Este trabajo reexamina el tema de los movimientos de afiliados entre AFPs poniendo especial énfasis en el impacto del ranking de rentabilidad sobre la tasa de salida de cotizantes por cartera de AFPs. La idea de incluir esta variable es que el manejo de esta información por parte de los...

We explore the stabilizing effects of unemployment insurance in Chile. A dynamic general equilibrium model is calibrated for the Chilean economy for the 1960-2000 period. We assume that the economy is subject to exogenous technological shocks and that a fraction of the population is liquidity...

In this paper, we explore the effects of government subsidies (monetary and in-kind) in presidential elections in Chile in 1989-2000. Our dependent variable is the percentage of votes obtained by the incumbent. We use a panel with three periods (the elections of 1989, 1993 and 1999) and 228...

This paper addresses the role of taxes over the firm’s investment decisions. We propose a framework that considers microeconomic decisions to evaluate aggregate effects of taxes over the economy’s investment dynamics. We obtain strong results and policy recommendations. First, and contrary...

Este documento discute qué hubiese ocurrido en la economía chilena si no se hubiera realizado la reforma de pensiones de 1981. El énfasis de la discusión se pone en la sustentabilidad fiscal del sistema de pensiones, su grado de cobertura, niveles de pensiones y su impacto en la acumulación...

This paper develops a simple model in which individuals rationally determine their body-mass by choosing food ingestion and time spent exercising. We show that multiple equilibria in body-mass might exist due to two forces with opposite effects. Firstly, an increase in body-mass has a negative...

Este trabajo presenta proyecciones actuariales de la situación financiera de la Administradora de Fondos de Cesantía (AFC). Para realizar esta tarea, el trabajo incorpora la modelación de las principales variables macroeconómicas de la economía chilena y relaciona los cambios en estas...

We investigate the impact of corporate taxation on capital stock. In the paper, we indicate that corporate taxation might not only distort the decision of each firm to invest but could also destroy firms. With this in mind, we estimate capital demand equations, correcting for self-selection in...

We study the role of fiscal expenditure during episodes of economic crises using one century data from 20 Latin American countries. We use output drops as a way of indicating the irruption of economic crises and we are able to document episodes of large output drops and large duration of...