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The document "AIR POLLUTION IN BOGOTÁ, COLOMBIA: A Concentration-Response Approach" was presented on 27 April 2005.
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Profesora de economía, Universidad de los Andes
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Principal Economist, Board of Governors Federal Reserve System
Co-autores: Michiel De Pooter, Giovanni Favara, Jason Wu (Board of Governors Federal Reserve System)
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Felipe Alves: Economista Senior, Banco de Canadá
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AbstractCurrent practice to measure inflation for monetary policy uses the average annual inflation rate. When inflation changes fast, whether increasing or decreasing, the annual average rate is biased towards data from too far in the past and conveys the true price level with six months delay. I…
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Abstract: Private credit, often associated with unsecured lending, has experienced remarkable growth in recent years. We use U.S. loan-level data to show that total outstanding amounts of secured direct loans now surpass unsecured direct loans. Loans are more likely to be secured when informational…
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The issue of economic inequality began to receive increased attention after the global financial crisis. During that period, the increase in unemployment, the heterogeneous evolution of house and stock prices, and the fall in interest rates all affected households in very different ways.
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Abstract: This paper develops a procedure for uncovering the common cyclical factors that drive a mix of stationary and nonstationary variables. The method does not require knowing which variables are nonstationary or the nature of the nonstationarity.
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Abstract: Some studies have expressed concern that the Gaussian-inverse Wishart–Haar prior typically employed in estimating sign-identified VAR models may be unintentionally informative about the prior for the structural responses. We discuss what features to look for in this prior in the absence…
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Abstract: Since 2018, tariffs have resurged as a tool for protecting domestic economies, particularly in the US. This paper examines the macroeconomic and welfare impacts of various tariff scenarios using a four-region dynamic general equilibrium model with a multi-sectoral production network. The…
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Abstract: Professional inflation forecasts contain valuable information but exhibit information frictions.We extract improved forecasts by explicitly modeling these frictions using the US Survey of Professional Forecasters data, and find that forecast rigidity increases systematically with ho
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Abstract: Following decades of secular decline, many estimates of r*—the natural or steady-state short-term real interest rate—have risen roughly 1 percentage point since 2020 in the United States.
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Abstract: We develop a novel firm-level credit condition sentiment index using Natural Language Processing (NLP) techniques and earnings calls. We first document that our credit condition sentiment index is a sensible measure by demonstrating it is positively correlated with the commonly used firm…
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Abstract: We develop a New Keynesian model with financial frictions to study how corporate capital structure shapes static and dynamic monetary policy tradeoffs through the supply side. Ex post, when corporate leverage is high, monetary tightening contracts both demand and supply. As a result, the…
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