Multivariate Cointegration and Temporal Aggregation: Some Further Simulation Results

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 in cointegrated vector autoregressive models, Oxford University Press, Oxford, 1995) maximum likelihood cointegration testing approach, as well as on the bootstrap and wild bootstrap implementations […]

Measuring the size and growth of cities using nighttime light

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 that correct the known problems of available nighttime luminosity data including blurring, instability of lit pixels overtime and the reduced comparability of night light images […]

Credit and saving constraints in general equilibrium: A quantitative exploration

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 model using survey data from Colombia, a developing country in which informal saving and credit frictions are pervasive. Our quantitative results suggest that reducing savings […]

The effects of FX-interventions on forecasters disagreement: A mixed data sampling view

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 relevant information when producing forecasts, we apply a Mixed-Data Sampling (MIDAS) regression approach. This enables us to explore the roles played by key drivers for […]

Tobacco taxes and illicit cigarette trade in Colombia

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 tax increase from a novel smoker survey (DEICS-Col), the impact is estimated as the change in the probability that a smoker has illicit cigarettes. The […]

Price smoking participation elasticity in Colombia: estimates by age and socioeconomic level

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 during the last decade, and large increases in 2010 and 2016 impacted consumer prices.Objective This paper aims to estimate the price smoking participation elasticity (PPE) in […]