Our study provides a comprehensive analysis of the effects of a debt moratorium policy that suspends payments during stress episodes. We offer theoretical predictions based on demand and supply elasticities, which suggest that non-stressed firms will experience a rise...
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- Eventos |Resumen
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Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only account for short-lasting...
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Abstract: Los parques son espacios que brindan servicios esenciales (tales como recreación y protección ambiental) a las áreas urbanas. Además de estos servicios, los parques contribuyen a mejorar la estética de las ciudades. Estudios recientes...
- Eventos |Resumen
The issue of economic inequality began to receive increased attention after the global financial crisis. During that period, the increase in unemployment, the heterogeneous evolution of house and stock prices, and the fall in interest rates all affected households in...
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We study the effect of the upsurge of natural resources income from the commodity price boom of the 2000s on the functional distribution of income. To do so, we build a general equilibrium model of Dutch disease that characterizes how natural resource windfalls affect...
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Nicolás de Roux: es investigador y profesor de planta de la Universidad de los Andes en Bogotá. Nicolás trabaja con métodos de microeconomía aplicada para responder preguntas sobre inclusión financiera, comportamiento de las firmas, medio ambiente...
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Resumen del documento: Renewable energy and battery storage are seen as complementary technologies that can together facilitate reductions in carbon emissions. We develop and estimate a dynamic competitive equilibrium model of storage investment and operations to evaluate...
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En la investigación se aborda la necesidad de unir dos enfoques en el estudio de la economía: el de los economistas del comercio que se centran en relaciones insumo-producto, pero no consideran los ajustes dinámicos y los macroeconomistas que utilizan modelos de...
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We document that capital has flowed from equal to unequal countries since the 1990s. Differences in private savings between equal and unequal countries drive the flows. This empirical regularity holds across advanced economies. We develop a...
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Estudiamos la resiliencia de los bancos a crisis macroeconómicas en un contexto de regulaciones microprudenciales laxas: Colombia durante la crisis de los 1980s. Múltiples bancos se quebraron durante esta crisis debido a prácticas que sustrajeron recursos de los bancos...
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Yotam Shem-Tov: is an Assistant Professor of Economics at the University of California, Los Angeles. Yotam holds a Ph.D. in economics from UC Berkeley. Yotam studies topics in labor economics, criminal justice and crime, and applied econometrics.
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Este trabajo discute las implicaciones del Ciclo Financiero Global (CFG) en las economías emergentes. Encontramos tres principales resultados. Primero, usando microdatos de préstamos interbancarios y corporativos entre 2004 y 2019, identificamos que las contracciones del CFG se asocian...
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We identify and study three key channels that shape how inflation affects wealth inequality: (i) the traditional Fisher channel through which inflation redistributes from lenders to borrowers; (ii) a nominal labour income channel through...
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One major characteristic of developing countries is the parallel existence of a set of unregulated market activities known as the unofficial, shadow or informal economy. Also, there is extensive evidence suggesting that fiscal policy in these...
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Portfolio diversification is as important to debt management as it is to asset management. In this paper, we focus on diversification of sovereign debt issuance through greater reliance on inflation-indexed bonds for a representative emerging...
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When agents' information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former...
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Carlos Hernández: es profesor asistente de la facultad de administración de la Universidad de los Andes. Carlos es PhD en economía de la Universidad de California-Los Ángeles y economista de la Universidad de los Andes. Sus intereses de investigación...
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Using confidential credit registry data, merged with firm tax records in Chile, we evaluate the macroeconomic consequences of relationship lending. We find that longer relationships between banks and firms give firms access to more credit at...
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Mateo Uribe: es profesor asistente de la facultad de economía de la Universidad del Rosario. Mateo es PhD en economía de la Universidad de Maryland y economista de la Universidad Eafit. Sus intereses de investigación son historia económica, Economía...
- Eventos |Abstract
This work integrates two strands of the international literature on the area of the labor market and the dynamics of the production factors share in the value-added. These issues apply to the Colombian industry at the establishment level. In...