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Papers by Hernando Zuleta

Este libro reúne diferentes hallazgos, perspectivas y efectos ante un fenómeno que, más de un año... more Este libro reúne diferentes hallazgos, perspectivas y efectos ante un fenómeno que, más de un año después, todavía representa un reto científico, médico y social para todos. Igualmente, esta obra representa el objetivo de la Red Investigadores de Economía: aunar esfuerzos para encontrar respuestas y para fortalecer la investigación en el país, aumentar la difusión de trabajos de calidad y propiciar el encuentro entre académicos, universidades y el Banco de la República. Las investigaciones expuestas en este libro pasaron por un proceso de selección por parte del comité científico, asegurando que hubiese una pluralidad de miradas y de instituciones educativas, además del Banco, donde se relacionaran los efectos de la pandemia y la actividad económica en el país, las consecuencias sociales y regionales. El texto está dividido en cuatro partes. En la primera se hace un análisis macroe-conómico de los efectos de la pandemia; para ello se examinan los efectos de la emergencia sanitaria a...

instname:Universidad de los Andes, 2021

Universidad del Rosario eBooks, 2006

We try to explain why economic conflicts and illegal business often take place in poor countries.... more We try to explain why economic conflicts and illegal business often take place in poor countries. We use the concept of subsistence level of consumption (d) and assume a regular concave utility function for consumption levels higher than d. For consumption levels lower than d utility is constant and equal to zero. Under this framework poor agents are risk-lovers. This result helps to explain why economic conflicts are more likely to appear in poor economies and why poor agents are more willing to undertake illegal business.

Social Science Research Network, 2007

We present an endogenous growth model where innovations are factor saving. Technologies can be ch... more We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the bene…ts are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovations respond to changes in factors supply. Therefore, as an economy becomes more capital abundant agents try to use capital more intensively. Consequently, (a) the elasticity of output with respect to reproducible factors depends on the capital abundance of the economy and (b) the income share of reproducible factors increases as the economy grows. Another insight of the model is that in some economies the production function converges to an AK in the long run, while in others long-run growth is zero.

Social Science Research Network, 2012

The standard Hecksher-Ohlin model predicts that trade liberalization leads to a decline in the ra... more The standard Hecksher-Ohlin model predicts that trade liberalization leads to a decline in the rate of return of the scarce factor of production. However, the empirical evidence of the falling labor share in some developing countries contrasts with the theory. We show that if a simple change in technology is introduced into the standard model, conditions exist for the rate of return of the scarce factor of production to increase. In particular, the price of the exported good and the amount of capital the country owns can serve as determinants whether the rate of return of the abundant factor will increase.

Documentos CEDE, 2012

There is a significant positive statistical connection between GDP per capita and the satisfactio... more There is a significant positive statistical connection between GDP per capita and the satisfaction rate. However, Bulgaria, being a middle income economy, is one of the saddest places on Earth. We try to identify possible reasons for this phenomenon and we put forward some policy implications. The evolution of fertility rates, income per capita and income distribution during the democratic era help to understand the Bulgarian sadness.

RePEc: Research Papers in Economics, 2011

We consider a neoclassical growth model where labor collectively chooses the labor share to maxim... more We consider a neoclassical growth model where labor collectively chooses the labor share to maximize its steady-state wage rate. If the labor share increases relative to the competitive share, labor captures a larger share of a smaller total income. At a higher labor share the incentives to invest are lower and the steady-state capital to labor ratio is lower. We derive the golden rule of wages: set labor share equal to the elasticity of output with respect to labor. This is precisely the competitive outcome. We also consider the model with two types of labor: organized and unorganized. In this case, organized labor may choose a higher than competitive income share. Relative to the Cobb-Douglas case, when the elasticity of substitution is less than unity the chosen organized labor share is higher. We also analyze a version of the model that incorporates a tradeoff between collective bargaining opportunities and skill acquisition.

RePEc: Research Papers in Economics, Jan 31, 1997

RePEc: Research Papers in Economics, May 1, 2008

† We wish to thank John Seater for providing very helpful suggestions based on a previous draft. ... more † We wish to thank John Seater for providing very helpful suggestions based on a previous draft. Also, we thank Mun Ho for supplementing the data that was publicly available to us and for commenting on some features of that data.

RePEc: Research Papers in Economics, Jun 14, 2017