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Intergenerational Persistence of Earnings: The Role of Early and College Education
Recent empirical studies show that the intergenerational persistence of economic status in the U.S. is much higher than previously thought. We develop a quantitative theory of inequality andExpand
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Relative prices and investment rates
Abstract We construct a panel for the price of aggregate investment over consumption and report the following observations. (1) Relative price differences across countries are large over the entireExpand
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Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations
We account for the appreciation of the real exchange rate in Mexico between 1988 and 2002 using a two sector dynamic general equilibrium model of a small open economy with two driving forces: (i)Expand
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Transitional dynamics and the distribution of assets
Summary.We study the evolution of the distribution of assets in a discrete time, deterministic growth model with log-utility, a minimum consumption requirement, Cobb-Douglas technology, and agentsExpand
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Social Security Reform with Uninsurable Income Risk and Endogenous Borrowing Constraints
We study the aggregate effects of a social security reform in a large overlapping generations model where markets are incomplete and households face uninsurable idiosyncratic income shocks. We departExpand
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Does Informality Facilitate Inflation Stability?
Informality is an entrenched structural trait in emerging market economies, despite of the progress achieved in macroeconomic management. Informality determines the behavior of labour markets,Expand
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Employment Protection and Business Cycles in Emerging Economies
We build a small open economy, real business cycle model with labor market frictions to evaluate the role of employment protection in shaping business cycles in emerging economies. The model featuresExpand
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Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations
The last twenty years have witnessed periods of sustained appreciations of the real exchange rate in emerging economies. The case of Mexico between 1988 and 2002 is representative of several episodesExpand
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Firm Dynamics, Investment, and Debt Portfolio: Balance Sheet Effects of the Mexican Crisis of 1994
We build a partial equilibrium model of firm dynamics under exchange rate uncertainty. Firms face idiosyncratic productivity shocks and observe the current level of the real exchange rate eachExpand
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Credit, misallocation and productivity growth: A disaggregated analysis
We study the effect of credit conditions on the allocation of inputs, and their implications for aggregate TFP growth. For this, we build a new dataset for Mexican manufacturing merging real andExpand
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