This paper explores whether monetary policy and the denomination of its operative instrument affects banks’ intermediation spread in the Chilean economy. After dividing the sample into pre- and post nominalization periods, the evidence shows a positive correlation between the monetary policy...

The traditional tests of convergence implicitly test the unit root hypothesis for per capita income series. Despite that under the null the statistics do not have standard asymptotic distributions, most papers on this topic use standard distributions to evaluate this hypothesis, with the...