In this paper we explore the contribution that assetprices appear to make to fluctuations in the economyand to inflation, and hence to monetary policy,using a large international panel for the 1970-2008period. We show that house prices are importantin the determination of economic activity,...

The unfolding of the 2007 world financial and economiccrisis has highlighted the vulnerability ofreal economic activity to strong fluctuations in assetprices. Which is the optimal monetary policyin an economy like the Colombian that is exposedto swings in asset prices? What is the implication,in...

Can frictionless small open economy models drivensolely by technology shocks account for businesscycles in developing countries? We do not find evidenceof it. We build a DSGE model that jointly includesa variety of real perturbations in addition totechnology shocks, such as procyclical fiscal...

La actual crisis financiera internacional iniciadaen 2008 en Estados Unidos ha puesto de nuevo enel debate académico y político la importancia delsistema financiero en la economía, las posibilidadesde política económica disponibles para apoyarlo ysus implicaciones en el corto y largo plazo....

I compare the utility of individuals in an economywith and without banks. To make the comparisoninteresting, the economy without banks has cashin-advance money that the individuals use forconsumption and for precautionary (emergency)purposes and that firms use to pay their wage bill. Inthe...

Desde su aparición a comienzos de los años noventa,con los trabajos de Krugman, Venables, Fujita yotros autores, la Nueva Geografía Económica" haabierto numerosos frentes de investigación teóricaal mostrar cómo la combinación de retornos crecientesa escala, las imperfecciones del mercado...

The Brazilian economy, with significant differencesin the distribution of economic activity acrossregions, presents a challenge to models that adopt aperfectly competitive market structure. This paperemploys an interregional CGE model of the Brazilianeconomy to explore the long-run impacts...

Si bien el crecimiento de la productividad en Méxicoha sido prácticamente nulo entre las dos últimasdécadas, eso no implica que no hayan ocurridocambios estructurales relevantes al interior de laeconomía. En este artículo se presenta el análisisa nivel de manufactura regional. En...

Utilizando la Encuesta Continua de Hogares paralas trece áreas metropolitanas de Colombia, en estetrabajo se examina la hipótesis de segmentacióndel mercado laboral urbano en cada año del período2001-2006. Se encuentra evidencia de segmentaciónentre empresas formales grandes y el...

The purpose of this paper is to perform an exploratoryinvestigation of the structure of inter-regionalmigration flows across Spanish regions between1998 and 2006. We apply Sonis´ (1980) extremetendency decomposition to the flow matrices to revealthat the structure of inter-regional migration...