El objetivo de este trabajo es presentar un modelo para la previsión de la producción real industrial y el índice de precios de la industria en Colombia, incorporando información de la Encuesta de Fedesarrollo. La construcción del modelo se desarrolla en dos etapas: en primer lugar, se hace...

We study the shape of the aggregate production function in the presence of land-intensive agriculture. The traditional Cobb-Douglas formulation is corrected to include a "diversification component." The implied TFP differences across countries are larger than what Solow residuals suggest.

This paper seeks to device and estimate an accounting framework for international comparison of income that takes into account relevant features of poor countries that are often disregarded in the more traditional single-good, Cobb-Douglas accounting framework. Our framework allows for multiple...

Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions....