In this paper we review the main features of the Chilean-Style of capital controls during the nineties. In particular, we analyze empirically the effectiveness of the unremunerated reserve requirement (URR) in three key areas: its capacity to open space for monetary policy, its influence on the...

This paper investigates the microfoundation of consumer decisions in Argentina. Structural parameters are estimated following the Euler Equation-GMM approach. Attention is focussed on parameter instability, an empirical difficulty for applying this method often pointed out in the literature. The...

This paper models the supply of perishable goods within a randon framework. Perishability affects a large group of goods usually traded in the economy such as fruits and vegetables, newspapers, medicine drugs, a.s.o.. Surprisingly, one cannot find in the literature a decision model for suppliers...

The increase in income per capita is accompanied, in virtually all countries, by two changes in the structure of the economy: an increase in the share of government spending in GDP and an increase in female labor force participation. This paper suggests that these two changes are not just...

This paper examines the long-run dynamics and the cyclical structure of the US stock market using fractional integration techniques. We implement a version of the tests of Robinson (1994a), which enables one to consider unit (or fractional) roots both at the zero (long-run) and at the cyclical...

We analyze the compliance behavior of the small-scale fishery boat-owners of the Galapagos Marine Reserve. Our empirical analysis considers aspects related to the participatory management system of the reserve as determinant factors of the decision to violate the regulations. The econometric...

This paper uses household-level data of cellular usage to provide estimates of the implied switching costs that preclude consumers from switching providers in the face of competing offers. Our estimation differs from previous switching costs studies in that we are able to observe individual...

This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from risk premia and focuses exclusively on liquidity. A float-adjusted return model (FARM) is derived, explaining the pricing of liquidity with a simple linear formula: In...

In this paper we assess the determinants of care quality in a health maintenance organization. Our research relies on a novel source of information on care quality, the “errors” detected by an artificial intelligence program that scans a patient’s medical records for deviations from best...

What determines the internal organization of law firms? Using previously unused census data, we study the production function of law and the way partnerships structure this production. This paper reports findings on the leverage ratios, on the extent of individual specialization, and on the...