This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

Central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. I use Pedroni's (2002) Fully Modified Ordinary Least Square (FMOLS) to estimate the coefficients of the...

Analizan el rol de la intermediación financiera en la macroeconomía.

En este trabajo se presenta una caracterización de equilibrio parcial del mercado de crédito en una economía parcialmente dolarizada. Se introducen fricciones financieras, que toman la forma de costos de verificación y regulación bancaria, y se estudia su impacto en las tasas de interés...

Explican los efectos de la incertidumbre en la formulación de la política monetaria.

Presenta la conversación sostenida sobre la crisis financiera internacional y sus implicancias para la profesión, así como la visión del profesor de la macroeconomía.

Emerging economies were largely affected because of FED's quantitative easing (QE) policies. This paper assesses the impact of these measures in terms of key macroeconomic variables for a small open economy (SOE) such as Peru. We identify QE policy shocks in a SVAR with Block Exogeneity (Zha,...

En este documento se estima la Función de Producción y la productividad a nivel de firmas de la economía peruana. Los datos corresponden a todas las empresas formales que reportan datos entre el 2002 y 2011, información que permite corregir los tradicionales problemas de endogeneidad de...