We perform Monte Carlo simulations to study the effect of increasing the frequency of observations and data span on the Johansen (J Econ Dyn Control 12(2–3):231– 254, 1988; Likelihood-based inference […]

This paper uses nighttime luminosity to estimate a globally comparable measure of the size of metropolitan areas around the world for the years 2000 and 2010. We apply recently-proposed methodologies […]

Achieving a fair distribution of resources is one of the goals of fiscal policy. To this end, governments often transfer tax resources from richer to more marginalized areas. In the […]

Against a background of financial liberalisation reforms, we assess the extent of market integration and competition in Colombian retail deposits and loans markets. We employ a dataset comprising bank-level interest […]

In this paper we build an incomplete-markets model with heterogeneous households and firms to study the aggregate effects of saving constraints and credit constraints in general equilibrium. We calibrate the […]

We analyse the heterogeneity of exchange rate forecasts by a panel of professional forecasters. Adopting the view that forecasters’ economic behaviour is such that they constantly collect, process and analyse […]

This paper estimates the short-term impact of a twofold increase of the tobacco excise tax on consumption of illicit cigarette trade in Colombia. Using data collected before and after the […]

Background Tobacco prevalence in Colombia is small compared with other Latin America despite the nation’s tobacco taxes being among the lowest in the region. However, tobacco taxes have increased several times […]