Rodolfo Méndez-Marcano - Academia.edu (original) (raw)
Papers by Rodolfo Méndez-Marcano
RePEc: Research Papers in Economics, 2018
In this paper we develop and estimate a new bayesian DSGE model for the Spanish economy that has ... more In this paper we develop and estimate a new bayesian DSGE model for the Spanish economy that has been designed to evaluate different structural reforms. The small open economy model incorporates a banking sector, consumers and entrepreneurs that accumulate debt, a rich fiscal structure and monopolistic competition in products and labor markets, for a country in a currency union, with no independent monetary policy. The model can be used to evaluate ex-ante and ex-post policies and structural reforms and to decompose the evolution of macroeconomic aggregates according to different shocks.
On the ground of the significance and potential dual-nature of oil-price shocks-they may act simu... more On the ground of the significance and potential dual-nature of oil-price shocks-they may act simultaneously like pure technology and pure expenditure shocks-in the context of the oilcountries-net oil-exporters with a substantial share of oil-income on their total export-and/ or fiscal-income-, the paper questions the validity in such context of Gal´ı (1999)'s influential methodology for evaluating-so far, negatively-the empirical merits of the standard Real Business Cycle Model, and introduces an oil-price extended version of it aimed to restore such validity by disentangling oil-price shocks from the rest of shocks. The comparison of the results from the application of both methodologies to Norway, Mexico, Russia, Trinidad&Tobago and Venezuela, besides supporting the dual-nature hypothesis and the necessity of such disentangling, proves the latter to be instrumental to get results consistent with Gal´ı (1999)'s. Additionally, the paper unveil some startling facts about the effects of oil-price shocks in this context-remarkably, the prevalence of their technological-nature when oil-income has a higher weight on export-than on fiscal-income, and of their expenditure-nature otherwise-and shed some light on the influence of institutional reform on such effects.
n this paper we analyze the role played by fiscal sustainability shocks on the Bolivian economic ... more n this paper we analyze the role played by fiscal sustainability shocks on the Bolivian economic growth performance. To do this, we impose restrictions on a VAR for the Bolivian economy that allow us to identify fiscal sustainability shocks. We argue that imposing long run identification restrictions in our tructural VAR is a new (applied to fiscal issues) and useful way to identify the macroeconomic impact of shocks on fiscal sustainability. Our results show a significant lost in the level of GDP in the Bolivian economy as a consequence of the sequence of adverse fiscal sustainability shocks this economy has experienced. Although, fiscal sustainability shocks have not permanent effect on BoliviaA¢â‚¬â„¢s economic growth, the fact that adverse fiscal sustainability shocks has occurred during the period studied (in a significant way at least during the late 70s early 80s and at the late 90s early 2000s) have negatively affected Bolivian economic growth. Our results also show that inf...
Research Papers in Economics, 2011
La investigacion cuyos resultados se resumen en el presente informe ha tenido como objetivo evalu... more La investigacion cuyos resultados se resumen en el presente informe ha tenido como objetivo evaluar la experiencia de las cajas de ahorro espanolas como instituciones orientadas al financiamiento de las familias y las empresas pequenas (incluidas las microecompresas) y medianas (pymes), extrayendo posibles lecciones para el caso latinoamericano a partir de la recopilacion y analisis de la informacion estadistica e institucional disponible. La motivacion del estudio se haya en el lugar paradigmatico que ha solido otorgarse (al menos antes de la crisis financiera mundial y la crisis inmobiliaria espanola de 2007-2008) a la experiencia de las Cajas de Ahorro Espanolas en la literatura y debates especializados en el topico del financiamiento de las familias y pymes a nivel europeo e internacional. En particular, dentro del contexto de la Union Europea, Espana es claramente el caso a destacar por al menos tres razones: 1) De acuerdo a las cifras recopiladas por la Comision Europea, Espan...
RePEc: Research Papers in Economics, 2018
In this paper we develop and estimate a new bayesian DSGE model for the Spanish economy that has ... more In this paper we develop and estimate a new bayesian DSGE model for the Spanish economy that has been designed to evaluate different structural reforms. The small open economy model incorporates a banking sector, consumers and entrepreneurs that accumulate debt, a rich fiscal structure and monopolistic competition in products and labor markets, for a country in a currency union, with no independent monetary policy. The model can be used to evaluate ex-ante and ex-post policies and structural reforms and to decompose the evolution of macroeconomic aggregates according to different shocks.
On the ground of the significance and potential dual-nature of oil-price shocks-they may act simu... more On the ground of the significance and potential dual-nature of oil-price shocks-they may act simultaneously like pure technology and pure expenditure shocks-in the context of the oilcountries-net oil-exporters with a substantial share of oil-income on their total export-and/ or fiscal-income-, the paper questions the validity in such context of Gal´ı (1999)'s influential methodology for evaluating-so far, negatively-the empirical merits of the standard Real Business Cycle Model, and introduces an oil-price extended version of it aimed to restore such validity by disentangling oil-price shocks from the rest of shocks. The comparison of the results from the application of both methodologies to Norway, Mexico, Russia, Trinidad&Tobago and Venezuela, besides supporting the dual-nature hypothesis and the necessity of such disentangling, proves the latter to be instrumental to get results consistent with Gal´ı (1999)'s. Additionally, the paper unveil some startling facts about the effects of oil-price shocks in this context-remarkably, the prevalence of their technological-nature when oil-income has a higher weight on export-than on fiscal-income, and of their expenditure-nature otherwise-and shed some light on the influence of institutional reform on such effects.
n this paper we analyze the role played by fiscal sustainability shocks on the Bolivian economic ... more n this paper we analyze the role played by fiscal sustainability shocks on the Bolivian economic growth performance. To do this, we impose restrictions on a VAR for the Bolivian economy that allow us to identify fiscal sustainability shocks. We argue that imposing long run identification restrictions in our tructural VAR is a new (applied to fiscal issues) and useful way to identify the macroeconomic impact of shocks on fiscal sustainability. Our results show a significant lost in the level of GDP in the Bolivian economy as a consequence of the sequence of adverse fiscal sustainability shocks this economy has experienced. Although, fiscal sustainability shocks have not permanent effect on BoliviaA¢â‚¬â„¢s economic growth, the fact that adverse fiscal sustainability shocks has occurred during the period studied (in a significant way at least during the late 70s early 80s and at the late 90s early 2000s) have negatively affected Bolivian economic growth. Our results also show that inf...
Research Papers in Economics, 2011
La investigacion cuyos resultados se resumen en el presente informe ha tenido como objetivo evalu... more La investigacion cuyos resultados se resumen en el presente informe ha tenido como objetivo evaluar la experiencia de las cajas de ahorro espanolas como instituciones orientadas al financiamiento de las familias y las empresas pequenas (incluidas las microecompresas) y medianas (pymes), extrayendo posibles lecciones para el caso latinoamericano a partir de la recopilacion y analisis de la informacion estadistica e institucional disponible. La motivacion del estudio se haya en el lugar paradigmatico que ha solido otorgarse (al menos antes de la crisis financiera mundial y la crisis inmobiliaria espanola de 2007-2008) a la experiencia de las Cajas de Ahorro Espanolas en la literatura y debates especializados en el topico del financiamiento de las familias y pymes a nivel europeo e internacional. En particular, dentro del contexto de la Union Europea, Espana es claramente el caso a destacar por al menos tres razones: 1) De acuerdo a las cifras recopiladas por la Comision Europea, Espan...