Andrew Benito

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We estimate elasticities of scale in the demand for money by firms using firm level panel data from Spain, the UK, and the US. This elasticity is one for Spain and the UK but smaller for the US. We find that the errors in the money demand equations contain two terms that are correlated with sales. Firstly, a permanent firm effect that captures differences(More)
** Andrew Benito now works at the Bank of England. The views expressed are not those of the Bank. The authors thank Andrew Hildreth and Jonathan Thomas for helpful suggestions. The data employed in this paper were originally collected by the ESRC Research Centre on Micro-Social Change at the University of Essex. Neither the original collectors of the data(More)
Using a switching regression technique we provide unique evidence on three questions concerning the consumption behaviour of UK households. First, what percentage of households display excess sensitivity to income? Second, what affects the likelihood of being in that group? Third, is there a collateral channel from house prices to consumption? We nd 20%–40%(More)
This paper examines financial pressure facing Spanish companies. A number of stylised facts regarding the financial performance and financing decisions of Spanish firms are first presented for the period 1985-2000 using repeated annual cross-sections of around 5,000 manufacturing and retail firms. (i) In periods of general financial fragility, most notably(More)
The views expressed are those of the authors and do not necessarily reflect those of the Bank of England. The authors would like to thank Mervyn King especially for providing the motivation for this paper. We are indebted to the help and assistance of the London School of Economics, and in particular Richard Jackman, in making the experiment possible.(More)
D Gomez-Barroso1,2,3, Z Herrador (zherrador@isciii.es)3,4,5, J V San Martín5,6, A Gherasim4, M Aguado6, A Romero-Maté6, L Molina6, P Aparicio4,5, A Benito4,5 1. Network Biomedical Research Centre in Epidemiology and Public Health (CIBERESP in Spanish), Madrid, Spain 2. Health Institute Carlos III (ISCIII), Madrid, Spain 3. These authors contributed equally(More)