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Browsing Colecciones Institucionales by browse.metadata.categoriaods "08 Trabajo decente y crecimiento económico"
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- ItemA class of antipersistent processes(WILEY, 2007) Bondon, Pascal; Palma, WilfredoWe introduce a class of stationary processes characterized by the behaviour of their infinite moving average parameters. We establish the asymptotic behaviour of the covariance function and the behaviour around zero of the spectral density of these processes, showing their antipersistent character. Then, we discuss the existence of an infinite autoregressive representation for this family of processes, and we present some consequences for fractional autoregressive moving average models.
- ItemA COMPOUND OPTION MODEL OF PRODUCTION AND INTERMEDIATE INVENTORIES(UNIV CHICAGO PRESS, 1993) CORTAZAR, G; SCHWARTZ, ESThis article extend the option approach to valuing real assets by modeling the firm as a two-stage process with bounded output rates in which the output of the first stage may be held as work-in-process. In this setting, the real asset becomes a compound option. which, if exercised, gives the option to finish the work-in-process and sell the output as its final payoff. The existence of intermediate inventories may arise as an optimal investment strategy for exploiting possible future price increases. The framework allows us to analyze the effect of uncertainty on output rates and the effect of interest rates changes on inventory levels.
- ItemA DIAGONAL HYPERBOLIC SYSTEM FOR MAPPINGS WITH PRESCRIBED PRINCIPAL STRAINS(ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS, 1993) GEVIRTZ, J
- ItemA semiparametric approach to estimate two seasonal fractional parameters in the SARFIMA model(2014) Reisen, V.; Zamprogno, B.; Palma M., Wilfredo; Arteche, J.
- ItemA Two-Level Theory of Presidential Instability(CAMBRIDGE UNIV PRESS, 2014) Luna, Juan Pablo; Murillo, Maria Victoria; Schrank, AndrewThis article analyzes the conditions that facilitate the ousting of Latin American presidents and the mechanisms that prevent their downfall. Drawing lessons from the impeachment of Paraguayan president Fernando Lugo, it extends previous arguments about the "legislative shield" to show that the same forces that sometimes conspire to terminate an administration at other times work to resist its demise. The argument underscores the interaction between legislators and social movements, two prominent actors in the literature on presidential instability. The article presents a two-level theory to identify possible configurations of mass and legislative alignments, and tests some implications of the theory with data for 116 Latin American presidents over 28 years. Multiple comparison tests based on random effects logistic models show that popular protests can be neutralized by strong support in Congress, and hint at the possibility that legislative threats can be neutralized by loyal demonstrators in the streets.
- ItemAdulthood employment trajectories and later life mental health before and after the onset of the COVID-19 pandemic(MDPI, 2022) Cabib Madero, Ignacio Andrés; Budnevich Portales, Carlos; Azar Denecken, Ariel RicardoBackground: This life course study has two aims. First, to explore how diverse employment trajectories across adulthood are related to older people's mental health in Chile, a country with no research in this field, and second, to analyze these associations before and after the onset of the COVID-19 pandemic. Methods: We use data from the nationally-representative and longitudinal 'Chilean Social Protection Survey' sequence analysis to reconstruct employment trajectory types, and bivariate and multivariate analyses to measure their association with depressive symptoms. Results: Our findings indicate that formal labor force patterns in adulthood show the lowest burden of depressive symptomology before and after the onset of the overwhelming COVID-19 pandemic when controlling for traditional risk factors. Conclusion: We emphasize that policymakers in both the labor market and public health domains must consider the relationship between informal employment pathways in adulthood and poorer mental health in old age. Public policies should improve the conditions and quality of jobs during adulthood and promote more formalization in the labor market to address the high uncertainty involving low social protection, which is strongly associated with severe mental health problems in later life.
- ItemAll that glitters is not gold: a ranking of global rankings(2020) Díaz, E.; Valdés, Rodrigo O.
- ItemAn examination of the discount rate(FONDO CULTURA ECONOMICA, 2005) Zurita, FThe choice of an appropriate discount rate is of major importance in cost-benefit analysis both, at the private and at the social levels. The theories that rationalize. the NPV criterion also identify the appropriate rate. However, the question remains as to what should be done when the environment where the project is under appraisal does not accommodate well to the one described by the theory. This essay puts forward the idea that generally speaking, when there is no obvious rate to pick the NPV criterion lacks normative value.
