Belize City, Belize 23rd - 27th July, 2007

“Banks” are regulated by the government. However, because the generic term bank applies to a number of different types of financial institutions that provide different services, different types of regulation are required. This issue has attracted much attention in recent years as...

Traditional cash-in-advance models are characterized by having a constant velocity of money. Based on the Lucas and Stokey (1987) model, this paper studies the behavior of velocity and money demand for the U.S., simulating an economy which includes stochastic monetary growth (monetary policy),...

This paper uses genetic algorithms (GAs) to find the optimal parameter values in the solution of the Real Business Cycle model. To generate the policy functions of the individual, we approximate the conditional expectation of the Euler equation using an exponential polynomial function, based on...

Derivatives and certain other off-balance sheet contracts enjoy special legal protection on insolvent counterparties through a process referred to as 'close-out netting.' This paper explores the legal status and economic implications of this protection. While this protection benefits major...

This article generates innovative confidence intervals for two of the most popular de-trending methods: Hodrick-Prescott and band-pass filters. The confidence intervals are obtained using block-bootstrapping techniques for dependent data. GDP trend growth and output gap intervals for the G7...

This is the last version available of this document. One of the salient features of Chile as compared to other economies in the region is the outstanding pattern of economic growth the country experienced during the last two decades. From 1990 to 2005 Chile's GDP expanded at an annual average...

This article presents a historical analysis of the Chilean monthly growth rate from 1987 to 2000, applying the Switching Regime methodology design by Hamilton (1989). Three scenarios were considered, which imply a number of parameters estimated using the