Browsing by Author "Sánchez-Gómez, Manuel Esteban"
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- Una aproximación del tipo de cambio real para Costa Rica, enfoque BEER 2007-2022This paper describes the methodology and results of estimating the equilibrium real exchange rate (ERER) using the reduced-form approach known as the Behavioral Equilibrium Exchange Rate (BEER). The real exchange rate (RER) equation is estimated with quarterly data in the period between I-2007 and IV-2022, which coincides with the adoption of exchange rate flexibility regimes in Costa Rica. The results indicate that the path of the ERER is explained by the evolution of its fundamentals: labor productivity, government expenditure, international investment position, terms of trade and the difference among local and external interest rates. Improvements in labor productivity, increases in Government spending and increases in the spread of local and external interest rates are correlated with downward movements in the equilibrium path of the RER (real appreciations). On the other hand, the more negative result in the international investment position and a fall in terms of trade explains movements towards real depreciations. During the period of analysis, there is no evidence of RER deviations from its equilibrium level beyond the coherence zone determined. Therefore, the variations on the ERER trajectory are consistent with the behavior of its fundamentals.
- Índice de avisos de empleo para Costa Rica 2010 - 2021This paper presents a first labor demand index for Costa Rica, calculated from the National Employment Agency (NEA) website. The index shows procyclical behavior. Furthermore, the vacancy creation index showed a trend consistent with the heterogeneity in the economic activity across sectors, regions, and occupations during 2010-2021. Particularly, in the context of the COVID-19 pandemic, the activities most affected by the mobility restrictions during the first half of 2020 also reported the deepest contractions in their labor demand. Between the second half of 2020 through the last months of 2021, industries such as manufacturing, administrative and support service activities, information, and communication stood out for their more pronounced increase in their labor demand. Firms located in Heredia, Cartago, and Guanacaste, and occupations related to operators and assemblers of manufactures, professionals and scientists, and workers for support services and administrative services also reported higher vacancy creation.