Antonia Díaz

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The purpose of this paper is to test for the presence of habit formation in consumption decisions using household panel data. We use the test proposed by Meghir and Weber (1996) and estimate the within-period marginal rate of substitution between commodities, which is robust to the presence of liquidity constraints. To that end, we use a Spanish panel data(More)
This paper investigates the evolution of wealth distribution in a one sector growth model along its transition path. A key feature of the model is that a household ́s consumption cannot fall below a positive level each period. This requirement introduces a positive association between the intertemporal elasticity of substitution and household wealth.(More)
In this paper I construct a two-sector, input-output growth model to quantify the role of the structural transformation between manufacturing and services in reducing the U.S. GDP volatility. For a sector with a given gross output TFP volatility, value added TFP volatility is an increasing function of the share of intermediate goods in gross output. In the(More)
The effect of investing in equipment and/or structures on TFP and long run growth is investigated here. We argue that economies can grow in spite of stagnant TFP if the investment rate is inefficiently high. We study the case of Spain where real GDP per worker grew at 2.4 percent annually and TFP was stagnant during 1996-2007. We show that low Spanish TFP(More)
Sharing risks is one of the essential economic roles of families. The importance of this role increases in the amount of uncertainty that agents face and the degree of financial market incompleteness. We develop a theory of joint household search in frictional labor markets under incomplete financial markets. Couples households can insure themselves by(More)
* Acknowledgements. This paper was presented as an invited lecture in the VII Jornadas de Economia Internacional -Málaga, June 2001and the Workshop on Economic Decisions Pamplona, June 2002. I wish to thank Antonia Díaz for the conversation that led to this paper and to Michele Boldrin, Klaus Desmet, Ricardo Mora, Georges Siotis and Jaume Ventura for(More)
In this paper we study the role of habit formation in shaping the wealth distribution in an otherwise standard heterogeneous agents model economy with idiosyncratic uncertainty. We compare the inplications for precautionary savings and for wealth concentration between economies that only differ in the role played by habit formation. Once preferences are(More)
Abstract In this paper we use a large overlapping generations model with individuals that differ across age, productivity and native status to assess the effects on the pension system of different immigration quotas in the context of an aging population by computing how much should social security taxes be rised in order to pay for the pension burden in two(More)