Diego Peñarrubia - Academia.edu (original) (raw)

Papers by Diego Peñarrubia

Economics of Innovation and New Technology, Jun 1, 2005

This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified... more This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified model, we identify the conditions under which allowing cooperation yields greater welfare than imposing competition. In view of our results, we discuss, critically, the current European policy towards R&D cooperation.

Social Science Research Network, 2000

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Mathematical Social Sciences, Mar 1, 2020

In a two-sector economy, we consider the endogenous determination of the level of competition in ... more In a two-sector economy, we consider the endogenous determination of the level of competition in the imperfectly competitive sector, under democratic, non-manipulated voting. In the context of the Salop's (1979) circular model, we identify conditions such that in addition to a competitive equilibrium (with most voters choosing the efficient level of competition intensity), an inefficient equilibrium is observed in which a majority of fully rational and informed citizens vote for an inefficiently low level of competition intensity. In particular, we show that under reasonable conditions, a coalition of middle-class entrepreneurs, who vote for a lower level of competition intensity, defeats a ''coalition of extremes'' formed by high-and low-productivity entrepreneurs and pure consumers, who vote for a higher level of competition intensity. In addition, we show that the higher the degree of similarity among entrepreneurs, the more inefficient the anticompetitive equilibrium.

Estudios de economía, Dec 1, 2017

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2019

espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprend... more espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprendimiento. En primer lugar, analizamos la evolucion de los datos de los ultimos 27 anos a nivel mundial, para despues ir acotando el objeto en terminos temporales, espaciales y conceptuales, de forma que sirva de referencia para un analisis basico del emprendedurismo en Espana. La ev idencia muestra que, en relacion con nuestro entorno, existen muchas empresas, relativamente pequenas, y que ambos elementos guardan relacion con nuestra brecha de productividad. El articulo reflexiona sobre la aparente contradiccion entre estos datos y la continua apelacion a la conveniencia de mayores tasas de emprendimiento y de proteccion de la pequena empresa que se realizan desde diversas posiciones. EnglishIn this paper we confront rhetoric and statistics on self - employment and entrepreneurship. First, we analyze the evolution of the data of the last 27 years worldwide, and then narrow down the object in temporal, sp atial and conceptual terms, so that it serves as a reference for a basic analysis of entrepreneurship in Spain. The evidence shows that, in relation to our environment, there are many firms, relatively small and that both elements are related to our produc tivity gap. The article reflects on the apparent contradiction between these data and the continued appeal to the convenience of higher rates of entrepreneurship and protection of small businesses that are carried out from various positions.

Investigacion Economica, 2005

We consider the interactions between innovation and merger policy under di erent assumptions on t... more We consider the interactions between innovation and merger policy under di erent assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We also find that in some circumstances the absence of any commitment is socially necessary to ensure that innovation takes place, although mergers are finally allowed. In contrast with recent literature on licensing, we show that a permissive merger policy can be optimal even if royalties and fees are available in licensing.

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Estudios de economía, 2017

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Motivated by the fact that some regulations involve extra costs for those firms at a size beyond ... more Motivated by the fact that some regulations involve extra costs for those firms at a size beyond a critical threshold, this paper contributes to the analysis of the welfare distortions due to these regulations. In the context of a duopoly, our results show that social welfare is not monotonic with the regulatory threshold. In particular, we obtain the paradoxical result that a policy decision of increasing the threshold might involve a dramatic decrease in welfare in some markets. An interesting consequence of this result is that the positive discrimination towards small firms is a rather subtle issue. Our results suggest that the relevant regulatory thresholds should differ across industries. Apparently, this is taken into account in some countries (e.g., USA), but not in many other countries.

Mathematical Social Sciences, 2020

In a two-sector economy, we consider the endogenous determination of the level of competition in ... more In a two-sector economy, we consider the endogenous determination of the level of competition in the imperfectly competitive sector, under democratic, non-manipulated voting. In the context of the Salop's (1979) circular model, we identify conditions such that in addition to a competitive equilibrium (with most voters choosing the efficient level of competition intensity), an inefficient equilibrium is observed in which a majority of fully rational and informed citizens vote for an inefficiently low level of competition intensity. In particular, we show that under reasonable conditions, a coalition of middle-class entrepreneurs, who vote for a lower level of competition intensity, defeats a ''coalition of extremes'' formed by high-and low-productivity entrepreneurs and pure consumers, who vote for a higher level of competition intensity. In addition, we show that the higher the degree of similarity among entrepreneurs, the more inefficient the anticompetitive equilibrium.

Working Papers, Jun 1, 2001

In this work we develop a spatial model to explain local megers and acquisitions (M&As) in Europe... more In this work we develop a spatial model to explain local megers and acquisitions (M&As) in European retail banking systems as strategic reactions to changes in regulation and economic integration. We show that local banking concentration increases market power and contributes to build new barriers to entry. Local M&As yield positive social results in the …rst economic integration stages, but could damage welfare in more advenced stages in cases where they serve to safeguard price agreements in front of foreign competition. Our results seem to conform to experiences of most European banking markets during the last two decades.

