In this paper we investigate whether the communication bias of the Bank of Mexico provides information that helps to anticipate the course of monetary policy in subsequent periods. We first construct an objective index of the communication bias, based upon an statistical analysis of key terms...

Contributory pension system coverage has been low. High mobility between formal and the informal sector results in low contribution density which does not guarantee a minimum pension. The state has created cash transfer programs, which can disincentive formality. This paper proposes a...

This paper evaluates empirically the volatility of real exchange rate in Peru under two regimes of monetary policy: the Monetary Targeting Regime, MTR, (1995:11–2001:12) and the Inflation Targeting Regime, ITR, (2002:01–2012:12). We estimate a small-scale macroeconomic model along the lines...

The purpose of this work is to get some basic facts from the interaction between economic growth, age structure, macroeconomic environment and growth, taking into account the heterogeneity of both the demographic structure and the levels of development in the world. First we discuss the...

The current economic crisis has long-term causes that are rooted in the economic dynamics of globalization. I construct a Solow-style endogenous model of capital accumulation, technological change, trade and cheap-factor-seeking foreign direct investment (FDI), based on myopic agents. Combining...

Using a switching model, we show significative differences in the formation of infant cognitive capacity across mexican social strata (data from ENNVIH 2002). This varies according to parental wealth and human capital. Low-income children acquire a lower cognitive capacity than higher-income...

We analyse a model of two-sided matching and incentive contracts where expert investors (venture capitalists) with different monitoring capacities are matched with firms with different levels of initial wealth. Firms do not have sufficient start-up capital to cover their project costs and hence,...

This paper studies banking competition in Mexico. We use a contestable market approach to argue that competition in banking should be approached by considering all financial intermediaries and not only banks. In this sense, it is more important to look at the whole financial system. To...

We apply a merchant transmission expansion model to the trilateral market coupling arrangement among the Netherlands, Belgium and France as a generic example, and note that it can be applied to any general market splitting or coupling of different national power markets in Europe. In this...

This paper explores the influences of financial deepening on growth and its volatility. Following a review of the theoretical literature that has attempted to explain these relationships, the paper presents time series evidence for the cases of Mexico and the US. The results suggest that, in the...