·      “Fiscal Discipline and Defaults” Review of Economic Dynamics. (2017) No 3, pp. 2700-2909 Co-authors: Pau Pujolas and José L. Torres

·      “National Security, Military Spending and the Business Cycle”. Defence and Peace Economics. (2016) Vol 27 No 4, pp. 549-570 Co-authors: José L. Torres

·      “On the Substitutability Between Public and Private Employment”. Economics Bulletin. (2012) Vol 32 No 3, pp. 2700-2909 Co-authors: Javier J. Pérez and José L. Torres

·      “Public and Private Sector Wages Interactions in a General Equilibrium Model”. Public Choice. (2012) 150(1), pp. 309-326 Co-authors: Javier J. Pérez and José L. Torres

·      “Fiscal Harmonization in the European Union with Fiscal Inputs”. Economic Modelling (2012). 29.5 pp. 2024-2034 Co-author: José L. Torres

·       “The Transitory VAT Cut in the UK: A Dynamic General Equilibrium Analysis”. Economic Issues (2011) 16(1), pp. 1-18.  Co-author: José L. Torres

·      “The Walrasian Output Beats the Market”. International Journal of Game Theory (2011) pp. 1-4. Co-author: Antonio J. Morales

·      “Unions, Monetary Shocks, and the Labour Market”. Economic Modelling (2011). 28.3 pp. 1140-1149 Co-author: Jesús Vázquez

·       “Forecasting the Spanish Economy with an Augmented DSGE-VAR”. Spanish Economic Review (2011), SERIEs: Journal of the Spanish Economic Association, Vol 2, No 3, pp. 379-399 Co-author: José L. Torres

·      “El Aumento del IVA en España: Una Cuantificación Anticipada de sus Efectos”.  Revista de Economía Aplicada (2010) Nº53, Vol XVIII. Co-author: José L. Torres

·       “Institutionalizing Uncertainty: The Choice of Electoral Formulas”  Public Choice (2009), 141, pp. 391-403, Co-author: Alberto Penadés

·      “The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?”  Edited by the Federal Reserve Bank of Minneapolis. Economic Research Papers, Staff Reports. Staff Report 421. This paper was selected for the Annual Report Essay 2008 of the Federal Reserve Bank of Minneapolis. Co-author: Tim Kehoe. Available at

·      Fiscal Harmonization in the Presence of Public Inputs”. Advances in Economic Research INFER, (2008). Edward Elgar Publishing, Cheltelham, UK. Co-author: José L. Torres.

·      Union Games: Technological Unemployment”, Economic Theory (2006)27, pp. 359-373, Springer-Verlag, Netherlands. Co-author: Emma Moreno.

·      Efectos de una sustitución de impuestos sobre el trabajo por impuestos sobre el capital: el caso de España”, Hacienda Pública Española (2005) 4, pp. 9-24,. Ministerio de Economía, Madrid.

·       Real Exchange Rate Movements and Capital Inflows into Spain 1985:1994”, Journal of international Economics (2000) 51, pp. 49 – 78, Elsevier, Netherlands. Co-authors: Timothy J. Kehoe.

·      On the Existence of a Beliefs Social Equilibrium”, Economic Letters, (1997) 55, pp 431-433, Elsevier. Netherlands.



·         Fernández de Córdoba, G. and Álvaro P. Navas (2008): Computing the evolution of Walrasian Behavior. In Complexity and Artificial Markets, Series: Lecture Notes in Economics and Mathematical Systems, Vol. 614. Schredelseker, Klaus; Hauser, Florian (Eds.). Springer.


·         Fernández de Córdoba, G. y José L. Torres (2008): Una economía en transición: inversión, productividad y cambio tecnológico en la economía española 1975-1986 en La transición económica 1975-1986, Ed. Santiago López, Editorial Vivipress, Madrid


·         Fernández de Córdoba, G. y R.J. Torregrosa (2003): La exclusión de los mercados. En Documentos del Consejo Económico y Social Ed. Análisis económico de la exclusión social. Madrid. pp 53-6


·         Fernández de Córdoba, G. y R.J. Torregrosa (2001): Un test para medir la eficiencia de la política de embalses. En P.R. Castellanos Ed. El agua, un bien para todos. Conservación, recuperación y usos. Salamanca, España: Ediciones de la Universidad de Salamanca.  pp. 133-145.


