Starting from a system of factor demands, an empirical model that allows estimating factor-augmenting technical change is derived. Factor-augmenting technical change is defined as the improvement in factor productivities that can occur either exogenously or endogenously, with changes in other...

This paper assesses that participation of countries in IMF programs significantly diminishes their vulnerability to external shocks. Currently, one of the primary purposes of the IMF is to ensure global stability. As such, the Fund has the responsibility of advising member countries on the...

The aim of this paper is to investigate how major net oil exporter economies react to oil price shocks. We contribute to the literature by considering, at the same time, the possible nonlinearity and asymmetry of this relationship with respect to sign, size and causes of the oil price shocks, as...

In this note we present an updated algorithm to estimate the VAR with stochastic volatility proposed in Mumtaz (2018). The model is re-written so that some of the Metropolis Hastings steps are avoided.

Recent studies on oil market demonstrate endogeneity of oil price by modeling it as a function of consumption and precautionary demands and producers’ supply. However, studies analysing the effect of oil price uncertainty on investment, do not disentangle uncertainties raised by underlying...

Stagflation, a simultaneous increase in inflation and unemployment, is generally thought to result from exogenous oil shocks. In this paper, we investigate another potential source of stagflation focusing on tariffs. Relying on the estimation of structural VAR model with sign restrictions over...

Although knowledge spillovers are at the core of the innovation policy’s justification, they have never been properly measured by any impact evaluation. This paper fills this gap by estimating the spillover effects of the FONTAR program in Argentina. We use an employer-employee matched panel...

This study quantifies the impact of process and product innovation on employment growth in Bolivia by using microdata from a survey on innovation conducted in Bolivia in 2016. Following the model of Harrison, Jaumandreu, Mairesse, and Peters (2008) and the adaptations for Latin America of Crespi...

This study quantifies the impact of process and product innovation on employment growth in Bolivia by using microdata from a survey on innovation conducted in Bolivia in 2016. Following the model of Harrison, Jaumandreu, Mairesse, and Peters (2008) and the adaptations for Latin America of Crespi...

The aim of this paper is to extend existing literature on carbon allowance allocation, investigating the impact of uncertainty and ambiguity, due to the lack of future Environmental policy, on the total production in the market. Specifically, we show that an increase in uncertainty has no effect...