SSRN Electronic Journal, 2000

Research paper thumbnail of Growth and imbalances in Spain: a reassessment of the output gap

Research paper thumbnail of Model of the Banco de Espana

Econometric Models of the Euro-area Central Banks, 2005

Research paper thumbnail of Household Debt and Uncertainty: Private Consumption after the Great Recession

SSRN Electronic Journal, 2000

Research paper thumbnail of R&D Investment and Endogenous Growth: A SVAR Approach

SSRN Electronic Journal, 2000

Research paper thumbnail of The Mark-Ups in the Spanish Economy: International Comparison and Recent Evolution

SSRN Electronic Journal, 2000

Research paper thumbnail of Oil Prices and Their Effect on Potential Output

SSRN Electronic Journal, 2000

Oil prices have fluctuated considerably in the last few years, with major effects on the economy.... more Oil prices have fluctuated considerably in the last few years, with major effects on the economy. This paper describes some of the mechanisms by which these fluctuations produce changes in the long-run growth of the economy. In particular, it analyses the effect on productivity, capital stock and structural unemployment. The analysis suggests that a (permanent) increase in oil prices can significantly reduce potential output. From an economic policy point of view, this effect may be more marked when competition in the product markets is low or when wage indexation is high; thus, reforms aiming to increase competition and improve wage-setting mechanisms help to reduce the negative effects of higher oil prices on long-run economic growth.

Research paper thumbnail of BEMOD: A DSGE Model for the Spanish Economy and the Rest of the Euro Area

SSRN Electronic Journal, 2000

In this paper we present the theoretical foundations and the simulation results obtained with a n... more In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks on the main aggregate variables.

Research paper thumbnail of The Spanish Economy in EMU: The First Ten Years

SSRN Electronic Journal, 2000

LA ECONOMÍA ESPAÑOLA EN LA UEM: LOS DIEZ PRIMEROS AÑOS Documentos Ocasionales. N.º 0901 2009 (*) ... more LA ECONOMÍA ESPAÑOLA EN LA UEM: LOS DIEZ PRIMEROS AÑOS Documentos Ocasionales. N.º 0901 2009 (*) Este trabajo ha sido elaborado como documentación de base para la contribución del Servicio de Estudios a la conferencia conmemorativa del décimo aniversario de la participación de España en la UEM. Es tributario de numerosos trabajos realizados en el Servicio de Estudios relacionados con este tema, algunos de ellos con el objetivo de contribuir a este documento. Los autores están particularmente en deuda con El Banco de España, al publicar esta serie, pretende facilitar la difusión de estudios de interés que contribuyan al mejor conocimiento de la economía española.

Research paper thumbnail of The zoapatle IV — Toxicological and clinical studies

Contraception, 1983

The zoapatle aqueous crude extract has been used in Mexico for the last 5 centuries for the induc... more The zoapatle aqueous crude extract has been used in Mexico for the last 5 centuries for the induction of labor, treatment of post-partum bleeding problems, and as a menses inducer. Today, it is sold in street markets, and its long documented history of use by humans could be taken as indirect evidence of a lack of toxicity. Rigorous pharmacological and clinical studies described here, fully confirm the empirical observations.

Research paper thumbnail of Oil prices and their effect on potential output

Applied Economics Letters, 2012

Oil prices have fluctuated considerably in the last few years, with major effects on the economy.... more Oil prices have fluctuated considerably in the last few years, with major effects on the economy. This paper describes some of the mechanisms by which these fluctuations produce changes in the long-run growth of the economy. In particular, it analyses the effect on productivity, capital stock and structural unemployment. The analysis suggests that a (permanent) increase in oil prices can significantly reduce potential output. From an economic policy point of view, this effect may be more marked when competition in the product markets is low or when wage indexation is high; thus, reforms aiming to increase competition and improve wage-setting mechanisms help to reduce the negative effects of higher oil prices on long-run economic growth.

Research paper thumbnail of Sectoral and aggregate technology growth in Spain

Spanish Economic Review, 2004

In this paper we analyze technological change in the Spanish economy by constructing adjusted Sol... more In this paper we analyze technological change in the Spanish economy by constructing adjusted Solow residuals, where the adjustment attempts to correct for the bias associated with the potential presence of imperfect competition, increasing returns, variable input utilization and, especially, sectoral reallocation of inputs across sectors. We refer to this modified Solow residual as a technology index. Sectoral reallocations and variable input utilization are key determinants of the differences between the aggregate Solow residual and the technology index resulting from the aggregation of estimated sectoral technological growth. In particular, we show that technological growth has been in the last two decades more intense than what suggests the standard aggregate Solow residual indices. However, starting in the mid nineties, there has been a deceleration in the aggregate growth rate of technology which is basically due to the behaviour of the manufacturing sectors.