·         Fernández de Córdoba, G.(2000): Encuesta sobre el Plan Hidrológico Nacional (PHN). En Cuadernos de Información Económica, FUNCAS  Ed. Noviembre-Diciembre



·         With José Luis Torres and Javier J. Pérez. "Public and private sector wages interactions in a general equilibrium model" European Central Bank WP 1099 (Oct 09) .

This paper develops a dynamic general equilibrium model in which the public and the  private sector interact in the labor market. Previous studies that analyze the labor  market effects of public sector employment and wages have mostly assumed  exogenous rules for public wage and public employment. We show that theories that
equalize wages with marginal products in the private sector can rationalize the  interaction of public and private sector wages when extended to accommodate a non- trivial government sector/public sector union that endogenously determines public  employment and wages. Our model suggests a positive correlation between public and  private sector wages. Any increase in tax revenues, coupled with the existence of a  positive public-private sector wage gap, makes working in the public sector an  attractive option. Thus, a positive neutral productivity shock increases public and  private sector wages. More interestingly, even a private-sector specific productivity  shock spills-over to the public sector, increasing public wages. These facts lend some support to the wage leading role of the private sector. Nevertheless, at the same time,  a positive shock to public sector wages would lead to an increase in private sector  wages, via the flow of workers from the private to the public sector.

·         "Back to 1977: The Fisher-Kearl-Solow Experiment and the Old Controversy of Capital"

This paper is a replication of the experiment carried out by those authors. That experiment was an important argument in favor of the defense of the existence of a reasonable approximation to an aggregate production function. That argument is revised using simulated data from the same experiment and compared to data from an altered experiment. 

·         With José Luis Torres Chacón. "Forecasting the Spanish economy with an Augmented VAR-DSGE model"

This paper explores the capability of a standard RBC model to produce accurate forecasts for the Spanish economy. We conduct a counter factual exercise with the standard RBC model consisting of assuming that no technical progress took place over the sampled period. We compute, under that assumption, the balanced growth path time series for all macroeconomic variables, and incorporate them in a standard VAR model. The results show that the structure of the RBC model contains information about the Spanish economy.

·         With Moreno-García, E. and J. Vázquez. "Union Games and Growth"

This paper is an extension of "Union Games: Technological Unemployment" to a dynamic economy. In this paper we explore how the Union Games restriction affects the process of capital accumulation. We provide a new source for low performance countries.

·         "The Incentives to Promote Economic Growth Preventing Predation"

This paper is inspired by Easterly's book on economic growth and his view of incentives as the core element to understand the failure of external debt, foreign assets and funds from donor countries to boost income per capita in poor countries.

·         With José L. Torres. "Fiscal Harmonization in the presence of Public Inputs"

This is a general equilibrium model with taxes and public inputs in an aggregated production function. Careful calibration for EU countries shows the existence of a common and more efficient tax code for all Europe. This harmonized tax code keeps constant fiscal revenues to the level observed at 2005 (the year of the calibration), and it is more efficient in term of production. 

·         "Consistent Beliefs and Different Equilibria in Oligopolistic Markets". WP IVIE

This paper explores different equilibrium concepts and their connection to the beliefs held by firms that compete in the market of a homogeneous good. Rationality is defined as the number of times a firm can iterate a certain algorithm. It is shown that Nash equilibria is obtained by agents capable to iterate infinitely many times the proposed algorithm. Other equilibrium concepts are obtained as the result of a finite number of iterations of this algorithm by firms.




The whole list is embarrassingly long, so I will show only some of my most appreciated RP-s.

Notes on Consistent Beliefs Equilibria.

Oligopoly Games and Cartel Formation

Joint with Alerto Penadés de la Cruz. Electoral Systems as Fixed Points of Electoral Systems

Joint with José Antonio Ortega Osona. Bussiness Cycles and the Role of the Government: The Great Expansion

Joint with Cristina Pita YañezSocial Exclusion as an Expression of Society's Rejection

Joint with Emma Moreno García. Unions, the Centipede Game and the Role of the Government.


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