In this research, we investigate the dynamic of the capital structure, using panel data techniques. A sample of new high-tech German Firms over the period 1998-2002 is used to specifically establish the determinants of a time-varying optimal capital structure. We consider the dynamic models,...

Este trabajo entrega contundente evidencia de que la criminalidad en Chile presenta una alta persistencia. No obstante lo anterior, existe un conjunto de variables socio económicas que explican la evolución de la mayoría de los crímenes de connotación pública en Chile durante la década de...

In this paper we analyze the dynamics of labor markets in Chile. Our goal is to understand how flexibility in the labor market has changed over time, and in particular, to relate this change with the legislation framework. We analyze mobility in four different periods, each of them associated...

We calibrate a model of labor demand to infer the employment response to a change in the minimum wage in the food away from home industry. Assuming a perfectly competitive labor market, the model predicts a 2.5 to 3.5 percent fall in employment in response to a 10 percent minimum wage change. We...

This paper studies a plausible connection among rational speculators, exchange rate volatility and capital controls. When Krugman (1999) asserted that there should be appropriate controls on international capital movements to avoid currency volatilities from speculative activities, this paper...

In this paper we review the main features of the Chilean-Style of capital controls during the nineties. In particular, we analyze empirically the effectiveness of the unremunerated reserve requirement (URR) in three key areas: its capacity to open space for monetary policy, its influence on the...

This paper proposes a model encompassing alternative views of contagion by highlighting the different channels of transmission of financial crises in an unifying framework. We study investor behaviour when they are affected by external habit formation. It is shown how international portfolio...

This paper considers measures of uncertainty used in economic estimation. Our first contribution is to address the theoretical relationship between cross-section and time series measures, highlighting the reasons why these might diverge. In a subsequent empirical section, we compare measures of...

We use a novel data set and identification strategy to empirically detect the presence and magnitude of local social interactions effects in the labor market. We argue that the use of informal referrals has implications for the spatial distribution of residential and work locations, that can...

This paper is concerned with estimating the additive components of a nonparametric additive quantile regression model. We develop an estimator that is asymptotically normally distributed with a rate of convergence in probability of $n^{-r/(2r+1)}$ when the additive components are $r$-times...