Dollarization, Economic Growth, and Employment (2008)
Dollarization brought economic stability to Ecuador and higher economic growth. The labor market has not reacted accordingly and unemployment rates remain stubbornly around 10%. I use a simple...
Federal Reserve Bank of Minneapolis (2007)
Raphael Bergoeing, Timothy J. Kehoe, Raimundo Soto, ...
Both Chile and Mexico experienced severe economic crises in the early 1980s, yet Chile recovered much faster than Mexico. This study analyzes four possible explanations for this difference and rules...
Raphael Bergoeing Universidad, Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two...
Procyclical Productivity in Manufacturing (2006)
Navarro, Lucas, Soto, Raimundo
We study the cyclical behavior of labor productivity in eighty industries of the Chilean manufacturing sector in the 1979-2001 period. We find that labor productivity at the sector level is...
Nota Técnica: Evolución del consumo y compras de bienes durables en Chile, 1981-1999. (2004)
Francisco Gallego, Raimundo Soto
Nota Técnica: Evolución del consumo y compras de bienes durables en Chile, 1981-1999.
Spatial Inequality, Migration and Economic Growth in Chile (2004)
Soto, Raimundo, Torche, Arístides
Entre 1975 y 2000, el PIB por habitante creció 5% por año en Chile. Sin embargo, las regiones no se beneficiaron de igual forma: la pobreza cayó significativamente en todas ellas, pero la...
Spatial Inequality, Migration and Economic Growth in Chile (2004)
Soto, Raimundo, Torche, Arístides
Entre 1975 y 2000, el PIB por habitante creció 5% por año en Chile. Sin embargo, las regiones no se beneficiaron de igual forma: la pobreza cayó significativamente en todas ellas, pero la...
On The Measurement Of Market-Oriented Reforms (2003)
Norman Loayza Raimundo, Raimundo Soto
This paper presents policy- and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that...
Ajuste estacional e integración en variables macroeconómicas (2002)
Resulta evidente la importancia que tiene para el análisis económico poder separar aquellos movimientos seculares en las variables económicas de sus componentes estacionales, tanto para...
Ajuste estacional e integración en variables macroeconómicas (2002)
Resulta evidente la importancia que tiene para el análisis económico poder separar aquellos movimientos seculares en las variables económicas de sus componentes estacionales, tanto para...
Nota Técnica: Evolución del consumo y compras de bienes durables en Chile, 1981-1999. (2001)
Francisco Gallego, Raimundo Soto
El objetivo de este trabajo es desarrollar una metodología para construir series estadísticas consistentes nominales y reales sobre las compras, el consumo y el stock de bienes de consumo durables...
Demanda por Dinero: teoría, evidencia, resultados (2000)
Mies, Verónica, Soto, Raimundo
Este artículo presenta una revisión crítica de la literatura económica sobre la demanda por dinero, poniendo énfasis en los resultados empíricos obtenidos para Chile. La primera parte del...
Cointegración Estacional en la Demanda por Dinero (2000)
Soto, Raimundo, Tapia G., Matías
Las estimaciones tradicionales de la demanda de dinero presentan problemas característicos: inestabilidad de los parámetros estimados, inconsistencia con los modelos teóricos y baja capacidad...
Demanda por Dinero: teoría, evidencia, resultados (2000)
Mies, Verónica, Soto, Raimundo
Este artículo presenta una revisión crítica de la literatura económica sobre la demanda por dinero, poniendo énfasis en los resultados empíricos obtenidos para Chile. La primera parte del...
Cointegración Estacional en la Demanda por Dinero (2000)
Soto, Raimundo, Tapia G., Matías
Las estimaciones tradicionales de la demanda de dinero presentan problemas característicos: inestabilidad de los parámetros estimados, inconsistencia con los modelos teóricos y baja capacidad...
Three essays on empirical dynamics in macroeconomics /--by Raimundo Soto. (1996)
Thesis (Ph. D.)--Georgetown University, 1996.
Jorge Quiroz, Raimundo Soto, Jorge A. Quiroz, Raimundo Soto
Comments and suggestions to a previous draft by Paul McNelis, Tarhan Feyzioglu, XX and Marc Nerlove are gratefully acknowledged. This paper was written while the first author was under the visiting...
How Distorted is Cuba's Trade? Evidence and Predictions From a Gravity Model
Claudio M. Montenegro, Raimundo Soto
Cuban trade has been historically distorted for two reasons: its membership in the socialist trade pact (CMEA) and the US embargo. Using a gravity model, this article explores the degree of...
