
Luis Cárdenas Del ReyComplutense University of Madrid | UCM · Department of Applied and Public Economics, and Political Economy
Luis Cárdenas Del Rey
PhD. in Economics
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67
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Introduction
Luis Cárdenas holds a PhD in Economics, his research has been focused on two research lines. First, the analysis of "growth models" on how institutions affect business cycle and macroeconomic performance, especially the role of industrial relations as determinants of the real wages andand its effects on aggregate demand and unemployment. Second, labour segmentation and the effect of institutional change on the dualization of labour markets.
Additional affiliations
September 2013 - September 2017
Publications
Publications (67)
Recent studies within Comparative Political Economy have sought to identify European growth models by analysing the relationships
between the institutional framework, income distribution and aggregate demand. This paper contributes to this debate by
examining the strategy for unemployment reduction and the sectoral drivers of output and employment...
This article aims to demonstrate the existence of significant shifts in Okun’s law parameters, indicating their non-constant nature over time, and to dissect potential origins of these fluctuations. To achieve this end, extensive quarterly unemployment series are, for the first time, compiled for Spain and Italy. Through a cross-country comparison,...
This article deals with the growth drivers of Mediterranean economies (Italy, Greece, Portugal and Spain) by focusing on their business cycle dynamics since the 90s. Based on the estimation of a Kaleckian model with single equations, we combine the demand regime literature with that on growth models. We find the four economies to be wage-led, while...
The estimation of potential output is at the heart of the ongoing debate on the reformulation of fiscal rules in the European Union as it is an essential variable for their application. Spain constitutes a striking case, with a small and even positive output gap along with one of the highest unemployment rates in the European Union. To resolve this...
The relation between wage growth and the reconstruction of the labor movement in Spain, during the developmentalist Francoist regime (1957-1975), has been controversial. Applying the power resources theory in order to explain wage growth, this paper argues that the rise of the labor share was the result of the increased bargaining power of workers...
The effects of the minimum wage on employment and wages have been widely studied, but its impact on inequality has not yet been well analysed due to the multiple ways of observing it. This study aims to compile the most relevant publications that have dealt with inequality in order to organise them systematically by types of inequality and the conc...
We seek to study the evolution of the external indebtedness of Southern European Greece, Italy, Portugal and Spain, which were highly indebted and used to run current account deficits until the Great Crisis of 2008, and the indebtedness of those East Asian countries that ran current account deficits before the crisis of 1997, namely Indonesia, Kore...
¿Cómo evolucionan los salarios y la participación del trabajo en las economías dictatoriales? Este artículo se centra en el período tecnocrático de la dictadura de Franco en España (1957-1973). Basado en diversas bases de datos, el artículo muestra un aumento de la cuota salarial y de la cuota de las rentas del trabajo y que estos incrementos se de...
The aim of this paper is to analyse institutional change in the Spanish labour market in from a historical perspective, particularly regarding two main areas: labour regulation and collective bargaining. The main thesis is that it is possible to identify four main stages. Firstly, there was an institutional structure unfavourable to workers, which...
Purpose
This study aims to analyse the institutional changes in the Spanish labour market in the light of the measures introduced to support workers during the COVID-19 crisis. Applying the theoretical framework the authors’ hypothesis is that the labour policy response to the crisis provoked by COVID-19 in Spain has ranged from strategy of preserv...
The main hypothesis of this article is that labour liberalisation in the post-Fordist
period has affected the three principal areas of collective bargaining coordination
(coverage, dominance and control) in two different ways: by attacking the core (deregulation)
and the margins (dualisation) of industrial relations. Due to differences in the insti...
El sistema de relaciones laborales se basa en el hecho de la existencia de dos fuerzas con intereses opuestos. Con el objetivo de armonizar estas tensiones, las reglas de coordinación afectan a la demanda agregada suavizando sus fluctuaciones. La coordinación entre los actores económi-cos en el mercado laboral no es homogénea. La diferencia entre l...
Este trabajo tiene como objetivo realizar una revisión de literatura sobre las teorías de la economía política comparada (EPC) que explican el cambio institucional en el mercado laboral, agrupadas bajo el término de “trayectorias de liberalización”, respecto a la que se pueden identificar dos grandes trayectorias: la desregulación y la dualización....
Este trabajo presenta una introducción a la teoría de los modelos de
crecimiento dirigidos por la demanda dentro del campo de la economía política comparada (EPC). Primero, se ofrece un esquema analítico con las características fundamentales de esta nueva agenda de investigación planteada por Baccaro y Pontusson (2016), como son la tipología de mod...
This article analyses from a Keynesian approach the effect of wage devaluation on the Spanish labour market during the Great Recession post-2008. It challenges the pro-flexibility literature, which attributes to labour relations reforms the prevention of larger job destruction in the recession and a larger reduction in unemployment during the subse...
