Developing countries have a vast informal sector generally associated with low productivity levels. The response of informal employment to tax policies might depend on labor market rigidities. This paper proposes a theoretical framework consisting of a search and…
Politica fiscal
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This paper aims to provide evidence on the relationship between fiscal and monetarypolicy in Colombia through an empirical exploration of the credit risk channel. Underthis approach, fiscal policy plays an important explanatory role in the sovereign riskpremium, which, in turn, could…
- Publicación |Abstract I propose a general equilibrium model with a quasi-hyperbolic discounting government that optimally decides upon using creative accounting in order to evaluate a balanced budget rule and a debt rule.
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We provide a measure of the output gap that filters out the impact of the commodity and net capital inflows booms for Latin American countries. These two factors temporarily boost output and so are likely to push up estimates of potential growth in the region to unrealistic levels, thereby…
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This paper examines the measurement and identification of tax policy shocks using novel multi-country databases on tax rates. On the measurement front, we argue that there is no substitute for using tax rates, a true policy instrument, as opposed to the much more popular revenue-based measures,…
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Central banks in G7 countries shifted to unconventional policy measures in the aftermath of the Financial Crisis, when faced with economic slack, financial instability and fiscal trouble. This shift ended a spell of rules-based time consistent monetary policy that started in the mid-1980s. I…
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This paper shows that the Colombian sovereign risk (EMBI‑Colombia) is mainly determined by international investors’ risk appetite, whose response is non‑linear and depends on the government fiscal stance. It is also shown that the relationship between these variables experienced an important…