Investigaciones Económicas

We consider the interactions between innovation and merger policy under di erent assumptions on t... more We consider the interactions between innovation and merger policy under di erent assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We also .nd that in some circumstances the absence of any commitment is socially necessary to ensure that innovation takes place, although mergers are .nally allowed. In contrast with recent literature on licensing, we show that a permissive merger policy can be optimal even if royalties and fees are available in licensing.

En este trabajo se analizan los efectos de los procesos de integración comercial y financiera sob... more En este trabajo se analizan los efectos de los procesos de integración comercial y financiera sobre la concentración empresarial, especialmente en el sector bancario español. Se obtiene que las fusiones se encauzan de manera distinta según la actividad productiva, la naturaleza de los bienes que se intercambian y la forma con que compiten las empresas. En el caso de la banca española al por menor, esos factores determinan fusiones principalmente entre entidades nacionales, lo cual hace que los precios de los servicios financieros no desciendan suficientemente. Esto impide que los pequeños ahorradores y empresas obtengan todas las ganancias que posibilitaría un mercado realmente ampliado con empresas grandes y multinacionales.

We consider the interactions between innovation and merger policy under different assumptions on ... more We consider the interactions between innovation and merger policy under different assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We

SSRN Electronic Journal, 2000

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Economics of Innovation and New Technology, 2005

This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified... more This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified model, we identify the conditions under which allowing cooperation yields greater welfare than imposing competition. In view of our results, we discuss, critically, the current European policy towards R&D cooperation.

espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprend... more espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprendimiento. En primer lugar, analizamos la evolucion de los datos de los ultimos 27 anos a nivel mundial, para despues ir acotando el objeto en terminos temporales, espaciales y conceptuales, de forma que sirva de referencia para un analisis basico del emprendedurismo en Espana. La ev idencia muestra que, en relacion con nuestro entorno, existen muchas empresas, relativamente pequenas, y que ambos elementos guardan relacion con nuestra brecha de productividad. El articulo reflexiona sobre la aparente contradiccion entre estos datos y la continua apelacion a la conveniencia de mayores tasas de emprendimiento y de proteccion de la pequena empresa que se realizan desde diversas posiciones. EnglishIn this paper we confront rhetoric and statistics on self - employment and entrepreneurship. First, we analyze the evolution of the data of the last 27 years worldwide, and then narrow down the object...

Economics of Innovation and New Technology, Jun 1, 2005

This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified... more This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified model, we identify the conditions under which allowing cooperation yields greater welfare than imposing competition. In view of our results, we discuss, critically, the current European policy towards R&D cooperation.

Social Science Research Network, 2000

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Mathematical Social Sciences, Mar 1, 2020

In a two-sector economy, we consider the endogenous determination of the level of competition in ... more In a two-sector economy, we consider the endogenous determination of the level of competition in the imperfectly competitive sector, under democratic, non-manipulated voting. In the context of the Salop's (1979) circular model, we identify conditions such that in addition to a competitive equilibrium (with most voters choosing the efficient level of competition intensity), an inefficient equilibrium is observed in which a majority of fully rational and informed citizens vote for an inefficiently low level of competition intensity. In particular, we show that under reasonable conditions, a coalition of middle-class entrepreneurs, who vote for a lower level of competition intensity, defeats a ''coalition of extremes'' formed by high-and low-productivity entrepreneurs and pure consumers, who vote for a higher level of competition intensity. In addition, we show that the higher the degree of similarity among entrepreneurs, the more inefficient the anticompetitive equilibrium.

Estudios de economía, Dec 1, 2017

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2019

espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprend... more espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprendimiento. En primer lugar, analizamos la evolucion de los datos de los ultimos 27 anos a nivel mundial, para despues ir acotando el objeto en terminos temporales, espaciales y conceptuales, de forma que sirva de referencia para un analisis basico del emprendedurismo en Espana. La ev idencia muestra que, en relacion con nuestro entorno, existen muchas empresas, relativamente pequenas, y que ambos elementos guardan relacion con nuestra brecha de productividad. El articulo reflexiona sobre la aparente contradiccion entre estos datos y la continua apelacion a la conveniencia de mayores tasas de emprendimiento y de proteccion de la pequena empresa que se realizan desde diversas posiciones. EnglishIn this paper we confront rhetoric and statistics on self - employment and entrepreneurship. First, we analyze the evolution of the data of the last 27 years worldwide, and then narrow down the object in temporal, sp atial and conceptual terms, so that it serves as a reference for a basic analysis of entrepreneurship in Spain. The evidence shows that, in relation to our environment, there are many firms, relatively small and that both elements are related to our produc tivity gap. The article reflects on the apparent contradiction between these data and the continued appeal to the convenience of higher rates of entrepreneurship and protection of small businesses that are carried out from various positions.

Investigacion Economica, 2005

We consider the interactions between innovation and merger policy under di erent assumptions on t... more We consider the interactions between innovation and merger policy under di erent assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We also find that in some circumstances the absence of any commitment is socially necessary to ensure that innovation takes place, although mergers are finally allowed. In contrast with recent literature on licensing, we show that a permissive merger policy can be optimal even if royalties and fees are available in licensing.