Este trabajo investiga las razones de la caída continuada de la participación de los salarios en la renta de la economía española durante el período 1987-2015. El análisis toma como variable explicativa fundamental los factores socioinstitucionales que influyen decisivamente en la capacidad de los trabajadores para negociar sus salarios. Identifica...
This paper analyzes the effect of working time reduction (WTR) on the Spanish economy. Using microdata from the Economically Active Population Survey (EAPS) and the Wage Structure Survey (WSS), we estimate the changes in employment, worked hours, wages and salaries, and the labour share driven by a 5-hour reduction of the ordinary work week in full...
Since 2014 the Spanish economy has recovered positive GDP growth, and the country has
been growing well above the eurozone average. This recovery has sparked an academic and political debate concerning the role that structural reforms, prescribed by the ‘Troika,’ have played in peripheral Europe. For certain scholars and institutions, these structu...
Purpose
This paper studies one of the most paradoxical facts of the Spanish economic growth during the period 1982–2007: high growth of investment and aggregate demand accompanied by the stagnation of labor productivity, especially from 1994.
Design/methodology/approach
The authors propose two hypotheses: first, that the productive structure neutr...
Spain underwent two major labour reforms in 2010 and 2012 under the assumption that deregulating the labour market and decentralizing collective bargaining would automatically reduce unemployment (deregulation hypothesis). This article highlights the impact of demand and the sectoral structure of the economy to explain the behaviour of this variabl...
Résumé
L'Espagne a connu en 2010 et 2012 deux réformes majeures du marché du travail. Celles‐ci reposaient sur l'idée qu'il suffisait d'accroître la flexibilité du travail et de décentraliser la négociation collective pour faire baisser le chômage (thèse de la flexibilité). Les auteurs estiment pour leur part que le comportement du chômage dépend l...
This paper carries out an ex-post evaluation of the internal devaluation policy in correcting external deficits. We examine to what extent and through which mechanisms the internal devaluation strategy implemented after 2010 is responsible for the readjustment in net exports in the case of Spain. Our anal- ysis incorporates the effects linked to ch...
En este trabajo se aborda el estudio de la evolución del empleo entre 2005 y 2018 en la economía española utilizando el marco teórico de la Teoría de la Segmentación Laboral (TSL). En primer lugar, se cuantifica el empleo atípico en el 50% del total de la afiliación, tras una caída transitoria provocada esencialmente por la crisis económica se prod...
Institutionalist explanations of the high non‐standard employment rate in the Spanish labour market have pointed to the relevance of flexibilization at the margin, that is, the deregulation of non‐standard jobs. Using Spanish social security micro data, we find evidence that the liberalization reforms of 2010 and 2012 had flexibilization at their c...
This paper carries out an ex-post evaluation of the internal devaluation policy in correcting external deficits. We examine to what extent and through which mechanisms the internal devaluation strategy implemented after 2010 is responsible for the readjustment in net exports in the case of Spain. Our analysis incorporates the effects linked to chan...
En este documento se analizan las medidas de política laboral tomadas en respuesta a la crisis socioeconómica provocada por la emergencia sanitaria derivada del COVID-19, junto con algunos
indicadores tentativos sobre los efectos que ha tenido la misma sobre el mercado laboral.
La evidencia preliminar muestra que las medidas tomadas han cambiado...
Resumen
En España se llevaron a cabo dos grandes reformas laborales (2010 y 2012) bajo el supuesto de que la flexibilización del mercado laboral y la descentralización de la negociación colectiva conducirían mecánicamente a reducir el desempleo (hipótesis flexibilizadora). Este artículo destaca la centralidad de la demanda y de la composición secto...
This article studies the growth of the Spanish economy during 1957–1975, known as the period of Francoist developmentalism or the Technocratic Stage of Francoism. We aim to contribute to an explanation of the intense growth in domestic demand and investment that occurred during that time, which remains unstudied despite many analyses of the “Spanis...
El objeto principal de este trabajo es analizar la dinámica inversora que ha mostrado la economía española durante el período expansivo 1982-2007, caracterizado por el fuerte aumento del sector de la construcción, con el objetivo de explicar las causas que determinaron un patrón de crecimiento muy dinámico. Combinando distintos elementos teóricos d...
En este trabajo se analiza si la macroeconomía kaleckiana puede ser considerada una tradición de pensamiento en el sentido dado por Larry Laudan (1978). Para ello se analiza la evolución del pensamiento teórico, mediante una revisión de la literatura teórica y empírica, partiendo desde la obra de Kalecki hasta los trabajos más recientes, pasando po...
This paper analyzes the effect of a working time reduction (WTR) in the Spanish economy. Using microdata from the Economically Active Population Survey (EAPS) and the Wage Structure Survey (WSS), we estimate the changes in employment, worked hours, wages and salaries, and the labor share driven by an ordinary weekly working time in full time contra...
Since 2014 the Spanish economy has recovered positive GDP growth, and the country has been growing well above the Eurozone average. This recovery has sparked an academic and political debate concerning the role that structural reforms, prescribed by the 'Troika', have played in peripheral Europe. For certain scholars and institutions, these structu...
