Ricardo Lagos
Biographic Data
| ID | 692358 |
|---|---|
| NAME | Ricardo Lagos |
| GIVEN NAMES | Ricardo |
| FAMILY NAME | Lagos |
| SIGNATURE | LAGOS R |
| AFFILIATIONS | New York University |
| ORCID | 0009-0009-6755-946X |
| VERIFIED | Yes |
| TOTAL WORKS | 14 |
| TOTAL CITATIONS | 43 |
| AUTHOR COUNT | 14 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1975 |
| LATEST PUBLICATION YEAR | 2023 |
| H-INDEX | 3 |
Q -Monetary Transmission
We study the effects of monetary policy–induced changes in Tobin’s q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment
Moneyspots and Coexistence in the Pure Theory of Money: A Reply to Neil Wallace
Moneyspots: Extraneous Attributes and the Coexistence of Money and Interest-Bearing Nominal Bonds
It is folklore among monetary theorists that, under laissez faire, without ad hoc assumptions that favor money over bonds, there do not exist equilibria in which government-issued fiat money coexists with nominal default-free, interest-bearing government bonds with similar physical characteristics. This proposition is the basis for the strongest version of the rate-of-return-dominance puzzle. In this paper I show that if—as has been the case thro…
A Model of Job and Worker Flows
We develop an equilibrium search model that incorporates job-to-job transitions, exhibits instances of replacement hiring, and conceptually distinguishes between job and worker flows. We propose a notion of competitive equilibrium for random-matching environments and study the extent to which it achieves an efficient allocation of resources. The model can be used to study how the permanent incomes and employment states of individual workers evolv…
A Unified Framework for Monetary Theory and Policy Analysis
Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strong assumptions that render them ill suited for monetary policy analysis. We propose a new framework, based on explicit micro foundations, within which macro policy can be studied. The framework is analytically tractable and easily quantifiable. We calibrate the m…
An Alternative Approach to Search Frictions
This paper illustrates an alternative approach to modeling search frictions. Frictions are not assumed to exist, but are shown to arise endogenously as a distinctive feature of the set of equilibria that correspond to a particular range of parameter values. The model's spatial structure and the agents' moving decisions are explicitly spelled out, allowing the number of contacts that occur to depend on the way agents choose to locate themselves. A…
The Pinochet Dilemma
Formalizing the Informal Sector: Barriers and Costs
This article uses material from a series of case studies conducted in Latin America to analyse various aspects of the formalization of the informal sector. In particular, it examines the legal and bureaucratic barriers confronting informal sector micro-enterprises which seek to become part of the formal, legal circuit, and assesses the costs in time and money which are involved in the formalization process. The process itself is seen as consistin…
Labour market flexibility: What does it really mean
The 1980s witnessed the emergence of the concept “labour market flexibility” (LMF) in industrialized countries as well as in some developing countries. As a consequence of poor economic performance in the early 1980s, the view that the way in which labour markets operated constituted a significant obstacle to economic growth gained support at the level of policy makers, employers in general and, not least, in part of the academic establishment
Debt relief through debt conversion: A critical analysis of the Chilean debt conversion programme
The purpose of this study is to look at the effects of debt conversion transactions in the case of Chile. The decision to centre on Chile lies in the fact that Chile is nowadays considered to have the most successful programme of debt conversion among debtor countries. However, the Chilean debt conversion programme presents some shortcomings. In fact, as this study shows, the conversion scheme may have negative effects regarding direct foreign in…
The social actors and structural adjustment
This paper presents several hypotheses on the social and political context of the application of the so-called structural adjustment policies and their effects on the social organization and patterns of conduct of the collective actors involved. The central idea put forward here is that, quite apart from the crisis (economic, social and sometimes political) which precedes and generally accompanies the application of these policies, they ultimatel…
Monetarism, employment and social stratification
Military Government and Real Wages in Chile,” A Reply
An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button
Military Government and Real Wages in Chile: A Note
Our purpose is to evaluate the impact of the economic and social policies of Chile's military junta on the well-being of the majority of chilenos, especially those of the lowest income level. The exercise consists of a simple comparison of income and expenditure levels between those of the last months of the Unidad Popular (UP) government and those of October 1974. We have chosen the 1968-69 average as a basis of comparison for two reasons. First…
A Unified Framework for Monetary Theory and Policy Analysis
Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strong assumptions that render them ill suited for monetary policy analysis. We propose a new framework, based on explicit micro foundations, within which macro policy can be studied. The framework is analytically tractable and easily quantifiable. We calibrate the m…
Formalizing the Informal Sector: Barriers and Costs
This article uses material from a series of case studies conducted in Latin America to analyse various aspects of the formalization of the informal sector. In particular, it examines the legal and bureaucratic barriers confronting informal sector micro-enterprises which seek to become part of the formal, legal circuit, and assesses the costs in time and money which are involved in the formalization process. The process itself is seen as consistin…
An Alternative Approach to Search Frictions
This paper illustrates an alternative approach to modeling search frictions. Frictions are not assumed to exist, but are shown to arise endogenously as a distinctive feature of the set of equilibria that correspond to a particular range of parameter values. The model's spatial structure and the agents' moving decisions are explicitly spelled out, allowing the number of contacts that occur to depend on the way agents choose to locate themselves. A…
The Pinochet Dilemma
Moneyspots: Extraneous Attributes and the Coexistence of Money and Interest-Bearing Nominal Bonds
