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Author:Monge-Naranjo, Alexander 

Journal Article
Business opportunities and challenges for the U.S. in Latin America

U.S. businesses that are considering trading with Latin America or investing there will find large differences between the region and the U.S., as well as large differences among the Latin American nations themselves. Read about the progress being made in Latin America in job training, infrastructure, trade agreements, politics, macro stability and more.
The Regional Economist

Journal Article
Should Capital Flow from Rich to Poor Countries?

Are human and physical capital stocks allocated efficiently across countries? To answer this question, we need to differentiate misallocation from factor intensity differences. We use newly available estimates on factor shares from Monge-Naranjo, Santaeullia-Llopis, and Snchez (2019) to correctly measure the factor shares of physical and human capital for a large number of countries and periods. We find that the global efficiency losses of the misallocation of human capital are much more substantial than those of physical capital, amounting to 40 percent of the world?s output. Moreover, ...
Review , Volume 101 , Issue 4 , Pages 277-295

Journal Article
Women Affected Most by COVID-19 Disruptions in the Labor Market

Despite gains in highly skilled jobs over the years, women experienced a higher unemployment rate than men during the 2020 recession.
The Regional Economist , Volume 29 , Issue 1

Working Paper
Openness and the Optimal Taxation of Foreign Know-How

Developing countries frequently offer tax incentives and even subsidize the entry and operation of foreign firms. I examine the optimality of such policies in an economy where growth is driven by entrepreneurial know-how, a skill that is continuously updated on the basis of the productive ideas implemented in the country. Openness allows foreign ideas to disseminate inside a country and can foster the country's domestic accumulation of know- how. With externalities, however, laissez-faire openness is suboptimal and can be growth-and even welfare-reducing. I examine the gains from openness ...
Working Papers , Paper 2016-20

Journal Article
In the U.S. Hispanic Labor Force, Women Surpass Men in Multiple Ways

In the U.S., female Hispanic workers surpass male counterparts in education and in high-paying jobs.
The Regional Economist , Volume 26 , Issue 3

Journal Article
The Unemployment and Participation Rates for Aggregate Human Capital

To assess the loss in aggregate production, unemployment and labor force participation must account for the human capital of workers.
Economic Synopses , Issue 27

Working Paper
Foreign firms and the diffusion of knowledge

This paper constructs a model to examine the impact of foreign firms on a developing Country?s own accumulation of entrepreneurial knowledge. In the model, entrepreneurial skills are built up on the basis of productive ideas that diffuse internally (at the inside of firms) and externally (spillovers.) Openness to foreign firms enhances the aggregate exposure to ideas but also reduces the returns to investing in entrepreneurial skills. When externalities are present, openness can be welfare reducing. However, regardless of the relative importance of externalities, simple quantitative exercises ...
Working Papers , Paper 2012-055

Working Paper
Markets, Externalities, and the Dynamic Gains of Openness

Inflows of foreign knowledge are the key for developing countries to catch up with the world technology frontier. In this paper, I construct a simple tractable model to analyze (a) the incentives of foreign firms to bring their know-how to a developing country and (b) the incentives of domestic firms to invest in their own know-how, given the exposure to foreign ideas and competition. The model embeds two diffusion mechanisms typically considered separately in the literature: externalities and markets. The dynamic gains of openness can be substantial under either mechanism, but their relative ...
Working Papers , Paper 2016-23

Journal Article
Student Loans Under the Risk of Youth Unemployment

While most college graduates eventually find jobs that match their qualifications, the possibility of long spells of unemployment and/or underemployment?combined with ensuing difficulties in repaying student loans?may limit and even dissuade productive investments in human capital. The author explores the optimal design of student loans when young college graduates can be unemployed and reaches three main conclusions. First, the optimal student loan program must incorporate an unemployment compensation mechanism as a key element, even if unemployment probabilities are endogenous and subject ...
Review , Volume 98 , Issue 2 , Pages 129-158

Why Human Capital Matters Why Human Capital Matters

An economist at the St. Louis Fed discusses the growing importance of human capital in determining a nation’s income.
On the Economy

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