The Spanish economy has been one of the EU's most affected by the Great Recession of 2008, recording a rate of unemployment of 26.2% in 2013. However, since 2014 Spain is growing faster than most Euro Area countries, reaching an annual growth rate over 3% during the period 2015-2017. Moreover, it has turned its historical current account deficit, w...
In this article, we study the relationship between monetary policy and the socio-institutional framework. Specifically, we examine the economic policy response to the debt crisis of the Eurozone, applying institutional economics from two perspectives: the theory of social power and the endogenous money supply. The research question is whether monet...
The article analyzes the main causes that led to the continuous decline of the wage share in the
Spanish economy during the period 1987-2015. Three types of factors have been considered to
explain this downturn: technical and productive factors, the state performance and the evolution
of the socio-institutional conditions. We combine a descripti...
Seven years after the onset of the economic crisis, Spain finally recovered positive GDP growth in 2014. There is an important debate on the factors explaining this recovery of the Spanish economy. National and European authorities exhibit the Spanish case as an example of the “success” of austerity policies and structural reforms.
In order to test...
The Spanish economy has been one of the EU's most affected by the Great Recession of 2008, recording a rate of unemployment of 24.4% in 2014. However, since 2015 the Spanish economy is growing faster than most Euro Area countries, reaching an annual growth rate over 3% during the period 2015-2017. Moreover, it has turned its historical current acco...
O obxecto principal deste traballo é presentar un conxunto de feitos estilizados sobre o
patrón de investimento que amosou a economía española nas derradeiras décadas. A
realización deste tipo de análise é relevante como punto de partida para posteriores
estudos sobre o investimento en España, especialmente pola importancia central que ten
o invest...
En este trabajo se aborda la exposición de la teoría kaleckiana de la inversión con el objetivo de identificar la caracterización del concepto de «rentabilidad esperada» y así destacar los elementos más interesantes para el análisis económico contemporáneo. Para ello se señala la insuficiencia de las teorías del acelerador neoclásico y de la eficie...
In this paper we analyze the evolution of the relation between money supply
and bank credit with the aim of seeing if there is an endogeneity relation
between money supply and bank credit. This relation has been established
by the institutionalist interpretation, using the "fueling the flames"
hypothesis, proposed by the Kindleberger-Minsky model,...
p>En este trabajo se analiza la evolución de la relación entre la masa monetaria y el crédito bancario, con objeto de observar si existe una relación entre masa monetaria y crédito bancario. Esta relación ha sido establecida por la interpretación institucionalista mediante la hipótesis “echando leña al fuego” (fueling the flames) propuesta en el mo...
El objeto principal de este trabajo es presentar un conjunto de hechos estilizados sobre el patrón de inversión que ha mostrado la economía española en las últimas décadas. La realización de este tipo de análisis es relevante como punto de partida para posteriores estudios sobre la inversión en España, especialmente por la importancia central que t...
In this paper we analyze the main problems arising from the management of public debt, discussing
whether it is a latent or cyclical problem. We propose a mechanism how solution to the sovereign debt
crisis that the Eurozone countries suffering under the global fi nancial crisis. This mechanism involves a
restructuring process combined with the cre...
In this paper we focus on the structural approach and structural method developed from Sampedro’s work. We propose that this approach is inside the systemic paradigm and it has two interdependent and necessary ideas. On the one hand, we take as a reference some schools of thought in economics and the structural method with two stages (descriptive a...
The aim of this paper is to study the determining factors for the American economic cycle during the
Great Depression, applying a synthetic and multicausal approach which combines monetary and real domestic explanations with international issues: the effect of adherence to the gold standard in the main member countries (1850-1945), and the explaini...
The aim of this paper is to study monetary policy developed by the European Central Bank (ECB) in recent years, contrasting the monetary effectiveness hypothesis in the case of the Spanish economy. This summarizes the main measures taken during the period, especially during the evolution of the debt crisis, and analyzes the behavior of the main ind...
This paper tackles the origin and subsequent developments in the Theory of Income Distribution; the main question is the possibility of establishing links, and in last instance, a general synthesis. With this aim, we resume some of the most significant models of the theoretical treatment of problems of income distribution and cycle, specifically at...
En este trabajo se trata el origen y desarrollo posterior de la teoría de la distribución del ingreso. La principal cuestión que se trata es la posibilidad de establecer vínculos y, en última instancia, síntesis entre la distintas perspectivas. Para ello se seleccionan algunas de las formulaciones más significativas en la evolución del tratamiento...
This paper deals with the monetary endogeneity hypothesis in the Spanish economy
during the period 1980-2012 from a Kaleckian approach. Evidence of fluctuations and
cyclical fluctuations of monetary aggregates and the volume of bank credit is provided,
along with cointegration and causality between variables. Furthermore, as the results of
the rate...