Capital flows and long-term equilibrium real exchange rates in Chile
Elbadawi, Ibrahim A., Soto, Raimundo
In the context of an empirical model, the authors examine the impact of capital flows, among other fundamentals, on long-term exchange rates in Chile. The real exchange rate and its fundamentals were...
Structural breaks and long-run trends in commodity prices
The oil shocks of the 1970s, which quadrupled the price of petroleum, marked the end of an abnormal period of price stability and renewed interest in predicting the evolution of commodity prices. But...
Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium...
Testing Real Business Cycle Models in an Emerging Economy
Raphael Bergoeing, Raimundo Soto
RBC models have been successfull when applied to developed economies: their abilities in replicating the data of emerging countries remain largely unexplored. The rapid but unstable growth process in...
Toward a Modern State in Chile: Institutions, Governance, and Market Regulation.
Eduardo Saavedra, Raimundo Soto
Chile, as most Latin American countries, inherited the language, religion, and the institutions from 16th century Spanish conquerors. Most institutions have not changed since. This paper examines the...
Política Fomento Empresarial y Reconversión Laboral: Experiencias Internacionales y el Caso Chileno.
Anatomía de una Crísis Eléctrica.
Carlos Díaz, Alexander Galetovic, Raimundo Soto
Este trabajo estudia formalmente si la ley eléctrica contenía precios suficientes para administrar sin cortes y eficientemente caídas drásticas de la cantidad ofrecida de energía y daba los...
Open-Access Issues in the Chilean Telecommunications and Electricity Sectors
Este trabajo analiza la crisis eléctrica de 1998-1999. Su principal conclusión es que el diagnóstico habitual que sostiene que ocurrió porque las empresas no invirtieron y el regulador no tenía...
La crisis eléctrica de 1998-1999: causas, consecuencias y lecciones
Carlos Díaz, Alexander Galetovic, Raimundo Soto
Este trabajo analiza la crisis eléctrica de 1998-1999. Su principal conclusión es que el diagnóstico habitual que sostiene que ocurrió porque las empresas no invirtieron y el regulador no tenía...
Reformas Económicas e Institucionales del Estado en América Latina
Eduardo Saavedra, Raimundo Soto
Latinoamérica heredó el lenguaje, la religión y las instituciones de los conquistadores españoles del siglo XVI. La mayoría de las instituciones no han variado desde entonces. Este artículo...
Decades lost and found: Mexico and Chile since 1980
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Both Chile and Mexico experienced severe economic crises in the early 1980s, yet Chile recovered much faster than Mexico. This study analyzes four possible explanations for this difference and rules...
Ajuste Estacional e Integración en Variables Macroeconómicas
The importance of separating secular from seasonal movements in macroeconomic data cannot be understated. For policy purposes, filtering the data is of paramount importance both to analyse...
Evolución del Consumo y Compras de Bienes Durables en Chile, 1981-1999
Francisco Gallego, Raimundo Soto
This paper presents a methodology to build series of purchases, consumption, and stocks of durable goods for the Chilean economy in the 1981-1999 period. The estimated series -both nominal and real-...
Francisco Gallego, Felipe Morandé, Raimundo Soto
This paper studies empirically the relation between household economic saving (including durable good purchases) and the business cycle using Chilean data. The data show that the relation between...
Seasonal cointegration and the stability of the demand for money
Studies on money demand in both developed and developing countries coincide in reporting systematic over predictions of monetary aggregates, non-robust estimated parameters and out-of-sample forecast...
A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Raimundo Soto
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two...
Procyclical productivity : evidence from an emerging economy
Average productivity tends to rise during booms and fall during recessions. This fact is at odds with classical macroeconomic theories which suggest that labor productivity should be countercyclical...
Ten Years of Inflation Targeting: Design, Performance, Challenges
Inflation targeting has become an increasingly popular monetary regime in both emerging and industrialized economies. However, several features of this regime, and its effects on economic...
Testing Real Business Cycles Models in an Emerging Economy
Raphael Bergoeing, Raimundo Soto
RBC models have been successful when applied to developed economies: their abilities in replicating the data of emerging countries remain largely unexplored. The rapid but unstable growth process in...
Cuadernos de Economía (Latin American Journal of Economics)
Juan Pablo Montero, José Miguel Sánchez, Raimundo Soto
Cuadernos de Economía, Latin American Journal of Economics is published by the Instituto de Economía of the Pontificia Universidad Católica de Chile, containing theoretical and empirical academic...
Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
On the measurement of market-oriented reforms
Loayza, Norman V., Soto, Raimundo
This paper presents policy- and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that...
