Documento de Trabajo

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

Amenazas al comercio por consideraciones ambientales: El caso de la minería

La creciente preocupación en países desarrollados por el medio ambiente se ha utilizado como excusa para entrabar la importación de productos que compiten con aquellos de producción local. Por ello en este trabajo se examinan las amenazas que enfrenta Chile, y en particular el sector minero, por este motivo. Se discute en primer término las

Information, Nonexcludability, and Financial Market Structure

We study the determinants of market structure in financial intermediation markets. We establish that the input of intermediation services-information-is always non-excludable (though not necessarily non-rival), and intermediaries cannot establish property rights over it. We show that non-excludability is the main determinant of market structure, and present a theory in which market structure, margins, and employees`

Aggregate Employment Dynamics: Building from Microeconomic Evidence

This paper studies quarterly employment flows of approximately 10,000 large U.S. manufacturing establishments. We use establishments` hours-week to construct measures of the deviation between desired and actual employment and then we use these as the state variables upon which units decide their employment adjustments. The main findings are: (i) Microeconomic adjustments functions are non-linear, with