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The link between labor cost inflation and price inflation in the Euro Area
To gauge inflationary pressures, policymakers generally pay close
attention to labor cost developments. A key reason has been the widely
held view that labor cost inflation (i.e., wage inflation adjusted for
productivity developments) is one of the main causes of price inflation.
From a theoretical ...
Goverment size misallocation and the resource curse
Structural transformation is a reallocation of labor across sectors. In this paper I investigate the impact of structural transformation in an open economy on sectoral and aggregate productivity with a particular focus on the role of government. While there are potentially many sources of structural ...
Unemployment dynamics in Chile: 1960-2015
Como proxy del mercado laboral de Chile, analizamos los flujos del mercado laboral de la Región Metropolitana de Santiago a lo largo de los últimos cincuenta años. Siguiendo la literatura, calculamos las tasas con que se encuentra y se pierde un empleo (tasas de riesgo) en los movimientos desde y hacia ...
Forward guidance in hte yield curve: short rates versis bond supply
Since late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in which ...
Cross-border corporate control: openness and tax havens
Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership stakes are often...
Too poor to grow
Development theorists have long been intrigued by a variety of mechanisms capable of generating vicious cycles of poverty and stagnation—broadly referred to as poverty traps. These mechanisms highlight different ways in which poverty may deter growth and become self-perpetuating. Such situation may ...
Non-ricardian aspects of fiscal policy in Chile
In this paper we examine the effects of government spending shocks in the Chilean economy. The study of the effects of such shocks in an emerging market economy is of special interest because of the potential presence of non-Ricardian households that is households that do not own any assets or have ...
Global imbalances and external adjustment after the crisis
Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low ...
The passthrough of large-cost shocks in an inflationary economy
This paper surveys and modestly extends the theory of menu-cost
models of the behavior of the aggregate price level after large-cost
shocks. It does so in the context of an economy with a high underlying
rate of inflation. It concentrates on the effect of large permanent and
unexpected increases ...
Global information spillovers
The amount of information produced in an economy varies over time. Stock prices in particular are informative but their degree of informativeness changes over time. Agents do not produce the same amount of information in every macroeconomic state of the world or in anticipation of every state. Although ...