In an open-economy model with financial constraint, Schmitt-Grohé and Uribe (2017) propose an expression for a capital control policy. From this expression, they argue that the optimal tax, i.e. the one that solves the overborrowing problem, is indeterminate when crises occur (i.e. when the…
Vargas-Riaño, Carmiña Ofelia
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In a previous paper (Parra-Polania and Vargas, 2015) we modify the financial constraint of a very standard model to incorporate the fact that international lenders take into account that taxes (or subsidies) affect borrowers’ income available for debt repayments, and find that ex-post…
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We argue that international lenders take into account that taxes (or subsidies) affect borrowers’ available income for debt repayments. Using an endowment-economy model, we show that by incorporating this fact into the analysis of financial crises from the pecuniary externality perspective, ex-…
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Our research seeks to determine the impact on female labor outcomes of the amendment on the Colombian labor law in which maternity leave was extended from 12 to 14 weeks (through Law 1468 of July 2011). To identify this impact we compare labor market outcomes of two groups of women with…
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy)…
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We study nancial crises in a small open production economy subject to credit constraint and uncertainty on the value of debt repayments. We nd that the possibility of reducing the severity of future crises encourages the central planner (CP) to increase both the crisis frequency and current…
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy)…
