This paper examines the optimal bundling strategies of a multiproduct monopoly in markets in which a seller cannot monitor and thereby restrict the purchases of buyers to a single bundle, while buyers have resale opportunities. In such markets, the standard mechanism through which bundling...

Empirical tests of the Nash bargaining solution (NBS, hereafter) are developed under different hypotheses about the behavior of disagreement utility levels.

We study the application of bootstrap procedures to the problem of constructing confidence intervals for the coefficients of random effects panel data models, based on GLS point estimation. The central problem is the one of adequately resampling from the estimated residuals of the model,...

We present an extension of Aumann's Agreement Theorem to the case of multiple priors. If agents update all their priors, then, for the Agreement Theorem to hold, it is sufficient to assume that they have closed, connected and intersecting sets of priors. On the other hand, if agents select the...

En este documento se propone utilizar la metodología de perfiles coincidentes propuesta por Martínez (2010), con el fin de determinar si un conjunto de indicadores obtenidos de encuestas de opinión y otras fuentes son coincidentes o líderes de los indicadores económicos observables y, que...

We study the relationship between US and Colombian sovereign debt interest rates. We also evaluate the response of the Colombian long-term bond yield and other asset prices to shocks to the US long-term Treasury rate. Two empirical exercises are performed. First, we use a moving window linear...

En este estudio calculamos un indicador de la actividad de shadow banking en Colombia para el período comprendido entre enero de 2011 y marzo de 2013. Dicho indicador sugiere que esta actividad ha venido incrementándose y representa cerca del 9,9% del PIB de 2012. Adicionalmente, evaluamos el...

En este documento, se realiza una caracterización del mercado de deuda corporativa colombiano, entendido como el mercado de bonos. En primer lugar, se realiza una comparación del tamaño de este mercado frente a otros países de la región y frente al mercado de deuda pública local,...

Network analysis has been applied to identify systemically important financial institutions after the 2008 financial crisis. Such applications have stressed the importance of centrality within the too-connected-to-fail concept. Yet, despite their well-known importance for financial stability,...