This paper evaluates Colombia's debt sustainability for the period 1980-2021, using a nonlinear fiscal reaction function approach. We employ a Markov-Switching model with annual data to identify sustainable and unsustainable fiscal regimes. According to this model, we identified an unsustainable...

This paper evaluates Colombia's debt sustainability for the period 1980-2021, using a nonlinear fiscal reaction function approach. We employ a Markov-Switching model with annual data to identify sustainable and unsustainable fiscal regimes. According to this model, we identified an unsustainable...

Vehicle registrations have been shown to strongly react to tax reforms aimed at reducing CO2 emissions from passengers' cars, but are the effects equally strong for positive and negative tax changes? The literature on asymmetric reactions to price and tax changes has documented asymmetries...

Consumers often struggle to grasp complicated pricing plans, including increasing block rate (IBR) schemes, which have been used for decades by utilities in many parts of the world. The assumption that they encourage conservation has, however, recently been challenged (Ito, 2014). We take...

Consumers often struggle to grasp complicated pricing plans, including increasing block rate (IBR) schemes, which have been used for decades by utilities in many parts of the world. The assumption that they encourage conservation has, however, recently been challenged (Ito, 2014). We take...

In this paper we document the asymmetric role that the U.S. stock market plays in the international predictability of excess stock returns during recession and expansion periods. Most of the positive evidence accrues during the periods of recessions in the United States. During the expansions...

In this paper we document the asymmetric role that the U.S. stock market plays in the international predictability of excess stock returns during recession and expansion periods. Most of the positive evidence accrues during the periods of recessions in the United States. During the expansions...

Previous research suggests that the elasticity of light-duty motor vehicle travel with respect to fuel cost, known as the "rebound effect," is modest in size and probably declined in magnitude between the 1960s and the late 1990s. However, turmoil in energy markets during the early 2000s has...

The paper investigates the effects of changes in marital status and health related behaviors (smoking and drinking) on the body mass index (BMI) in Russian adults over a ten-year period. Smoking and drinking behavior changes have played an important part in health status changes over 1994 to...