The purpose of this paper is to help dispel the common textbook misperception that consistent instrumental variable estimation requires exogenous instruments. A necessary and sufficient condition is presented that implies Stock and Watson's (2010, App. 12.6) conditional mean independence...

This article is a guide to Lauchlin Currie's thoughts on development and economic growth. Growth is a necessary condition for development and a minimum of law and order is a necessary condition for growth. According to Currie, the causes of growth are not to be found in the traditional factors...

The ARDL bounds test of Pesaran, Shin and Smith (2001) has become an important tool for exploring cointegration. However, some pretesting is needed for its valid application: regressor variables should not be integrated of order higher than unity; the dependent variable must be integrated of...

This paper measures the change in US unemployment and participation rates by gender due to the onslaught of the COVID-19 pandemic. It uses a triple difference estimation, DiDiD, and time series generated synthetic controls to compare these rates. The results suggest, thought not strongly, that...

Este documento hace un recuento de la estadística fiscal colombiana. Sostiene que sería más realista presentar el déficit calculado con la amortización sobre la línea en lugar del tradicional calculado con la amortización bajo la línea; que el concepto del superávit primario carece de...

This document explores various information theoretic concepts initially developed in physics and engineering and used today in many other fields. Information is defined as a quantity inversely proportional to the probability that an event happens and entropy is defined as the expected value of...

Spanish Abstract: Este artículo compara el comportamiento de la inflación para el hogar promedio y diversos tipos de hogares de adultos mayores en Colombia. Los resultados indican que, en promedio, los adultos mayores gastan una mayor proporción de su ingreso en vivienda y salud y una menor...

A model is presented to illustrate the role of labor mobility in income distribution. Worker preference for different occupations and wage comparisons are combined to determine the allocation of labor between sectors and to trace the behavior of the Gini coefficient as mobility increases. The...

En Colombia, tal vez por el reducido tamaño del mercado accionario, no se ha desarrollado un sistema de información bursátil comprensivo, confiable y de fácil acceso. La información disponible se encuentra dispersa y, en ocasiones, incompleta e imprecisa, especialmente la estadística...