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This paper presents three exercises in order to evaluate the discrepancies between the unemployment rate estimated by the Department of Economics of the University of Chile and the National Bureau of Statistics (INE). It is shown that the discrepancies cannot be explained by differences on the qu...

I present two cases of sequential trade models of market microstructure with heterogeneous information partitions. First, the trader with information can infer the true value only under certain realizations. The main result is that the equilibrium outcomes look quite different from the literature...

Margrabe (1978) studied the problem of the valuation of the option of exchanging one risky asset for another. One interesting feature of the valuation formula that he obtained was that the value of the option was independent of the risk-free rate of interest. In this article we extend Margrabe's ...

This paper studies the apparent lack of value creation by Chilean equity mutual funds, emphasizing the role of their "investment styles" (obtained by combining multiple equity and fixed-income benchmarks, using Sharpe�s (1992) technique) and their determinants. We also search for evidence regardi...

This paper presents a theoretical assessment of the efficiency implications of alternative vertical structures in an industry characterized by a natural monopoly, vertically related to potentially competitive markets (network utilities). Based on the incomplete contracts and asymmetric informatio...

Technological innovations have contributed over the years to an increasing stock of durable goods -those products that are not immediately consumed but provide a stream of services over a long period of time. Indeed, virtually every household in a modern economy owns a refrigerator, a personal co...

In a well-known paper on the structure of development, Leontief (1963) showed that a country�s degree of economic development could be assessed by the relative completeness of its economic structure. This pattern of development is modelled in this paper. Within a context of international trade, a...

This paper develops a methodology to build a leading indicator for economic activity in Chile, that can be applied more generally to other economic series. The first step is to evaluate the leading capacities of a group of series. The second step is to build leading indicators to summarize the in...

This article presents a historical analysis of inflation in Chile from 1933 to 2001, estimating generalized autoregressive heteroskedasticity models, including asymmetric extensions such as the Threshold, Quadratic and Box-Cox models. Traditional symmetric models accept the Friedman hypothesis es...

This paper estimates technical efficiency in fishing activities of industrial vessels that operated during the 1990-2000 period in the "Merluccius gayi" fishery. Two algorithms -with fixed and random effects- used to estimate stochastic production frontiers are compared. The main results are: (a)...