The objective of the present study is to analyze three aspects of the privatization of the so called utilities. First, from a positive perspective, we model the privatization decision by a rational government that maximizes a political agenda. Second, from an institutional perspective, we...

In the last two decades, the Peruvian economy exhibited rapid growth. Moreover, the composition of the labor force improved in terms of education and experience, two variables which are typically associated to higher human capital. The average worker in 2012 had a higher level of education and...

We use real GDP per capita and three standard indicators of stock market development: value traded/GDP, market capitalization/GDP and turnover to study the short-run link between the stock market and economic activity in Peru. Based on annual time series data for the period 1965-2011, we...

The Peruvian economy has had an extraordinary performance in the last 10 years. The 2012 per capita GDP is 66 percent over 2002 and more than double its 1992 level. In a long term perspective, the cumulative growth of GDP per capita recorded in the last 10 years has been the strongest since...

We analyze the degree of persistence of the unemployment rates of the 10 Canadian provinces using quarterly data for the period 1976:1-2005:4. We apply a two-break minimum Lagrange Multiplier unit root statistic, which, unlike standard unit root statistics (without or with breaks), makes it...

Using Markov-Switching models, this paper studies the existence of a relationship between the unemployment rate and four different types of crimes in the U.S. economy. After it, using the non-parametric Concordance Index of Harding and Pagan (2002, 2006), the correlation between the cycles of...

In this study we analyzed the efficiency of the spending of 1686 Peruvian municipalities for the year 2003 through the evaluation to the municipal public activities as a process of production which transforms inputs in outputs (Bradford et. al., 1969 y Fisher, 1996). In doing so, we established...

Keynesianism, monetarism and new classical macroeconomics are some issues discussed in this document. It contains several exercises which will permit differentiate these approach to macroeconomics. It also contains the methods for solving models with rational expectations. The content of this...

This document contains exercises on open macroeconomics. There are several problems related to Mundell-Fleming model, the exchange rate dynamics and overshooting models with rational expectations. Its content is part of Macro 2 course and it is oriented to help the teaching and training in...