Inscripciones aquí

Following a sudden stop, real exchange rates can adjust through a nominal exchange rate depreciation, lower domestic prices, or a combination of both. This paper makes three contributions to understand how the type of adjustment shapes the response of macroeconomic variables, in particular productivity, to such an episode. First, using Spanish micro data during the two episodes, it documents that in a currency union unproductive firms exit more than in a floating regime.

Inscripciones aquí

We develop a simple methodology to estimate the heterogeneous welfare effects of any small shock to residents within a city. The methodology relies only on modest assumptions regarding residents’ choice of where to consume and work and delivers an expression that shows that the welfare elasticity to any small shock can be written as a function of (1) the spatial patterns of consumption and income; and (2) the price and wage effects of the shock. We then apply this methodology to ask the question: Is tourism good for locals?

Is there an optimal alternative to a global carbon tax? We study this question in a standard neoclassical growth model with a carbon emissions externality using both the Pigouvian and Ramsey motives for taxation. We show that the social optimum is implementable with taxes widely used in countries worldwide – such as consumption, energy, income taxes – and no carbon taxation. We theoretically characterize and quantitatively estimate the optimal tax rates, and we find that they are well within existing tax rates.

En este trabajo evaluamos el impacto del Programa Vivienda Gratuita (PVG) sobre las condiciones de vida, de bienestar y de habitabilidad de los hogares beneficiados. Este programa fue una iniciativa del Gobierno colombiano iniciada em 2012 para entregar gratuitamente viviendas nuevas de interés prioritario (VIP) a los hogares más vulnerables del país. Para estimar impactos del programa de manera causal, el presente trabajo aprovecha que el 39% de los beneficiarios del programa fueron seleccionados mediante sorteos de vivienda.

En este trabajo se hace una revisión de la literatura sobre la efectividad de las principales medidas tomadas por los gobiernos, tanto en Colombia como en otros países, para amortiguar la magnitud de la crisis del COVID-19 sobre el empleo y reactivar la demanda laboral. El artículo analiza la efectividad de las intervenciones realizadas a la luz de la evidencia empírica existente.