Unemployment and Real Exchange Rate Dynamics in Latin American Economies
Edwards and Savastano (2000) survey on the equilibrium real exchange rate (RER) literature identify two important limitations: the lack of explicit derivation of flow and stock equilibrium variables...
Policy-driven productivity in Chile and Mexico in the 1980s and 1990s
Raimundo Soto, Raphael Bergoeing, Timothy Kehoe, Patrick Kehoe.
Testing Real Business Cycle Models in an Emerging Economy.
Raimundo Soto, Raphael Bergoeing
RBC models have been successful when applied to developed economies: their abilities in replicating the data of emerging countries remain largely unexplored. The rapid but unstable growth process in...
Market-Oriented Reforms: Definitions and Measurement
This paper presents ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that have been emphasized...
Toward a Modern State in Chile: Institutions, Governance, and Market Regulation
Eduardo Saavedra, Raimundo Soto
Chile, as most Latin American countries, inherited the language, religion, and the institutions from 16th century Spanish conquerors. Most institutions have not changed since. This paper examines the...
A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Chile and Mexico exoperienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the...
Theory and Empirics of Real Exchange Rates in Developing Countries
Raimundo Soto, Ibrahim A. Elbadawi.
This paper develops a general equilibrium model of the real exchange rate for a small open economy, taking into account often overlooked characteristics of developing economies, such as the presence...
Ajuste Estacional e Integración en Variables Macroeconómicas
Separating seasonal components from other sources of economic fluctuations is crucial for both economic modeling and policy making. Practitioners treat seasonality as noise to be removed before...
Spatial Inequality, Migration and Economic Growth in Chile
Raimundo Soto, Arístides Torche
Between 1975 and 2000, annual per-capita GDP in Chile grew at 5%. Yet, regions did not benefit equally: poverty declined significantly in all regions but regional income inequality remained stagnant....
Procyclical Productivity in Manufacturing
We study the cyclical behavior of labor productivity in eighty industries of the Chilean manufacturing sector in the 1979-2001 period. We find that labor productivity at the sector level is...
Modeling Equilibrium Real Exchange Rates
Raimundo Soto, Ibrahim Elbadawi
The research addresses three methodological questions that are central to effective exchange rate and macroeconomic management: what are the determinants and how to model the real exchange rate...
Raimundo Soto, Aristides Torche
Research on regional economic growth in Chile has focused mainly on convergence (absolute vs. conditional) and the speed toward the steady state, and less on what such convergence entails in terms of...
A decade lost and found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J, Raimundo Soto
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two...
Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Detailed macroeconomic data to accompany the article in the Review of Economic Dynamics
Anatomía de una crisis eléctrica
Carlos Díaz, Alexander Galetovic, Raimundo Soto
Este trabajo estudia formalmente si la ley eléctrica contenía precios suficientes para administrar sin cortes y eficientemente caídas drásticas de la cantidad ofrecida de energía y daba los...
La crisis eléctrica de 1998-1999: causas, consecuencias y lecciones
Carlos Díaz, Alexander Galetovic, Raimundo Soto
Este trabajo analiza la crisis eléctrica de 1998-1999. Su principal conclusión es que el diagnóstico habitual que sostiene que ocurrió porque las empresas no invirtieron y el regulador no tenía...
A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two...
Dollarization, Economic Growth, and Employment
Dollarization brought economic stability to Ecuador and higher economic growth. The labor market has not reacted accordingly and unemployment rates remain stubbornly around 10%. I use a simple...
Evolución del consumo y compras de bienes durables en Chile, 1981 - 1999
Francisco Gallego, Raimundo Soto
El objetivo de este trabajo es desarrollar una metodología para construir series estadísticas consistentes nominales y reales sobre las compras, el consumo y el stock de bienes de consumo durables...
A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two...
Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium...
STRUCTURAL BREAKS AND LONG-RUN TRENDS IN COMMODITY PRICES
The purpose of this paper is twofold: first, it tests the Prebisch-Singer hypothesis of a secular deteriorating trend, and, second, presents a time-series analysis of the dynamics of commodity...
Long-run growth and productivity changes in Uruguay: Evidence from aggregate and industry level data
Carlos Casacuberta, Nestor Gandelman, Raimundo Soto
Purpose – The economic performance of Uruguay in the last 50 years has been disappointing. Annual growth in labor productivity has been lower than the rest of the Latin American economies and well...
Dollarization, economic growth, and employment
Dollarization brought price stability and higher economic growth to Ecuador. Nevertheless, unemployment remained stubbornly high. Two opposing forces explain this result: sustained growth led to...