Estudios de Economía <p>Estudios de Economía is published, since 1973, two times a year by the Department of Economics at the University of Chile. Its purpose is to publish empirical as well as theoretical papers in every field of Economics. All papers must go through refereeing process by two anonymous referees. As part of our editorial policy, an answer regarding the status of a paper will not exceed two months from its reception. If that were not the case, the authors are free to send their paper for consideration for publication elsewhere.</p> en-US (Rómulo A. Chumacero) (Dirección de Servicios de Información y Bibliotecas (SISIB)) Mon, 27 Sep 2021 00:00:00 +0000 OJS 60 Cobra effect in Mexico: social expenditure and poverty, 2008-2018 We examine the efficiency of the cash transfers on multidimensional extreme poverty in the states of Mexico for 2008-2018. We estimate econometric models with panel data with OLS and 2SLS and with cross-section data with GMM that shield against endogeneity of the determinants of poverty. We prove that there are perverse incentives that have caused that transfers perpetuate poverty in the less developed states. Homicides and informal employment have perpetuated it. Agricultural labor productivity, economic growth, productive export orientation, and a better Rule of Law reduce it. Eduardo Loria, Eduardo Martínez Copyright (c) 2021 Estudios de Economía Mon, 27 Sep 2021 00:00:00 +0000 Pollution, green union, and network industry In a network industry, this paper investigates the impact of network effects on total pollution under the presence of a union interested to “local” environmental damages (e.g., polluting production processes damaging workers’ health and the local environment where workers live). Under monopoly, it is shown that, on the one hand, network effects tend to increase the investments in the cleaning technology but, on the other hand, increase the polluting output; consequently, the effects on the total pollution are ambiguous. We also find that total pollution reduces (increases) with increasing network effects intensity if the market is sufficiently large (small). Moreover, the pollution-reducing result of increasing network effects appears when the existing network effects, the union’s environmental concerns and the technological efficiency are sufficiently large. These findings are qualitatively confirmed under Cournot duopoly, offering empirical, as well as policy, implication Luciano Fanti, Domenico Buccella Copyright (c) 2021 Estudios de Economía Mon, 27 Sep 2021 00:00:00 +0000 Relationship between country risk volatility and indices based on unstructured information This work assesses whether certain indicators constructed from unstructured information published in newspapers contain useful information regarding dynamics of Argentina’s country risk volatility, estimated from a GARCH(1,1) model. The analysis covers the period 1998-2019. One standard deviation increment in the indicator that captures manifestations of pessimism is followed by an increment of approximately 0.2% in expected country risk volatility in the consecutive quarter. Out-of-sample exercises confirm that these non-traditional indicators allow for gains in forecast accuracy. These findings are robust to changes in the set of predictors, the specification of the model and the incorporation of new media content. Martín Llada Copyright (c) 2021 Estudios de Economía Mon, 27 Sep 2021 00:00:00 +0000 Employment and investment in innovation activities without introduction of new technologies: a study on Ecuador This article estimates the effect of the introduction of technologies and the effect of investing in innovation activities without the introduction of technologies on employment, using data from the Ecuadorian Innovation Survey and the Social Security Institute and applying the inverse probability weighting methodology. The results indicate that only the introduction of new technologies increases total employment in the short run; although investment in R&D, without the introduction of technologies, increases the recruitment of scientists. Finally, firms that introduce technologies increase the hiring of managers, scientists and technicians. Diego Del Pozo, Juan Fernández-Sastre Copyright (c) 2021 Estudios de Economía Mon, 27 Sep 2021 00:00:00 +0000 The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model This study aims to explain the relationship between price and financial stability in monetary policy designs that have developed since the 1990s and to empirically examine the relationship between price and financial stability in the monetary policy designs of the US. To this effect, the study examines the time-varying structure of the relationship between price and financial stability in the US, where monetary policies are designed to achieve price stability, full employment and moderate long-term interest rate targets using the TVP-SVAR model for the period 1993:12-2020:12. The results of the study demonstrate the presence of a reciprocal relationship within the scope of the new environment hypothesis, which varies over time between price and financial stability in the US over the study period. These results broadly suggest the necessity of redesigning monetary policies in the US based on the propositions of the new environment hypothesis and considering the varying structure of the relationships, symmetrical or asymmetrical, between monetary and financial stability variables over time. Ali Kemal Çelik, Ömer Yalçinkaya, Hatira Sadeghzadeh Emsen Copyright (c) 2021 Estudios de Economía Mon, 27 Sep 2021 00:00:00 +0000