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José Vicente Romero: Investigador Junior, Dpto. de Modelos Macro, Banco de la República.
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Enrico Mallucci: Economista senior, Sección de Estabilidad Financiera Internacional, Sistema de la Reserva Federal, FED
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Marcela De Castro Valderrama: Profesional, Dpto. de Modelos Macroeconómicos, Banco de la República
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Using confidential credit registry data, merged with firm tax records in Chile, we evaluate the macroeconomic consequences of relationship lending. We find that longer relationships between banks and firms give firms access to more credit at better terms, and that more productive and...
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Julian Roa: Economista de la Universidad Nacional de Colombia con maestría en Economía de la Universidad de los Andes. Actualmente trabaja en Econometría Consultores
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Estudiamos la resiliencia de los bancos a crisis macroeconómicas en un contexto de regulaciones microprudenciales laxas: Colombia durante la crisis de los 1980s. Múltiples bancos se quebraron durante esta crisis debido a prácticas que sustrajeron recursos de los bancos hacia sus...
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AbstractPortfolio diversification is as important to debt management as it is to asset management. In this paper, we focus on diversification of sovereign debt issuance through greater reliance on inflation-indexed bonds for a representative emerging economy, Colombia. Using an arbitrage-free...
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Luis E. Rojas: Profesor adjunto de la Universidad Autónoma de Barcelona y profesor afiliado de la Escuela de Graduados de Economía de Barcelona
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The feedback loop between sovereign and financial sector insolvency has been identified as a key driver of the European debt crisis and has...
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Marla Ripoll: Profesora y Chair del Dpto. de Economía de la Universidad de Pittsburgh y Profesor Principal del Centro de Estudios Latinoamericanos y del Programa de Estudios Globales
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We identify and study three key channels that shape how inflation affects wealth inequality: (i) the traditional Fisher channel through which inflation redistributes from lenders to borrowers; (ii) a nominal labour income channel through which inflation reduces the real value of sticky...
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Paula Beltrán: Candidata a PhD, Dpto. de Economía, Universidad de California en Los Ángeles.
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Carlo Alcaraz: Investigador Económico, Dirección General de Investigación Económica, Banco de México.
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We study the effect of the upsurge of natural resources income from the commodity price boom of the 2000s on the functional distribution of income. To do so, we build a general equilibrium model of Dutch disease that characterizes how natural resource windfalls affect equilibrium factor...
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Ricardo Rocha: Investigador y consultor independiente para DNP, BID, BM y otras instituciones públicas y privadasResumenUn análisis empírico de la estrategia exportadora de Colombia frente a Brasil en el mercado cafetero durante 1826-2018, considerando una competencia oligopolista por...
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We document that capital has flowed from equal to unequal countries since the 1990s. Differences in private savings between equal and unequal countries drive the flows. This empirical regularity holds across advanced economies. We develop a simple framework to analytically characterize how...
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Resumen: This paper proposes a Vector Autoregression augmented with nonlinear factors that are modeled nonparametrically using regression trees. There are four main advantages of our model. First, modeling potential nonlinearities nonparametrically lessens the risk of mis-specification. Second, the...
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