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Estudios de economía, 2017

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Motivated by the fact that some regulations involve extra costs for those firms at a size beyond ... more Motivated by the fact that some regulations involve extra costs for those firms at a size beyond a critical threshold, this paper contributes to the analysis of the welfare distortions due to these regulations. In the context of a duopoly, our results show that social welfare is not monotonic with the regulatory threshold. In particular, we obtain the paradoxical result that a policy decision of increasing the threshold might involve a dramatic decrease in welfare in some markets. An interesting consequence of this result is that the positive discrimination towards small firms is a rather subtle issue. Our results suggest that the relevant regulatory thresholds should differ across industries. Apparently, this is taken into account in some countries (e.g., USA), but not in many other countries.

Mathematical Social Sciences, 2020

In a two-sector economy, we consider the endogenous determination of the level of competition in ... more In a two-sector economy, we consider the endogenous determination of the level of competition in the imperfectly competitive sector, under democratic, non-manipulated voting. In the context of the Salop's (1979) circular model, we identify conditions such that in addition to a competitive equilibrium (with most voters choosing the efficient level of competition intensity), an inefficient equilibrium is observed in which a majority of fully rational and informed citizens vote for an inefficiently low level of competition intensity. In particular, we show that under reasonable conditions, a coalition of middle-class entrepreneurs, who vote for a lower level of competition intensity, defeats a ''coalition of extremes'' formed by high-and low-productivity entrepreneurs and pure consumers, who vote for a higher level of competition intensity. In addition, we show that the higher the degree of similarity among entrepreneurs, the more inefficient the anticompetitive equilibrium.

Working Papers, Jun 1, 2001

In this work we develop a spatial model to explain local megers and acquisitions (M&As) in Europe... more In this work we develop a spatial model to explain local megers and acquisitions (M&As) in European retail banking systems as strategic reactions to changes in regulation and economic integration. We show that local banking concentration increases market power and contributes to build new barriers to entry. Local M&As yield positive social results in the …rst economic integration stages, but could damage welfare in more advenced stages in cases where they serve to safeguard price agreements in front of foreign competition. Our results seem to conform to experiences of most European banking markets during the last two decades.

Investigaciones Económicas

We consider the interactions between innovation and merger policy under di erent assumptions on t... more We consider the interactions between innovation and merger policy under di erent assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We also .nd that in some circumstances the absence of any commitment is socially necessary to ensure that innovation takes place, although mergers are .nally allowed. In contrast with recent literature on licensing, we show that a permissive merger policy can be optimal even if royalties and fees are available in licensing.

En este trabajo se analizan los efectos de los procesos de integración comercial y financiera sob... more En este trabajo se analizan los efectos de los procesos de integración comercial y financiera sobre la concentración empresarial, especialmente en el sector bancario español. Se obtiene que las fusiones se encauzan de manera distinta según la actividad productiva, la naturaleza de los bienes que se intercambian y la forma con que compiten las empresas. En el caso de la banca española al por menor, esos factores determinan fusiones principalmente entre entidades nacionales, lo cual hace que los precios de los servicios financieros no desciendan suficientemente. Esto impide que los pequeños ahorradores y empresas obtengan todas las ganancias que posibilitaría un mercado realmente ampliado con empresas grandes y multinacionales.

We consider the interactions between innovation and merger policy under different assumptions on ... more We consider the interactions between innovation and merger policy under different assumptions on technology transfer. In the absence of licencing, we show that in some cases the government must commit to a permissive policy to ensure that socially desirable innovations take place, while in other cases it must commit to a prohibitive policy to deter socially wasteful innovation investments. We

SSRN Electronic Journal, 2000

Many economic booms have been accompanied by real exchange rate appreciations, large trade defici... more Many economic booms have been accompanied by real exchange rate appreciations, large trade deficits-which have sometimes persisted after the return to the initial exchange rate parity-and a deteriorating traded sector. Those circumstances have typically raised the question of the desirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Economics of Innovation and New Technology, 2005

This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified... more This paper analyzes the optimal antitrust policy in the context of a patent race. In a simplified model, we identify the conditions under which allowing cooperation yields greater welfare than imposing competition. In view of our results, we discuss, critically, the current European policy towards R&D cooperation.

espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprend... more espanolEn este trabajo confrontamos la retorica y la estadistica sobre el autoempleo y el emprendimiento. En primer lugar, analizamos la evolucion de los datos de los ultimos 27 anos a nivel mundial, para despues ir acotando el objeto en terminos temporales, espaciales y conceptuales, de forma que sirva de referencia para un analisis basico del emprendedurismo en Espana. La ev idencia muestra que, en relacion con nuestro entorno, existen muchas empresas, relativamente pequenas, y que ambos elementos guardan relacion con nuestra brecha de productividad. El articulo reflexiona sobre la aparente contradiccion entre estos datos y la continua apelacion a la conveniencia de mayores tasas de emprendimiento y de proteccion de la pequena empresa que se realizan desde diversas posiciones. EnglishIn this paper we confront rhetoric and statistics on self - employment and entrepreneurship. First, we analyze the evolution of the data of the last 27 years worldwide, and then narrow down the object...