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INSTITUTIONS AS THE FUNDAMENTAL CAUSE OF LONG-RUN GROWTH

Acemoglu, Daron; Johnson, Simon; Robinson, James - UNIVERSIDAD DE LOS ANDES-CEDE - 2004

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical importance of institutions by focusing on wo quasi-natural experiments" in history, the division of...

Persistent link: https://www.econbiz.de/10005249808

Sacrifice Ratios and Inflation Targeting: The Role of Credibility

Roux, Nicolás De; Hofstetter, Marc - UNIVERSIDAD DE LOS ANDES-CEDE - 2012

Two recent papers (Gonçalves and Carvalho, 2009; and Brito, 2010) hold contradictory views regarding the role of inflation targeting during periods of disinflation. The first paper claims that inflation targeting reduces sacrifice ratios-i.e., the ratio of output losses to the change in trend...

Persistent link: https://www.econbiz.de/10009650417

"Tropical" Real Business Cycles? A Bayesian Exploration

Fernández, Andrés - UNIVERSIDAD DE LOS ANDES-CEDE - 2011

Can frictionless small open economy models driven solely by technology shocksaccount for business cycles in developing countries? We don't find evidence of it. We build a DSGE model that jointly includes a variety of real perturbations in addition to technology shocks, such as procyclical fiscal...

Persistent link: https://www.econbiz.de/10009391757

REFORMAS ESTRUCTURALES, IMPACTO MACROECONÓMICO Y POLÍTICA MONETARIA EN COLOMBIA

Fernández, Andres - UNIVERSIDAD DE LOS ANDES-CEDE - 2003

Las reformas estructurales de principios de los noventas tuvieron un "impacto" macroeconómico relevante: el producto colombiano es más volátil que antes y parece exhibir un ciclo económico más corto y pronunciado. En el trabajo se documenta este hecho estilizado a partir de una muestra de...

Persistent link: https://www.econbiz.de/10005767808

U.S. BUSINESS CYCLE VOLATILITY AND BANKING PRODUCTIVITY

Arias, Andrés - UNIVERSIDAD DE LOS ANDES-CEDE - 2003

In this paper I address two questions. First, is the fall in the cyclical volatility of U.S. commercial banking … productivity a potential candidate to account for the mid-80's fall in U.S. business cycle volatility? Second, does the answer to … in the cyclical volatility of banking productivity contributes significantly only to the volatility fall of the credit …

Persistent link: https://www.econbiz.de/10005767826

Inflation Targeting in Latin America: Toward a Monetary Union?

Hofstetter, Marc - UNIVERSIDAD DE LOS ANDES-CEDE - 2009

In recent years, five of the main economies in Latin America -Brazil, Chile, Mexico, Colombia and Peru- have adopted Inflation Targeting regimes. In the context of these converging monetary strategies, would the IT nations in the region be better o adopting a common currency? Would they be...

Persistent link: https://www.econbiz.de/10008528463

DISINFLATIONS IN LATIN AMERICA AND THE CARIBBEAN: A FREE LUNCH?

Hofstetter, Marc - UNIVERSIDAD DE LOS ANDES-CEDE - 2006

This paper challenges the conventional view according to which disinflations in Latin America -even from low and moderate peaks- have been carried out at no cost to output. After suggesting a new methodology that overcomes some of the shortcomings of the traditional methods used to measure the...

Persistent link: https://www.econbiz.de/10005092541

DISINFLATING FROM MODERATE INFLATION

Hofstetter, Marc - UNIVERSIDAD DE LOS ANDES-CEDE - 2007

This paper studies the behavior of several macroeconomic variables during disinflationary episodes in Latin-America and the Caribbean (LAC). In particular, it focuses on disinflations from low and moderate peaks for the period 1973-2001. The methodology used for studying the average behavior of...

Persistent link: https://www.econbiz.de/10005092548

QUANTITATIVE IMPLICATIONS OF THE CREDIT CONSTRAINT IN THE KIYOTAKI-MOORE (1997) SETUP.

Arias, Andrés - UNIVERSIDAD DE LOS ANDES-CEDE - 2003

The Kiyotaki-Moore (1997) framework is a prominent macro model that features credit constraints as an important factor that propagates and magnifies the effects of shocks. However, the quantitative importance of these constraints in this setup remains an open question. This paper introduces the...

Persistent link: https://www.econbiz.de/10005597236

WHY HAVE SO MANY DISINFLATIONS SUCCEEDED?

Hofstetter, Marc - UNIVERSIDAD DE LOS ANDES-CEDE - 2005

Why is that the achievements of some disinflations from low and moderate peaks are longlived, whereas in others the gains in the inflationary front dissipate quickly? Based on an index of the sustainability of disinflations proposed in the paper, various competing explanations of what determines...

Persistent link: https://www.econbiz.de/10005597306