Examinando por Autor "Sanchez, Santiago"
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Ítem Dynamic Macroeconomics: A Didactic Numeric Model(Universidad EAFIT, 2018-04-25) Posada, Carlos Esteban; Sanchez, Santiago; cposad25@eafit.edu.co; ssanch40@eafit.edu.coTeaching Dynamic Macroeconomics at undergraduate courses relies exclusively on intuitive prose and graphics depicting behaviours and steady states of the main markets of the economy. But when the case of forward-looking agents and the macroeconomic implications of their actions are discussed, intuitions and graphical representations offered to students may lead to unsupported conclusions. This happens even if the teacher and students use the chapter upon a dynamic macroeconomic model of one of the most didactic and ordered texts ever published: Williamson (2014). In this paper we try to sustain this assertion.Ítem Efectos diferenciales de la tasa de cambio real sobre el comercio internacional en Colombia(Universidad EAFIT, 2017-06-01) Torres, Alejandro; Goda, Thomas; Sanchez, Santiago; Romero, Adriana; tgoda@eafit.edu.co; atorres7@eafit.edu.co; ssanch40@eafit.edu.co; aromero9@eafit.edu.coDuring the 2006-2013 period, Colombia experienced on the strongest appreciations in the world. During this same period, the volume of manufacturing exports fell nearly 50%, while the volume if imports rose in the same quantity. This work aims to determine the effect of the real exchange rate on the flow of international commerce in the manufacturing sector. For this end, and as a main approach, sub-sectoral real exchange rate indices are calculated for 19 manufacturing subsectors, noting the potential existence of heterogeneities between them. The price elasticities for exports and imports are also estimated using the bilateral and sub-sectoral real exchange rate index. The results indicate the existence of important differences between the behavior of the real exchange rate between subsectors, and that these differences explain the behavior of exports in the different manufacturing sectors, although the results are not so clear for the case of imports. These results suggest that policymakers should consider the differential effects of their policies on manufacturing performance when they affect the real exchange rate.Ítem Market and disposable top income shares adjusted by national accounts data(Universidad EAFIT, 2017-08-01) Goda, Thomas; Sanchez, Santiago; tgoda@eafit.edu.co; ssanch40@eafit.edu.coThis paper uses national accounts data to adjust market and disposable Top 10% and Top 1% household survey income shares for 39 developed and developing countries that are part of the Luxembourg Income Study (LIS). An additional novelty of this study is the distinction between labor and capital income. The obtained results suggest that for most countries top income shares are significantly higher than those reported in household surveys, which mainly underestimate top capital income. While the presented results should be treated with some caution, our easy-to-implement approach seems suitable for countries for which no tax data is available.