Other Working Papers

In this section I share a few dormant research projects in which I worked while I was M.A. student in the Universidad de Chile and Staff Economist in the Central Bank of Chile

Abstract:

In this paper we study the dynamics of the interbank rate in Chile, with special attention to the role of liquidity provided by private depositors and by the central bank’s open market operations on a daily basis. The main aim of this paper is the use of disaggregated and high frequency data on such variables. The most relevant findings are related to the statistical and economic significance of speed of convergence, calendar effects and repos operations. The Central Bank plays a more important role injecting than draining liquidity through discretionary operations. However, there are not asymmetries in terms of the effectiveness of the discretionary injections and drainages operations depending on the liquidity market status. In terms of effect by class of bank, large- and medium-size banks are less receptive to monetary operations; by contrast small-size banks are the most responsive, which is consistent with its traditional position as a liquidity demander. Finally, private deposits do not play an important role on the dynamics of the interbank rate during the sample period.

Abstract:

This paper evaluates the impact of recent cost shocks (i.e. energy price) on the productivity of Chilean manufacturing plants. Using information for the period 1992-2005, we quantify and analyze whether this effect has been heterogeneous across plants, according to their energy intensity and size. Results show a moderation in productivity since the year 2000 that is common for most of the manufacturing sectors. Moreover, the evidence suggests that this moderation has been larger in more energy-intensive industrial sectors. The econometrical estimations reveal a negative statistical relationship between productivity and energy costs (or the cost of energy): estimated elasticities suggest that a 10% increase in the energy price is associated to a reduction of productivity around 1% in the short-run and 2% in the long run. This effect tends to be larger for larger plants. For plants in the upper 90 percentile of size, the estimated reduction in productivity is larger and corresponds to 1.7% and 4.6%,respectively.


Abstract:

Este artículo revisa el esfuerzo innovativo realizado por Latinoamérica (LAC) en las últimas cuatro décadas utilizando distintos indicadores de innovación tecnológica. La comparación del desempeño Latinoamericano con el de otras regiones del mundo muestra que LAC realiza un esfuerzo innovativo significativamente menor al de países industrializados, superando en algunos indicadores sólo a los países africanos de menores ingresos y a algunos del sur de Asia. En una segunda sección revisamos la literatura que estima tasas de retorno al I+D. Utilizando estimaciones disponibles para Latinoamérica calculamos los beneficios en puntos porcentuales de crecimiento adicional que implicaría cerrar la brecha innovativa respecto de los países líderes en el área. El trabajo concluye revisando las políticas innovativas de Corea, Israel y Finlandia y extrayendo las lecciones pertinentes para Latinoamérica.


Evaluación del Impacto de la Jornada Escolar Completa (2006). In Spanish


Abstract:

Este trabajo evalúa el impacto de la Jornada Escolar Completa sobre resultados educacionales medido como incremento en los puntajes SIMCE. Utilizando las pruebas de 1999 y 2002 se estima el efecto a nivel de colegio utilizando enfoques de primeras diferencias y de matching-diferencias en diferencias. Los resultados muestran un impacto mayor del programa sobre los establecimientos particulares subvencionados que sobre los municipales, y mayor sobre la prueba de lenguaje que sobre la de matemáticas. Las magnitudes estimadas están en el rango 0-5 puntos para la parte de matemáticas y entre 3 y 8 puntos para la prueba de lenguaje.