Person:
Martínez Cañete, Ana Rosa

First Name

Ana Rosa

Last Name

Martínez Cañete

URI

https://hdl.handle.net/20.500.14352/74913

Affiliation

Universidad Complutense de Madrid

Faculty / Institute

Ciencias Económicas y Empresariales

Department

Economía Aplicada, Pública y Política

Area

Economía Aplicada

Identifiers

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Now showing 1 - 10 of 19

Project number: 16
Lanzamiento de Master semipresencial UCM Pensamiento Económico y Empresarial: los debates de economía en evolución
(2018) Trincado Aznar, Estrella; De Arribas Cámara, Javier; Fernández Cornejo, Jose Andrés; Gallego Abaroa, Elena; García Ruiz, José Luis; Jurado Sánchez, José; Manosalvas Cornejo, Giovanni Manuel; Marquez de la Cruz, Elena; Martínez Cañete, Ana Rosa; Méndez Ibisate, Fernando; Ortiz Villajos, José María; Perdices de Blas, Luis; Pérez Soba, Inés; Quiroga Valle, María Gloria; Ramos Gorostiza, José Luis; Rodríguez Braun, Carlos; Santos Redondo, Luis Manuel; Sanz Bas, David
Este proyecto tenía por objeto elaborar vídeos y otros recursos online, como cuenta de twitter, facebook, etc, para el desarrollo de un nuevo Master UCM semiprensencial Pensamiento Económico y Empresarial: los debates de economía en evolución. Se trataba de lanzar un curso Masivo, Abierto y en Línea (MOOC) y continuar con la creación de recursos educativos en abierto reutilizables, en la línea de lo que habían realizado anteriormente los miembros del proyecto de innovación.
From real estate to consumption: the role of credit markets in the USA
(Applied Economics, 2014) Márquez De La Cruz, Elena; Martínez Cañete, Ana Rosa; Pérez-Soba Aguilar, Inés
The aim of this article is to test whether the credit market conditions affect the strength of transmission of real estate wealth effects on household consumption in the US economy. Although many different works have dealt with the analysis of the existence of a real estate wealth effect, most of them as a reaction to the dramatic increase of housing prices in several OECD countries, there are only few papers analysing whether the consumption response depends on the positive or negative sign of the wealth shock and, as far as we know, none of them takes the effects of credit market conditions on that asymmetric response into account. This article tries to fill the existing gap in the literature on this matter. From an econometric perspective, we estimate the asymmetries in the consumption response within the momentum threshold autoregressive model (M-TAR) proposed by Enders and Siklos (2001), but following Stevans (2004), it is applied to a multivariate framework. The main results show that the credit market conditions play a significant role in the transmission of changes in real estate wealth to consumption. In addition, we find that there exists an asymmetric behaviour in the US aggregate consumption spending responses to real estate wealth and credit market shocks, which is only significant when a negative shock takes place.
Further empirical evidence on block transactions below the MBR: the spanish market
(The European Journal of Finance, 2017) Pérez-Soba Aguilar, Inés; Márquez De La Cruz, Elena; Martínez Cañete, Ana Rosa
There is a relatively unknown market for partial control or corporate influence in Spanish listed firms, where the control transaction size is below the legal threshold that triggers a mandatory tender offer, as this kind of deal looks for exercising some degree of control, but not a full control. The goal of this paper is to go further in its empirical analysis by exploring its distinguishing features, using as the criterion to define its transactions obtaining a seat in the board of directors. We find that these deals are mainly located in the segment of the market of large trades where the rules for private negotiations are easier to implement; the size of the block is relatively large and it is negotiated as a whole block. Besides, the most common buyer has no previous stake in the firm. We find no evidence that the buyers pay, in median, for a seat on the board of directors, but the variability of the premiums for those blocks is higher and shows that buyers that had no control position in the target firm pay more for being among largest shareholders (partial control) and less for not being among them (influence).
Intertemporal preference parameters for some European monetary union countries
(Applied Economics, 2007) Márquez De La Cruz, Elena; Martínez Cañete, Ana Rosa; Pérez-Soba Aguilar, Inés
In the European Monetary Union, the estimation and analysis of preference parameters in its members is of special interest because possible differences could help us to understand why a common monetary policy could have different effects on the different economies involved. In this article, we have focused our attention on the elasticity of intertemporal substitution, one of the key preference parameters in intertemporal macroeconomic models. Several studies have shown a possible under-estimation of such elasticity for different countries. It is common practice to estimate the parameter using only nondurable goods and services consumption data, without referring to the flow of services generated by durable consumption. This is only admissible if the intratemporal utility can be separated among the different consumption components. Our first objective is, therefore, to test the assumption of intratemporal separability for a selection of European countries (Germany, Spain and France), and then to analyse the effect of durable consumption on the estimated values of the intertemporal elasticity of substitution of these countries, our ultimate goal. Knowledge of such elasticity will enable us to characterisehow saving in these economies reacts to variations in the real interest rate
Comercio intraindustrial y shocks asimétricos: implicaciones para la Unión Monetaria Europea
(Información Comercial Española, Revista de Economía, 1999) Carrera Troyano, Miguel; Martínez Cañete, Ana Rosa
En este artículo se trata de comprobar si existen diferencias significativas en la especialización industrial de los países de la Unión Europea tanto en aquéllos que pertenecen a la UME, como en aquéllos que no. Con este fin, y utilizando una metodología uniforme, se estiman sus niveles de comercio intraindustrial en el comercio de manufacturas y se pone de manifiesto que aún existen entre ellos divergencias en la especialización productiva, de modo que la política de tipo de cambio del euro podría tener efectos asimétricos espaciales y sectoriales, y se señala que para reducir este riesgo de shocks asimétricos, los países especializados en bienes de menor calidad deberían apoyar los adecuados procesos de transformación de sus productos para competir cada vez más en bienes diferenciados horizontalmente y menos en precios.