Research paper thumbnail of Patterns of Convergence and Divergence in the Euro Area

Research paper thumbnail of Patterns of Convergence and Divergence in the Euro Area

IMF Economic Review, 2013

ABSTRACT

Research paper thumbnail of Growth and Imbalances in Spain: A Reassessment of the Output Gap

SSRN Electronic Journal, 2000

Research paper thumbnail of Growth and imbalances in Spain: a reassessment of the output gap

Research paper thumbnail of Model of the Banco de Espana

Econometric Models of the Euro-area Central Banks, 2005

Research paper thumbnail of Household Debt and Uncertainty: Private Consumption after the Great Recession

SSRN Electronic Journal, 2000

Research paper thumbnail of R&D Investment and Endogenous Growth: A SVAR Approach

SSRN Electronic Journal, 2000

Research paper thumbnail of The Mark-Ups in the Spanish Economy: International Comparison and Recent Evolution

SSRN Electronic Journal, 2000

Research paper thumbnail of Oil Prices and Their Effect on Potential Output

SSRN Electronic Journal, 2000

Oil prices have fluctuated considerably in the last few years, with major effects on the economy.... more Oil prices have fluctuated considerably in the last few years, with major effects on the economy. This paper describes some of the mechanisms by which these fluctuations produce changes in the long-run growth of the economy. In particular, it analyses the effect on productivity, capital stock and structural unemployment. The analysis suggests that a (permanent) increase in oil prices can significantly reduce potential output. From an economic policy point of view, this effect may be more marked when competition in the product markets is low or when wage indexation is high; thus, reforms aiming to increase competition and improve wage-setting mechanisms help to reduce the negative effects of higher oil prices on long-run economic growth.

Research paper thumbnail of BEMOD: A DSGE Model for the Spanish Economy and the Rest of the Euro Area

SSRN Electronic Journal, 2000

In this paper we present the theoretical foundations and the simulation results obtained with a n... more In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks on the main aggregate variables.

Research paper thumbnail of The Spanish Economy in EMU: The First Ten Years

SSRN Electronic Journal, 2000

LA ECONOMÍA ESPAÑOLA EN LA UEM: LOS DIEZ PRIMEROS AÑOS Documentos Ocasionales. N.º 0901 2009 (*) ... more LA ECONOMÍA ESPAÑOLA EN LA UEM: LOS DIEZ PRIMEROS AÑOS Documentos Ocasionales. N.º 0901 2009 (*) Este trabajo ha sido elaborado como documentación de base para la contribución del Servicio de Estudios a la conferencia conmemorativa del décimo aniversario de la participación de España en la UEM. Es tributario de numerosos trabajos realizados en el Servicio de Estudios relacionados con este tema, algunos de ellos con el objetivo de contribuir a este documento. Los autores están particularmente en deuda con El Banco de España, al publicar esta serie, pretende facilitar la difusión de estudios de interés que contribuyan al mejor conocimiento de la economía española.

Research paper thumbnail of The zoapatle IV — Toxicological and clinical studies

Contraception, 1983

The zoapatle aqueous crude extract has been used in Mexico for the last 5 centuries for the induc... more The zoapatle aqueous crude extract has been used in Mexico for the last 5 centuries for the induction of labor, treatment of post-partum bleeding problems, and as a menses inducer. Today, it is sold in street markets, and its long documented history of use by humans could be taken as indirect evidence of a lack of toxicity. Rigorous pharmacological and clinical studies described here, fully confirm the empirical observations.

Research paper thumbnail of Oil prices and their effect on potential output

Applied Economics Letters, 2012

Oil prices have fluctuated considerably in the last few years, with major effects on the economy.... more Oil prices have fluctuated considerably in the last few years, with major effects on the economy. This paper describes some of the mechanisms by which these fluctuations produce changes in the long-run growth of the economy. In particular, it analyses the effect on productivity, capital stock and structural unemployment. The analysis suggests that a (permanent) increase in oil prices can significantly reduce potential output. From an economic policy point of view, this effect may be more marked when competition in the product markets is low or when wage indexation is high; thus, reforms aiming to increase competition and improve wage-setting mechanisms help to reduce the negative effects of higher oil prices on long-run economic growth.