Se analizan los efectos de la ayuda financiera en la movilidad social. En 2014 Colombia implementó un programa de ayuda financiera a nivel nacional  -SER PILO PAGA- que cubre la matrícula de cuatro año programas de pregrado en 33 universidades de "alta calidad". Se estiman los efectos de este programa sobre resultados educativos y del mercado laboral obtenidos siete años después la terminación de la escuela secundaria.

We study the life cycle pattern of job displacement, including wage losses and displacement risk, in an Overlapping Generations economy with a frictionless labor market. In our model, finitely lived worker-firm pairs accumulate both firm specific and general human capital. Competition for zero tenure workers and the non contractible nature of specific capital implies that wages are higher than productivity for newly tenured workers, and lower for those with longer tenure.

Individual-level labor income risk is partially insured within households. The traditional focus has been on active spousal insurance, in the sense of a spouse entering the labor market in response to the other spouse losing their job (the added worker effect). With increasing female labor force participation, two earner households are more common, which implies that the traditional insurance channel is less relevant.

Using confidential credit registry data, merged with firm tax records in Chile, we evaluate the macroeconomic consequences of relationship lending. We find that longer relationships between banks and firms give access to more credit at better terms, and that more productive and larger firms have stronger relationships with banks. We find no systematic evidence of evergreening. We build a dynamic model of firms behavior where firms choose to borrow within relationships or in arms-length transactions jointly with their investment and borrowing decisions.