Pedro RomeroUniversidad San Francisco de Quito (USFQ) · Department of Economics
Pedro Romero
Ph.D. Economics, George Mason Univ.
About
42
Publications
28,124
Reads
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261
Citations
Citations since 2017
Introduction
Here you will find information on my research interests, publications, and some teaching resources.
Additional affiliations
September 2009 - present
Position
- Professor (Associate)
Description
- I teach courses on Economic Policy, Experimental Economics, Networks. I have been the undergraduate coordinator, currently I am the Coordinator of the Master Program in Economics, also I am the Director of the Experimental and Computational Economics Lab.
Education
August 2004 - May 2009
Publications
Publications (42)
This paper presents a study of the role of the rating agencies during the 2008 financial crisis in the US. The rating agencies are embedded in an assurance market as knowers; that is, as active searchers or creators of information on the quality of mortgage backed securities (MBS). This market was characterized by: (a) legal barriers to entry in th...
This paper aims at explaining the macroeconomic volatility due to microeconomic shocks to one or several sectors, recognizing the non-symmetrical relation in the interaction among the Ecuadorian economic sectors. To grasp the economic structure of this emergent economy, network and statistical analysis is applied to its respective input-output matr...
Norm enforcement may be important for resolving conflicts and promoting cooperation. However, little is known about how preferred responses to norm violations vary across cultures and across domains. In a preregistered study of 57 countries (using convenience samples of 22,863 students and non-students), we measured perceptions of the appropriatene...
Norm enforcement may be important for resolving conflicts and promoting cooperation. However, little is known about how preferred responses to norm violations vary across cultures and across domains. In a preregistered study of 57 countries (using convenience samples of 22,863 students and non-students), we measured perceptions of the appropriatene...
Ethnic and kinship ties have long been viewed as potential catalysts for favoritism, and hence corruption. In experiments conducted in three countries, we recruit siblings, coethnics and strangers and vary the relationship(s) between the players of a game to observe how kin and ethnic ties influence the willingness of two players to benefit one ano...
What are the trade-offs of losing the capacity of implementing a conventional monetary policy within an emergent economy? In this paper, to answer this question we focus on the impact of dollarization on institutional or macroeconomic uncertainty and economic growth in Ecuador. Our empirical strategy is embedded within a new institutional economics...
Experimental studies of favoritism and corruption typically examine such behavior among strangers, but ethnic and kinship ties have long been viewed as potential catalysts for favoritism, and hence corruption. In this paper, we provide evidence from lab experiments on the effect of kinship and ethnic ties on favoritism. We report behavior in a game...
Significance
This set of experiments shows that in 15 traditional small-scale societies there is an extraordinarily close correspondence between ( i ) the intensity of shame felt if one exhibited specific acts or traits and ( ii ) the magnitude of devaluation expressed in response to those acts or traits by local audiences, and even foreign audienc...
Significance
It has been proposed that one key function of pride is to guide behavior in ways that would increase others’ valuation of the individual. To incline choice, the pride system must compute for a potential action an anticipated pride intensity that tracks the magnitude of the approval or deference that the action would generate among loca...
Ecuador is not a society that upholds classical liberal values. Since its inception as
a republic in 1830, the country has had twenty constitutions with an average duration of nine
years, that is, sightly over two presidential terms. Why has liberalism not taken root in
Ecuador? In this paper we argue that the main reason is the lack of a consti...
Ecuador suffers from a Spanish colonial legacy strongly antithetical to liberalism, which, alongside explicit slavery, included racially oriented peasant subjugation until the late 20th century. The Spanish economic system of trade mercantilism and pervasive clientelism continues to this day, albeit under new branding of 21st-century socialism. A h...
The purpose of this work is the study of the fiscal theory of the price level (FTPL).
A relatively new subject in macroeconomics, this theory states that prices are determined
by the ratio between nominal debt and the present value of real primary
surpluses. In this article, the systems proposed by Cochrane (2001) and Sims (1997)
are studied, which...
El objeto de este artículo fue estudiar la formación de redes financieras y determinar los shocks idiosincráticos frente a un contagio, a partir de la aplicación de los modelos de Gai y Kapadia, y Acemoglu, Ozdaglar y Tahbaz-Salehi. La teoría permitió la explicación del funcionamiento de la red y cómo se define la conexión de activos y pasivos inte...
Resumen: El presente trabajo busca encontrar qué factores han determinado la inversión extranjera directa en América Latina desde 1990 con énfasis en el rol de los recursos naturales e instituciones. A través de un análisis econométrico con datos de panel se muestra que las variaciones de la IED en la región están relacionadas positivamente con los...
RESUMEN: En un modelo empírico de crisis financieras se muestra que en el corto plazo las preferencias por la liquidez en Ecuador en el período 2000-2014 están determinadas por el déficit fiscal y las reservas internacionales. En cambio en el análisis de largo plazo el producto interno bruto y el acervo de la deuda pública explican su evolución. Ex...
