We assess the role of real and nominal shocks on the real exchange rate (RER) dynamics for a set of small open economies. In doing so, we estimate a SVAR model for five inflation targeting countries: Australia, Canada, Chile, Israel and Norway. In sharp contrast with the existing empirical...

The unemployed in the United States appear to allocate time to job search activities regardless of the stance of the economy. Drawing on the American Time Use Survey between 2003 and 2014, I document that the unemployed increase their search intensity only slightly if at all during recessions....

We estimate that about 10.6 percent of jobs could be done from home in Mexico, using 468 4-digit SINCO occupations and employment data in 2019. This is roughly half the estimate reported by Dingel and Neiman (2020) using teleworking criteria devised for the U.S. labor market. Owing to the...

We document the evolution of labor markets of five Latin American countries during the COVID-19 pandemic, with emphasis on informal employment. We show, for most countries, a slump in aggregate employment, mirrored by a fall in labor participation, and a decline in the informality rate. The...

We analyze the joint impact of employment protection and informality on macroeconomic volatility and the propagation of shocks in emerging economies. For this, we propose a small open economy business cycle model with frictional labor markets, labor regulation, and an informal sector, modeled as...

Este documento estudia la estabilidad de reglas monetarias básicas para Chile y Perú a través de la estimación de los parámetros vía el Filtro de Kalman, en el contexto del aporte de Clarida et al. (2000), para el periodo de enero de 1996 a agosto de 2006. Se encuentra que la respuesta de...

In this paper we compare point and density forecasts generated by estimating AR and VAR models using disaggregated quarterly data of Chilean inflation. We motivate this comparison by our belief that, in the recent high inflation context, the use of the joint dynamics of the price index inflation...