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Labor market distortions, employment and grwth: the recent chilean experience
From 1984 to 1998, the Chilean economy grew at a rate of 5.4 percent per capita, putting it among the world’s most successful economies in the past twenty years. This performance can undoubtedly be attributed to the market-oriented structural reforms that took place in the 1970s, 1980s, and early ...
Microeconomic flexibility in Latin America
Latin American economies have begun to leave behind some of the most primitive sources of macroeconomic fluctuations. Policy concern is gradually shifting toward increasing microeconomic flexibility. This is a welcome trend since microeconomic flexibility, which facilitates the ongoing process of ...
General equilibrium analysis of a fuel tax increase in Chile
Achieving economic growth has been an important issue for over half a century. More recently, developed countries have incorporated the need for a more equitable and environmentally balanced growth. The complexity of modeling an economy with all its interrelations, agents, and sectors, however, has ...
The monetary transmission mechanism in Chile: a medium-sized macroeconometric model
The objective in building and specifying macroeconomic models is to reflect the main characteristics of an economy in a stylized way. This article describes a macroeconometric model for the Chilean economy. The aim of the model is to forecast the main macroeconomic variables, along with policy exercises ...
General equilibrium models: an overview
The development of general equilibrium models (GEMs) goes back a long way in economics, both at a theoretical level and as a tool for empirical analysis. General equilibrium theory and modeling have proved to be relevant and useful for understanding economic interactions between markets and agents in ...
Dynamics of earnings in Chile
Uncertainty is a key dimension of individual decisionmaking. Individuals cannot insure against certain contingencies under incomplete markets. Uncertainty thus influences the life-cycle evolution of consumption and savings, labor supply and asset allocation, and education and occupation choices. ...
Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Testing real business cycle models in an emerging economy
One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The ...
Imperfect labor mobility, urban unemployment and agricultural trade reform in Chile
A component of agricultural policy in Chile is the use of price bands to stabilize domestic price movements in selected agricultural crops and processed agricultural commodities. In the 1990s, the use of price bands for wheat, fats and oils, and sugar resulted in the equivalent of roughly a 22 percent ...
How well does a monetary dynamic equilibrium model account for chilean data?
Since Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of this ...