Carlos A. Oyarzún

Carlos A. Oyarzún
University of Queensland | UQ · School of Economics

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15
Publications
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Publications

Publications (15)
Article
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A principal makes a binary decision based on evidence that can be manipulated by a privately informed agent. The principal’s objective is to minimize the expected loss associated to type I and II errors. When the principal can commit to an acceptance standard, the optimal test features ex-post inefficient standards, to internalize the agent’s manip...
Article
We examine how traders react to two prominent stock market regulations. Under a constant fundamental value (FV) process, price limits and trading restrictions significantly reduce the price level and mispricing size when traders are inexperienced. Under a Markov-process FV, there is no evidence for these regulations to reduce mispricing. The novel...
Article
Full-text available
In this paper, we assess the ability of a cash-in-advance model to replicate the behavior of the macroeconomic variables of the Chilean economy for quarterly data spanning between Q1:1986 and Q3:2005. The monetary models that we study are able to replicate the phase shift and correlation with GDP of many macroeconomic variables such as consumption,...
Article
The aim of this article is to examine the process of economic growth in the regions of Chile using a time series approach. In particular, we test the hypothesis of a unit root in the log of the ratios of per capita product between every possible pair taken from the 13 regions. The �acceptance� of the null hypothesis means that the ratio of the per...
Article
Este trabajo examina al proceso de crecimiento regional en Chile utilizando un enfoque de series de tiempo. En particular, se testea la hipótesis de una raíz unitaria en el (log) de las razones de producto per cápita entre todos los posibles pares de regiones. Se verifica que existen dos grupos de regiones que presentan convergencia entre grupos y...
Article
In this paper we applied the Hansen and Singleton (1982) GMM approach to Chile's financial market for the 1987-1997 period. When we used PRBC as a measure of risk free returns, we found strong evidence against the C-CAPM, but when we used average returns in the financial system, rejection of this model was not clear. Risk aversion, as in U.S. econo...

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