The discussion about the Interest Rate Ceiling (TMC) has generated several proposals that involve changing the current way of calculating this interest rate, which applies to consumer loans of amounts smaller than 200 UF and maturities of less than 90 days. In this paper we analyze the effect of...

Commodity exporter economies usually suffer when a boom in commodity prices ends, especially if the cycle ends abruptly. Furthermore, recent literature has highlighted the role of financial instability as either causing or aggravating financial and real crises. In this paper we look at these two...

Despite the important role that total factor productivity (TFP) has played in growth literature, few attempts have been made to change the methodology to estimate it. This paper proposes a methodology based on state–space model to estimate TFP and its determinants. With this methodology it is...

Acknowledging that a non-zero level of benefits is socially optimal, and may even be considered efficient, this paper implements a labor search model that distinguishes between unemployed with and without benefits to quantify the effects on the Chilean labor market that result from increasing...

This paper investigates how standard residual based tests for cointegration—under structural change in the long run relationship—can be modified in order to reduce size distortions and improve power, by following the same ideas used in the unit root context. This is a natural strategy given...

En este artÌculo, analizamos las transmisiones de shocks desde los principales mercados burs·tiles desarrollados, incluyendo Tokio, New York, ParÌs y Frankfurt hacia el mercado de Santiago, controlando por el mercado de Sao Paulo. Esta investigaciÛn se concentra en los recientes episodios de...

Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use an extensive dataset on...