- ItemAn N-factor Gaussian model of oil futures prices(JOHN WILEY & SONS INC, 2006) Cortazar, G; Naranjo, LThis article studies the ability of an N-factor Gaussian model to explain the stochastic behavior of oil futures prices when estimated with the use of all available price information, as opposed to traditional approaches of aggregating data for a set of maturities. A Kalman filter estimation procedure that allows for a time-dependent number of daily observations is used to calibrate the model. When applied to all daily oil futures price transactions from 1992 to 2001, the model performs very well, requiring at least three factors to explain the term structure of futures prices, but four factors to fit the volatility term structure. The model also performs very well for daily copper futures transactions from 1992 to 2001 and for out-of-sample daily oil futures transactions from 2002 to 2004. (c) 2006 Wiley Periodicals, Inc.
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- ItemAnalysis of the correlation structure of square time series(WILEY, 2004) Palma, W; Zevallos, MThis paper analyses the asymptotic behaviour of the autocorrelation structure exhibited by squares of time series with a Wold expansion where the input error is a sequence of random variables with mean zero and finite kurtosis. Two important cases are discussed: (i) when the errors are independent and, (ii) when the errors are uncorrelated but their squares are correlated. Both situations are addressed when the process exhibits short or long memory. Consequences of these results on certain models widely used in many disciplines are also discussed.
- ItemAnalytic Mean-Field Charge-Density-Wave Solution At Nu=1/3: Composite-Fermion-Like Subbands and Correlation Effects(2004) Cabo, A.; Claro Huneeus, Francisco
- ItemAre the effects of uncertainty shocks big or small?(2023) Alessandri, Piergiorgio; Gazzani, Andrea; Vicondoa, AlejandroPrevious works have reached widely divergent conclusions on the macroeconomic relevance of uncertainty shocks. We show that this disagreement reflects identification problems linked to the use of financial data in low-frequency VAR models. To bypass this difficulty, we identify uncertainty shocks using daily data and use their monthly averages as instruments in VARs. This novel identification approach captures within-month interactions between uncertainty and asset prices, providing a full picture of the pivotal role of financial markets in propagating uncertainty to the real economy. Once these interactions are accounted for, the disagreement disappears: uncertainty shocks have a small but significant impact on economic activity across specifications and identification schemes.
- ItemAssessing inflation targeting after a decade of world experience(JOHN WILEY & SONS LTD, 2001) Corbo, V; Landerretche, O; Schmidt Hebbel, KTen years of inflation targeting worldwide provide valuable lessons. Inflation targeters (ITers) have been very successful in meeting their inflation targets (ITs). Industrial output sacrifice during inflation stabilization and industrial output volatility has frequently been lowered after IT adoption. ITers have consistently reduced inflation forecast errors after IT adoption. The influence of price and output shocks on the behaviour of inflation and output gaps has changed much more strongly among ITers than in non-targeting industrial countries in the course of the 1990s. IT has played a role in strengthening the effect of forward-loo king expectations on inflation, hence weakening the weight of past inflation inertia. Central bankers' aversion to inflation is, on average, not different among ITers in comparison to NITers but has risen in emerging-country ITers. ITers have gradually reaped a credibility gain, allowing them to achieve their targets with smaller changes in interest rates in the late 1990s than the changes that were required in the early 1990s. Copyright (C) 2001 John Wiley & Sons, Ltd.
- ItemAssessing influence in Gaussian long-memory models(ELSEVIER SCIENCE BV, 2008) Palma, Wilfredo; Bondon, Pascal; Tapia, JoseA statistical methodology for detecting influential observations in long-memory models is proposed. The identification of these influential points is carried out by case-deletion techniques. In particular, a Kullback-Leibler divergence is considered to measure the effect of a subset of observations on predictors and smoothers. These techniques are illustrated with an analysis of the River Nile data where the proposed methods are compared to other well-known approaches such as the Cook and the Mahalanobis distances. (c) 2008 Elsevier B.V. All rights reserved.
