Is a real business cycle model extended with non-stationary technology shocks able to describe small open economies or are credit market imperfections necessary in addition? This study addresses this question by providing evidence of the relative ability of a model with and without financial...

This paper uses a dynamic stochastic general equilibrium model with credit market imperfections to estimate the role of credit market shocks and monetary policy in US business cycles. The estimated model captures much of the historical narrative regarding the conduct of monetary policy and...

This paper addresses the positive implications of indexing risky debt to observable aggregate conditions. These issues are pursued within the context of the celebrated financial accelerator model of Bernanke, Gertler and Gilchrist (1999). The principle conclusions include: (1) the estimated...

La adopción de regímenes de metas de inflación en los últimos años por parte de un buen número de países en ALC, entre otros, ha dado un fuerte impulso a las tareas de investigación, centrado principalmente en mejorar la modelación del funcionamiento de la economía para lograr un...

La banca paralela (BP) en las economías emergentes se comprende menos y ha sido mucho menos estudiada que en las economías desarrolladas. La falta de datos es una de las razones fundamentales. El objetivo de este trabajo es proporcionar datos y analizar la BP en un grupo heterogéneo de...

Due to the perception of an implicit public guarantee, Banks too-big-to-fail may charge lower loan rates for the same risk in comparison to other groups of banks. However, empirically identifying such effect is challenging because size has many other advantages to banks besides the implicit...

This paper builds a model of trade in final goods that differ in skill-intensity and intermediate tasks that differ in tradability. A skill -abundant country whose final goods productivity is high relative to the rest of the world is shown to import (more unskilled tasks than skilled tasks,...

El propósito del trabajo es analizar la regulación relativa a la integración del capital regulatorio de los bancos en diversos países latinoamericanos y evaluar el efecto de la incorporación de conceptos establecidos en los estándares de capital de Basilea III en la regulación interna de...