El objetivo de este articulo es proponer una nueva herramienta metodologica a los economistas, a saber, los modelos de agentes computacionales aplicados a la Economia. Existe una gran oportunidad despues de las criticas de destacados economistas y otros pensadores a la teoria economica convencional por no haber previsto la ultima crisis financiera...
What is institutional uncertainty? What is its origin? And, how this uncertainty affects production decisions? This paper presents a survey of the economic literature, both empirical and theoretical, that has addressed these questions. Two related hypotheses are introduced and confronted with available data. Firstly, institutional uncertainty under...
From the very beginning in economics all actual market phenomena has been considered a dynamic and out of equilibrium process. Also, since then economists have applied analytical tools constrained to a static and equilibrium approach. Despite all the light shed by this approach there remain unanswered questions: What brings about the institutional...
What is the role of interbank markets and central banks in coping with banking crises? In experiments using an agent-based framework with multiple banks and an interbank market. I found that when banks cannot interact, then runs in isolated banks occur with a higher frequency than when banks have equal market shares. That is, there are no runs esca...
In this paper, I explore the occurrence of bank runs by developing a sensitivity analysis to the model in Diamond and Dybvig (1983). I implement an agent-based economic model to analyze different modifications and extensions to the original. In 36 experiments based on three different versions of the one-bank model the frequency of bank runs dropped...
The objective in this paper is to implement a parsimonious agent-based computational model of economic networks whereby agents make strategic decisions based upon profits and information generated through their immediate social network. In this model firms are represented by nodes and the links between each pair of them are the result of a mutually...
Uncertainty is a hallmark of conflict behavior, and other forms of violence that accompany civil and international war—such as low-intensity warfare, guerrilla, insurgency, and asymmetric conflict—are no exception. This study applied the theory of political uncertainty and complexity theory to the analysis of conflict events during the first three...
Tradicionalmente los resultados fiscales del Ecuador muestran un saldo en rojo. El déficit público es el resultado contable que indica que los gastos e inversiones del gobierno superan los ingresos que se recaudan en un año. A través de los años, diferentes tipos de regímenes, sean estos dictatoriales (militares y civiles) o democráticos (conservad...
Social network analysis and graph theoretical elements are incorporated into the Austrian Capital Theory in order to better reflect its core concepts. Graph theory is applied to formalize the heterogeneity of capital and the production process as a network or ecology of firms. The main result of this theoretical endeavor is that the greater the num...
Drawing on the work of people with strong mainstream reputations, we distinguish model and theory. We argue that a model may qualify as theory only if it purports to answer three questions: Theory of what?, Why should we care?, What merit in your explanation? We examine the 66 regular articles appearing in the 2004 issues of Journal of Economic The...
En este estudio se presenta un marco general basado en la Teoría de la Opción Publica, Economía Neo-Institucional para establecer que la crisis bancaria de 1999 en Ecuador fue la consecuencia de un sinnúmero de regulaciones estatales promovidas por grupos de presión, y fabricadas dentro del esquema político ecuatoriano. Estas regulaciones se llevar...
INVESTIGACION QUE ANALIZA LA POLITICA FISCAL DEL ECUADOR A PARTIR DE LAS INSTITUCIONES QUE CONFORMAN EL PROCESO PRESUPUESTARIO PARA POSTERIORMENTE, EVALUAR SU DESEMPEÑO E IMPACTO EN LA ECONOMIA Y EN LA SOCIEDAD. REVISA LA TEORIA TRADICIONAL DE LAS FINANZAS PUBLICAS, ANALIZA LA HISTORIA POLITICA, ECONOMICA Y FINANCIERA DE ECUADOR DESDE 1830 HASTA 19...
What is the role of inter-bank markets and central banks in coping with banking crises? I answer this question by developing a sensitivity analysis to the model in Diamond and Dybvig (1983). I implement an agent-based economic model to analyze different modifications and extensions to the original. In 36 experiments based on three different version...
En: Multimedia Educativo 2000. II Jornadas Multimedia Educativo Barcelona 2000, n. 2, julio @kademia es un entorno virtual especialmente pensado para llevar a cabo tanto el proceso de enseñanza flexible como la investigación, ésta última en el terreno de las nuevas tecnologias informáticas y de comunicación (NTIC), y posteriormente la publicación d...
Projects
Projects (7)
1. To what extent do international mining companies in Ecuador invest in socially and environmentally responsible mining? What are the potential constraints for sustainable mining in Ecuador?
2. What are the net economic benefits (macro-economic benefits less external net costs) of sustainable mining and how are these net benefits distributed within and across economic agents as well as across mining stages?
3. How do residents in Ecuador evaluate trade-offs when it comes to large-scale mining and its impact on individual households?
