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Conditional heteroskedasticity and cross-sectional dependence in panel data: theory, simulations and examples
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
In this paper we propose and implement an estimator to account for conditional heteroskedasticity and cross-sectional dependence in panel data. We present simple tests based on OLS and LSDV residuals to determine whether ...
Welfare design, women's empowerment and income pooling
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
Although there has been a vast literature on the allocation of resources within households showing that indeed as a woman's "power" within the household increases household consumption and time allocation patterns change, ...
Tax reform in an endogenous growth model with money
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
We study the welfare effects of alternative feasible tax reforms in a Uzawa-Lucas model with money, cash-credit goods and distorting taxes on consumption, physical capital and labor income. The representative household ...
Mexico's currency band before the 1994 peso crisis
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
From late 1991 to late 1994 Mexico's exchange rate policy consisted of a currency band. Through most of the life of the regime the central bank maintained an intervention band, the limits of which were announced at the ...
The exchange rate in a band with limited reserves
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
A discrete time model of the exchange rate in a currency band is developed. Fundamental variables are assumed to follow a Gaussian random walk in order to consider explicitly how the size of the foreign reserve stock at ...
Myopia, international competitiveness and political constrains
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
In this paper we present a model that describes how historical political constraints by themselves, or in combination with a sufficient degree of impatience, may be the cause of bankruptcy in some industries when a closed ...
Scale, technological change and human capital: manufacturing and development in Mexico
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
We estimate changes in aggregate manufacturing productivity in Mexican municipios for the period 1988-1993 in terms of changes in physical and human capital inputs, and chages in their returns. These estimates are fully ...
Knowledge, scale and innovation: lessons from veterinary pharmaceutics and poultry in Mexico
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
I use two case studies on the veterinary pharmaceutical and poultry sectors in Mexico to discuss technological change in relation to liberalization in trade and investment. Most of the observed technological change takes ...
Global divergence
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
I show that the evolution of cross-country incomes is characterized by global divergence. To do this, the sample of non-mainly-petroleum-exporting countries having market economies during the period 1960-1997 is divided ...
Networks, information and prevention of idiosyncratic risk in mexican banks: 1945-1980
(Centro de Investigación y Docencia Económicas, División de Economía, 2002)
Entre 1945 y 1982 el sistema bancario mexican privado formó en su interior una red de interconecciones entre los consejos de administración de los bancos. Sin embargo, no se han estudiado las implicaciones de esta red. ...