In this paper I show how borrowing constraints and job search interact. I fit a dynamic model to data from the National Longitudinal Survey (1979-cohort) and show that borrowing constraints are significant. Agents with more initial assets and more access to credit attain higher wages for several...

The impact of a firm's strategic marketing mix choices on profitability can be evaluated by understanding the impact of those choices on consumer demand for the firm's products and on the firm's costs. Additionally, a firm's strategic marketing mix choices, and its demand and costs can be...

This dissertation consists of three essays which are all devoted to the credit risk of non-financial companies and follow the so-called “structural approach”. In the first chapter I propose a new structural model, which tries to focus on three specific aspects, which, I argue, are especially...

Three methodologies to estimate the natural interest rate, NIR, are implemented for the Colombian economy. Two methods are statistical filters and the third involves some economic theory. The first method is based on unobserved components decomposition of the real interest rate and explores the...

The main objective of this paper is to provide analytical expression for forecast variances that can be used in prediction intervals for the exponential smoothing methods. These expressions are based on state space models with a single source of error that underlie the exponential smoothing...

In a competitive marketplace, the effectiveness of any element of the marketing mix is determined not only by its absolute value, but its relative value with respect to the competition. For example, the effectiveness of a price cut in increasing demand is critically related to competitors'...

Consumer goods manufacturers usually sell their brands to consumers through common independent retailers. Theoretical research on such channel structures has analyzed the optimal behavior of channel members under alternative assumptions of manufacturer-retailer interaction (Vertical Strategic...

We propose a structural model for the valuation of defaultable securities of a firm which models the effect of deliberate misreporting done by insiders in the firm and unobserved by others. We derive exact formulas for equity and bond prices and approximate expressions for the conditional...