Este artículo utiliza dos modelos macroeconómicos distintos, pero complementarios, para medir el efecto de algunos aspectos relevantes de la institucionalidad laboral de Chile respecto del ajuste y estructura de su mercado. Por un lado, se analiza cómo la rigidez de precios y salarios, junto...

This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank’s policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for...

This paper compares welfare levels under alternative fiscal rules for small open, commodity exporter, economies whose fiscal income varies with the world commodity price (in a dynamic, stochastic, and general equilibrium setting). Between the extremes of a procyclical balanced budget policy and...

This note deals with a harvesting model for a single stock fishery. In the case of small pelagic fish it seems reasonable to consider harvest functions depending nonlinearly on fishing effort and on fish stock. Empirical evidence about these fish species suggests that marginal catch does not...

This study estimates the causal effect of family size and birth order on educational attainment of individuals in the long run. Following recent literature we use the presence of twins as an instrumental variable for family size and fixed effects model for birth order. The results suggest that...

This work develops an empirical study of the credit channel in Chile. We found that the interest rate has a positive effect in the long run credit supply. Nevertheless, the disequilibrium in the short run credit supply has a significant negative effect on economic activity. This is most marked...

En un contexto de demanda creciente y oferta estocástica de energía en Chile se hace necesario conocer a cabalidad los determinantes de la demanda por energía eléctrica de los hogares - en particular su elasticidad precio - para así utilizar mecanismos de flexibilización de precios con...

As the Chilean government seeks to reduce both poverty and inequality through cash transfers to poor households, local governments are responsible for both identifying the poor and allocating transfers. Until recently, however, evaluating the effectiveness of local governments in enacting these...

This paper’s purpose is to study the problem of a regulator of a utility monopoly, who has a universal service goal that is binding, in the sense that there is no two- part tariff that can induce efficient consumption, self-finance the firm, and guarantee universal access at the same time. The...

We estimate how monetary policy works in small open economies. To do so, we build a dynamic stochastic general equilibrium model that incorporates the basic features of these economies. We conclude that the monetary policy in a group of small open economies (including Australia, Chile, Colombia,...