Documento de Trabajo

Dynamic Growth Games with Externalities

We examine the dynamics growth in a simple economy with two industrial sectors that exert externalities on each other. We find a solution to the dynamic game that ensues between the two sectors and compare it to the efficient cooperative solution. We show that internalize the externality. The direction of the inefficiency depends on the

Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach

In this paper we derive a model of aggregate investment that builds from the lumpy microeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of the standard (S,s) bands, firms` adjustment policies are probabilistc, with a probability of adjusting specification of the distribution of fixed adjustment costs, the adjustment hazards approach encompasses models ranging

Citizens, Autocrats, and Plotters: A Model and New Evidence on Coups D

We present a model of coups in autocracies. Assuming that policy choices cannot be observed but are correlated with the short-run performance of the economy we find that: (a) the threat of a coup disciplines autocrats; (b) coups are more likely in recessions; (c) increasing per capita income has an ambiguous effect on the probability

Outage Cost in Chilean Industry

This paper estimates the cost of energy shortages to Chilean industry. The information was obtained from a sample-survey carried out shortly after the 1989 electricity restriction. The results obtained show that a 10%, one-month, equi-proportional restriction involves and average net outage cost of Usc 3.2 per kWh when a limited, selective restriction is applied. We

Uvas envenenadas, vacas locas y proteccionismo

Contar con una definición adecuada de «medida proteccionista» es importante tanto desde un punto de vista conceptual como práctico. Este trabao propone una nueva definición, según la cual la medida que toma un país clasifica como `proteccionista` cuando difiere de aquella que hubiese tomado un planificador social benevolente que hubiese tenido en cuenta el bienestar