Una reconsideración del modelo Balassa-Samuelson en la zona euro
(Revista de Economía Aplicada, 2008) Martínez Cañete, Ana Rosa
En este trabajo analizamos, en un conjunto de países de la eurozona, si se han verificado dos de las premisas en las que se basa el modelo Balassa-Samuelson: la equiparación de los salarios en el sector comerciable y no comerciable, y el cumplimiento de la PPA en el sector expuesto al comercio internacional. En términos generales, nuestros resultados indican que ninguna de las dos hipótesis se ha cumplido en el periodo analizado (1973-2003). Por ello, ampliamos el marco de estudio del modelo y contrastamos si dentro de cada país ha existido una relación de cointegración entre los precios, las productividades y los salarios relativos. Analizamos, además, la existencia de una relación de largo plazo entre los tipos de cambio reales, los tipos de cambio reales en el sector comerciable, y la diferencia de productividades y de salarios relativos con respecto a Alemania. Mientras que los salarios resultan escasamente significativos en ambas relaciones, la evolución de los precios en el sector comerciable recibe un amplio respaldo empírico como variable explicativa de los tipos de cambio reales.
Wealth shocks, credit conditions and asymmetric consumption response: empirical evidence for the UK
(Economic Modelling, 2013) Márquez De La Cruz, Elena; Martínez Cañete, Ana Rosa; Pérez-Soba Aguilar, Inés
The evolution of real estate prices and the stock market indices in several OECD countries, such as the UK, has attracted researchers' interest to the empirical analysis of consumers' response to subsequent changes in wealth. In this line, this paper investigates the existence of wealth effects in the UK economy, taking into account the credit conditions of financial markets, and whether consumption responds asymmetrically to a positive or negative financial and housing wealth shocks. We apply the Enders and Siklos (2001) M-TAR methodology modified, for application in a multivariate framework, following Stevans (2004); unlike this author, both financial and real estate wealth are included. The results show that there is a consumption wealth effect and that the consumption discrepancies resulting from an unanticipated positive change in real estate wealth are eliminated whereas those resulting from a negative change are not; however, when the changes in the UK households financial wealth are considered, we find that consumption responds only to negative unanticipated changes in such a wealth.
Non-linear cointegration between oil and stock prices: the role of interest rates
(Research in International Business and Finance, 2021) Martínez Cañete, Ana Rosa; Márquez De La Cruz, Elena; Pérez-Soba Aguilar, Inés
The Zero Lower Bound (ZLB) has been suggested as an explanation as to why oil and stock prices have become highly correlated post 2008. Our paper contributes to the literature on this topic by testing (i) whether there is a long-run relationship between oil prices and stock prices (measured by the MSCI World Index) that is non-linear depending on the interest rate levels and, if this is the case, (ii) whether the co-movement between them is stronger when interest rates are very low. To do so, we apply a cointegrating smooth transition regression approach using a global shadow rate as the transition variable to take into account the possible effects of unconventional monetary policy measures on the oil-stock price linkage. We ﬁnd evidence in favor of the two hypotheses tested. These results have important implications for portfolio managers and investors, since the beneﬁts of portfolio diversiﬁcation by investing in oil would be lower in a ZLB context. In addition, from a policymakers’ perspective, the results could be revealing that, in this context, central banks could exert a greater inﬂuence than in “normal times” not only on equity prices, but also on global oil prices.
Capital stock and unemployment in Canada
(Journal of Post Keynesian Economics, 2011) Martínez Cañete, Ana Rosa; Palacio Vera, Alfonso
The purpose of this article is to test the proposition that capital stock relative to aggregate output was an important variable in the determination of the Canadian nonaccelerating inflation unemployment rate (NAIRU) in the period 1976Q1–2003Q4. We present new empirical evidence obtained from the use of Canadian time-series data that lends support to the claim that the aggregate capital-output ratio was a significant determinant of the NAIRU in the period considered. The evidence presented suggests that insofar as the aggregate capital-output ratio may be affected by changes in real interest rates, the stance of monetary policy was one determinant of the NAIRU in the period considered.
La relación entre los niveles de precios y los niveles de renta y productividad en los países de la zona del euro: implicaciones de la convergencia real sobre los diferenciales de inflación
(Papeles de Trabajo del Instituto de Estudios Fiscales. Serie Economía, 2005) Martínez Cañete, Ana Rosa
En este trabajo hemos contrastado en un conjunto de países que hoy forman parte de la zona del euro si, en primer lugar, dentro de cada uno de ellos la renta per cápita y la productividad relativa del sector expuesto al comercio internacional han presentado una relación positiva de largo plazo (en el periodo 1970-2002) con los precios relativos de los servicios no comerciables. En segundo lugar, hemos analizado si sus diferencias de renta per cápita y de productividad relativa, con respecto a Alemania, han mostrado una relación positiva de largo plazo con sus tipos de cambio reales. Para contrastar ambas relaciones hemos utilizado un análisis de cointegración basado en la metodología de Johansen, complementado con la aplicación de tests que permiten detectar la existencia de cointegración en presencia de cambio estructural. Los resultados obtenidos confirman, en general, el papel desempeñado por la productividad relativa a la hora de explicar los precios de los servicios no comerciables dentro de cada país, mientras que la evidencia a favor de la renta es más débil. Por lo que respecta a los tipos de cambio reales, tanto las diferencias de productividad relativa como de renta per cápita con respecto a Alemania presentan, en general, el signo positivo esperado, aunque no en todos los países resultan significativas.