- ItemAsset fire sales in equity markets: Evidence from a quasi-natural experiment(2017) Larraín, Borja; Muñoz, D.; Tessada Pinto, José Antonio
- ItemAssociation between informal employment and depressive symptoms in 11 urban cities in Latin America(ELSEVIER SCI LTD, 2022) Huynh, Tran B.; Oddo, Vanessa M.; Trejo, Bricia; Moore, Kari; Quistberg, D. Alex; Kim, Jannie J.; Diez-Canseco, Francisco; Vives, AlejandraBackground: Mental health is an important contributor to the global burden of disease, and depression is the most prevalent mental disorder in Latin America and the Caribbean (LAC). Informal jobs, often characterized by precarious working conditions, low wages, and limited employment benefits, are also highly prevalent in LAC and may be associated with poorer mental health. Our study tests the association between informal employment and major depressive symptoms in LAC cities.Methods: We used individual-level data collected by the Development Bank of Latin America via their "Encuesta CAF" (ECAF) 2016, a cross-sectional household survey of 11 LAC cities (N = 5430). Depressive symptoms were measured using the 10-item Center for Epidemiologic Studies Short Depression Scale with possible total score ranging from 0 to 30. Scores were dichotomized, with a score > 16 indicating the presence of major depressive symptoms. Informal employment was defined based on self-reported lack of contribution to the social security system. We used generalized estimating equation (GEE) log-binomial models to estimate the association between informal employment and depressive symptoms overall and by gender. Models were adjusted for age, education, and household characteristics.Results: Overall, individuals employed in informal jobs had a 27% higher prevalence of major depressive symptoms (Prevalence Ratio [PR]: 1.27; 95% Confidence Interval [CI]: 1.00, 1.62) compared to those in formal jobs. The prevalence of depressive symptoms among individuals with informal jobs was higher compared to those with formal jobs in both women (PR: 1.36, 95% CI: 1.06, 1.74) and men (PR: 1.22; 95% CI: 0.90, 1.65).Conclusions: Informal employment in LAC was associated with a higher prevalence of major depressive symptoms. It is important to develop policies aiming at reducing informal jobs and increasing universal social protection for informal workers.
- ItemBankruptcy prediction for Chilean companies(BANCO CENTRAL CHILE, 2008) Zurita, FelipeThis paper compares statistical and option-based models of financial instability for the group of listed Chilean companies. Statistical models have the properfit, although the peculiar history of bankruptcies in the period of analysis, namely their concentration in the early period, questions their usefulness as a predictive tool. In models based on option theory, on the other hand average bankruptcy probabilities appear to be highly correlated with bank risk indicators, and precedes them by up to three quarters. Overall, this first measuring effort is moderately succesful, but reveals a number of paths worth exploring.
- ItemBiographies of uncertainty regulation in the labor market and extension of working life in Chile(Oxford Academic, 2024) Cabib Madero, Ignacio Andres; Yopo Díaz, Martina; Biehl Lundberg, Andrés; Cereceda, Trinidad; Ormeño, Juan Pablo; Ortiz Ruiz, Francisca JoséDespite lacking policies targeting the extension of working life, Chile is the Latin American country that has exhibited the largest increase in the labor force participation rate of people aged 65+ in the last two decades. In this research, following an analytical framework on regulation of endogenous uncertainty and relying on rich qualitative data (life story interviews of 90 older workers aged 60–86, across 21 cities and 6 regions), we approached the complexity of extended working lives in Chile by addressing an unexplored dimension. Specifically, we explore individuals’ agency over their employment trajectories (i.e., both in adulthood and old age) among those who remained active in the labor market after the legal retirement age. Our findings provide strong evidence that extended working lives not only result from precarious social conditions, but are also shaped by complex processes involving both expansive and adaptive individual agency in which people engaged throughout their life course. Therefore, the high exogenous uncertainty in the labor market should not merely be interpreted from the perspective of “precarity,” but also as a scenario that encouraged individuals to behave in a way that led them to engage in the labor force across their lives in accordance with their preferred level of endogenous uncertainty.
- ItemCan mining countries take advantage of their mining rents? A question of abundance, concentration and institutions(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2020) Larrain B, Felipe; Perello P, OscarA common puzzle in economics is whether natural resources are a 'curse' or a 'blessing' for economic development. Previous studies have suggested that resource booms can promote growth, but private rent-seeking can turn these booms into a curse if institutions are weak. We argue that private incentives differ depending on whether rents are diversified across different commodities or concentrated in a few of them, because greater diversification implies higher appropriation costs. By using SITC-4 level of export disaggregation to measure within-sector concentration in 131 countries during 1991-2015, we show that the effect of mining rents on economic growth is conditional on the level of concentration within the mining sector. Mining rents enhance growth for economies with low concentration and strong institutions but reduce growth for economies with high-concentration and extremely weak institutions.