Americans work more than Europeans. Using micro data from the U.S. and 17 European countries, we study the contributions from demographic subgroups to these aggregate level dierences. We document that women are typically the largest contributors to the discrepancy in work hours. We also document...

What is the role of fiscal variables for the assessment of sovereign credit risk? Has this role changed over time? In the face of the financial crisis many OECD countries have experienced large increases of government debt relative to GDP. This has triggered a distinct response of financial...

This paper analyses the multiplicity of image rights in Europe and the classical conflictual relationship between the right to one’s own image and copyright law. First, the paper analyses the main mechanisms of legal protection of a person’s image in selected jurisdictions, in both the civil...

The death penalty lives on in America, with some 1350 prisoners put to death since 1976, when the modern American death penalty was reborn. Most prisoners get a last meal of their choice, though that choice is constrained by cost and, often, the stock in the prison kitchen. Last meals can be...

In the 1970s-1980s, monetary authorities were usually more active than their fiscal counterparts. After some crises, fiscal policy is currently regaining its role in implementing economic policies. As a sequel to estimating the Indian monetary reaction function, this paper models and estimates a...

En este artículo se muestra el marco teórico implícito en la restricción presupuestaria intertemporal del gobierno. A partir de este, se realizan una serie de simulaciones sobre el problema de sostenibilidad de la deuda pública, y los sacrificios fiscales necesarios para juzgar el actual...

We develop a DSGE model of the Colombian economy to assess the effect of tax policy on informal employment and income distribution.The model recreates a small open economy, with persistent income inequality, a substantial degree of informality, and different possibilities of government...

En este artículo se utiliza un modelo dinámico estocástico de equilibrio general (DSGE) neoclásico para evaluar el impacto de choques de oferta (productividad) y demanda (comercio externo) sobre el desempeño económico. Además, se analizan decisiones de política económica, en especial,...

Este documento presenta evidencia empírica sobre la relación entre el gasto público y el crecimiento económico en Colombia, para el periodo (1905-2010), bajo la metodología conocida como series de tiempo. Allí, se abordan dos grandes enfoques: el de endogeneidad y el de exogeneidad. El...

ResumenEste documento presenta un cálculo del Costo de uso del capital para Colombia en el periodo 1990-2007. Seguidamente, contrasta este cálculo con la dinámica de la inversión en el mismo periodo. Se encuentra que la relación entre inversión y costo de uso es muy estrecha, y se...