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 […]
Local incentives and national tax evasion: The response of illegal mining to a tax reform in Colombia
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 context of mining in Colombia, we study whether lower transfers to the locality where the taxed economic activity takes place dampen local authorities’ incentives to […]
Interest rate convergence across maturities: Evidence from bank data in an emerging market economy
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 rate data for different financial products across a range of banks. We utilise and further develop the Phillips and Sul convergence club approach by estimating […]
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 […]
Economía informal y tributación: estado actual del conocimiento y agenda para futuras investigaciones y políticas
Este capítulo presenta una revisión de la literatura sobre la relación entre la tributación y la economía informal. Primero, se esboza un enfoque integral que explica un posible orígen de la informalidad y cómo ha sido su evolución hasta la actualidad en los países en vía de desarrollo y emergentes. Esto es importante para justificar […]
Gasto catastrófico en salud y pobrezamultidimensional: un análisis longitudinal
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 […]