It is folklore among monetary theorists that, under laissez faire, without ad hoc assumptions that favor money over bonds, there do not exist equilibria in which government-issued fiat money coexists with nominal default-free, interest-bearing government bonds with similar physical characteristics. This proposition is the basis for the strongest version of the rate-of-return-dominance puzzle. In this paper I show that if—as has been the case thro…
A Model of Job and Worker Flows
We develop an equilibrium search model that incorporates job-to-job transitions, exhibits instances of replacement hiring, and conceptually distinguishes between job and worker flows. We propose a notion of competitive equilibrium for random-matching environments and study the extent to which it achieves an efficient allocation of resources. The model can be used to study how the permanent incomes and employment states of individual workers evolv…
The social actors and structural adjustment
This paper presents several hypotheses on the social and political context of the application of the so-called structural adjustment policies and their effects on the social organization and patterns of conduct of the collective actors involved. The central idea put forward here is that, quite apart from the crisis (economic, social and sometimes political) which precedes and generally accompanies the application of these policies, they ultimatel…
Military Government and Real Wages in Chile: A Note
Our purpose is to evaluate the impact of the economic and social policies of Chile's military junta on the well-being of the majority of chilenos, especially those of the lowest income level. The exercise consists of a simple comparison of income and expenditure levels between those of the last months of the Unidad Popular (UP) government and those of October 1974. We have chosen the 1968-69 average as a basis of comparison for two reasons. First…
Military Government and Real Wages in Chile: A Note
Our purpose is to evaluate the impact of the economic and social policies of Chile's military junta on the well-being of the majority of chilenos, especially those of the lowest income level. The exercise consists of a simple comparison of income and expenditure levels between those of the last months of the Unidad Popular (UP) government and those of October 1974. We have chosen the 1968-69 average as a basis of comparison for two reasons. First…
Military Government and Real Wages in Chile,” A Reply
An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button
Monetarism, employment and social stratification
The social actors and structural adjustment
This paper presents several hypotheses on the social and political context of the application of the so-called structural adjustment policies and their effects on the social organization and patterns of conduct of the collective actors involved. The central idea put forward here is that, quite apart from the crisis (economic, social and sometimes political) which precedes and generally accompanies the application of these policies, they ultimatel…
Debt relief through debt conversion: A critical analysis of the Chilean debt conversion programme
The purpose of this study is to look at the effects of debt conversion transactions in the case of Chile. The decision to centre on Chile lies in the fact that Chile is nowadays considered to have the most successful programme of debt conversion among debtor countries. However, the Chilean debt conversion programme presents some shortcomings. In fact, as this study shows, the conversion scheme may have negative effects regarding direct foreign in…
Labour market flexibility: What does it really mean
The 1980s witnessed the emergence of the concept “labour market flexibility” (LMF) in industrialized countries as well as in some developing countries. As a consequence of poor economic performance in the early 1980s, the view that the way in which labour markets operated constituted a significant obstacle to economic growth gained support at the level of policy makers, employers in general and, not least, in part of the academic establishment
Formalizing the Informal Sector: Barriers and Costs
This article uses material from a series of case studies conducted in Latin America to analyse various aspects of the formalization of the informal sector. In particular, it examines the legal and bureaucratic barriers confronting informal sector micro-enterprises which seek to become part of the formal, legal circuit, and assesses the costs in time and money which are involved in the formalization process. The process itself is seen as consistin…
The Pinochet Dilemma
An Alternative Approach to Search Frictions
This paper illustrates an alternative approach to modeling search frictions. Frictions are not assumed to exist, but are shown to arise endogenously as a distinctive feature of the set of equilibria that correspond to a particular range of parameter values. The model's spatial structure and the agents' moving decisions are explicitly spelled out, allowing the number of contacts that occur to depend on the way agents choose to locate themselves. A…
A Unified Framework for Monetary Theory and Policy Analysis
Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strong assumptions that render them ill suited for monetary policy analysis. We propose a new framework, based on explicit micro foundations, within which macro policy can be studied. The framework is analytically tractable and easily quantifiable. We calibrate the m…
A Model of Job and Worker Flows
We develop an equilibrium search model that incorporates job-to-job transitions, exhibits instances of replacement hiring, and conceptually distinguishes between job and worker flows. We propose a notion of competitive equilibrium for random-matching environments and study the extent to which it achieves an efficient allocation of resources. The model can be used to study how the permanent incomes and employment states of individual workers evolv…
Moneyspots and Coexistence in the Pure Theory of Money: A Reply to Neil Wallace
Moneyspots: Extraneous Attributes and the Coexistence of Money and Interest-Bearing Nominal Bonds
It is folklore among monetary theorists that, under laissez faire, without ad hoc assumptions that favor money over bonds, there do not exist equilibria in which government-issued fiat money coexists with nominal default-free, interest-bearing government bonds with similar physical characteristics. This proposition is the basis for the strongest version of the rate-of-return-dominance puzzle. In this paper I show that if—as has been the case thro…
Q -Monetary Transmission
We study the effects of monetary policy–induced changes in Tobin’s q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment
Economics (13 works) · Political science (6 works) · Computer Science (5 works) · Labour economics (5 works) · Economic theories and models (4 works) · Monetary economics (4 works) · Monetary policy (4 works) · Business (3 works) · Development economics (3 works) · Economic Theory and Policy (3 works)