Documento de Trabajo

Crecimiento, Empleo e Impuestos al Trabajo: Chile 1998-2001 (Growth, employment and Labor taxes: Chile 1998-2001)

Desde 1984 y hasta 1997, la economía chilena experimentó un crecimiento per cápita promedio de 5,4 por ciento, lo que la ubica dentro de las economías exitosas del mundo de las últimas dos décadas. Sin embargo, entre 1998 y 2001 esa tasa cayó bruscamente a 1,2 por ciento por año. Este artículo analiza el rol

Regulación, incentivos y remuneraciones de los profesores en Chile (Regulation, incentives and teacher remuneration in Chile)

En este trabajo se revisa la normativa laboral vigente para los profesores, considerando las diferencias entre los distintos tipos de establecimientos educacionales. Asimismo, se caracteriza a los profesores desde el punto de vista de su educación, edad y nivel socioeconómico, considerando elementos como su satisfacción con la profesión y su evaluación de las condiciones de

Testing Real Business Cycle Models in an Emerging Economy

RBC models have been successfull when applied to developed economies: their abilities in replicating the data of emerging countries remain largely unexplored. The rapid but unstable growth process in developing countries and their relatively less developed market structure pose a formidable challenge to neoclessical general equilibrium models. Using data of the Chilean economy, we explore

Competition in or for The Field: Which is Better?

In many circumstances, a principal, who wants prices to be as low as possible, must contract with agents who would like to charge the monopoly price. This paper compares a Demsetz auction, which awards an exclusive contract to the agent bidding the lowest price (competition for the field) with having two agents provide the good

Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s

Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium model, we conclude that the crucial determinant of this difference between the two countries was the faster productivity growth in Chile, rather than higher investment or

La regulación del transporte de carga en Santiago: Características, evaluación y propuestas (Regulation of trucking in Santiago: characteristics, evaluation, and proposals)

Este trabajo caracteriza cuantitativamente el transporte de carga en Santiago (a partir de Citra [1995]) y evalúa las regulaciones vigentes. La mayoría son restricciones cuantitativas al uso de las vías y son percibidas como erráticas e inciertas por los agentes. Estas restricciones no sólo son costosas sino también inefectivas porque el principal determinante de los

Liquidity and the Simple IO of Stock Exchanges

It is usually thought that network externalities, which are inherent to liquidity, make it desirable to concentrate transactions in one stock exchange. This paper shows that when the value of liquidity stems from the ability of potentially reach as many traders as possible, the market is integrated when every broker meets every other broker in

What Drives Replacement of Durable Goods at the Micro Level?

Technological innovations have contributed over the years to an increasing stock of durable goods – those products that are not immediately consumed but provide a stream of services over a long period of time. Indeed, virtually every household in a modern economy owns a refrigerator, a personal computer and an automobile. Given the inter-temporal nature

Investment Banking and Security Market Development: Does Finance Follow Industry?

Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking industry exists. We study the necessary conditions for the emergence of sustainable relationships and explore whether policy

Highway Franchising and Real Estate Values

It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications of highway franchises that benefit large

Macroeconomic Management in Emerging Economies and The International Financial Architecture

In the last few years, and most recently with the crisis in Argentina, views about emerging markets and the international financial institutions have changed significantly. This paper reviews macroeconomic management in emerging economies and the role of the international financial institutions in helping to secure their stability. It discusses the role of macroeconomic policies, in

Does Competition Kill Relationships? Inside Investment Banking

An influential literature has emerged around the premise that there exists an uneasy tension between (1) bank-firm relationships that promote incentives for firm-specific investments by banks, and (2) competition between banks that can destroy such incentives. This paper studies the industrial organization of the investment banking market in order to shed light on how this