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research for development

our researchers
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CAF's research team includes four principal economists that perform as research leaders, and many economists that are a part of their teams. CAF's research team covers mainly macroeconomic subjects, such as: economic development, foreign trade and integration, quantitative macroeconomics, labor economics, health economics, and education economics among others.   

Our researchers lead the reflection and economic analysis as pilars of the business process and CAF's strategy design, while at the same time they promote the debate on public policies in the region.


Pablo Sanguinetti
Pablo Sanguinetti
Corporate Director of Economic Analysis and Knowledge for Development

Ph.D. in Economics from the University of California (USA). Master in Economics from the same university. Master in Economics from the Torcuato Di Tella Institute (Argentina). He works as professor of Economics at the Torcuato Di Tella University. His research interests include foreign trade and integration, economic development, and fiscal federalism.

publications
  • Reciprocity and Willingness to Pay Taxes: Evidence from a Survey Experiment in Latin America. Economía, 16(2), 55-87, 2016 (with D. Ortega and L. Ronconi)
  • Trade Diversion and Declining Tariffs: Evidence from Mercosur. Journal of International Economics, 64, 65-88, 2004 (with A. Bohara and K. Gawande)
  • Intergovernmental Transfers and Fiscal Behavior: Insurance vs Aggregate Discipline. Journal of International Economics, 62, 149-170, 2004 (with M. Tommasi)
  • Wage Inequality and Trade Liberalization: Evidence from Argentina. Journal of Development Economics, Elsevier, 72(2), 97-513, 2003 (with S. Galiani)
Adriana Arreaza Coll
Adriana Arreaza Coll
Director of Macroeconomic Studies

Ph.D. in Economics from Brown University (USA). B.A. in Economics from Universidad Católica Andrés Bello (Venezuela). She coordinates the team of country economists and contributes to CAF’s research publications. She is also Assistant Professor at the Department of Economics of Universidad Católica Andrés Bello in Caracas.

publications
  • The effect of a government-subsidized staple food chain on retail food prices: The case of MERCAL in Venezuela. Revista de la Academia de Ciencias Econonómicas de Venezuela, Caracas, 2012 (with Ana Lucía Herrera and Andrea Ramírez)
  • The Bank-Lending Channel in Venezuela. Money Affairs, 19(1), 2006
  • Consumption Smoothing Through Fiscal Policy in EU Countries, in Fiscal Institutions and Fiscal Performance, ed. by James M. Poterba y Jurgen von Hagen, National Bureau of Economic Research, 1999 (with Bent Sørensen and Oved Yosha)
Christian Daude
Christian Daude
Director of Socioeconomic Research (on leave)

Ph.D. in Economics from the University of Maryland (U.S.A.). Master in Economics from the same university. B.A. in Economics from the Universidad de la República (Uruguay). His research interests include international economics, fiscal policy, economic growth and productivity. 

publications
  • Subnational fiscal sustainability, risk sharing and "fiscal fatigue" in Colombia. Review of Public Economics/Hacienda Pública Española, 219(4), 137-160, 2017 (with C. de la Maisonneuve)
  • Doctoring the ball: the political economy of tax incentives for investment in Dominican Republic.Journal of Economic Studies, 44(1), 2-23, 2017 (with H. Gutierrez, H. and A. Melguizo)
  • Efficiency and contestability in emerging market banking systems. OECD Journal: Economic Studies, 2016(1), 151–182, 2017 (with J. Pascal)
  • On the effectiveness of exchange rate interventions in emerging markets. Journal of International Money and Finance, 64, 239-261, 2016 (with E. Levy Yeyati and A. Nagengast)
Daniel Ortega
Daniel Ortega
Director of Impact Evaluation and Policy Learning

Ph.D. in Economics form the University of Maryland College Park (USA). Master in Economics from the same university. B.A. in Economics form Universidad Central de Venezuela. He is also Associate Professor at Instituto de Estudios Superiores de Administración (IESA).

publications
  • Reciprocity and Willingness to Pay Taxes: Evidence from a Survey Experiment in Latin America.Economía, 16(2), 55-87, 2016 (with L. Ronconi and P. Sanguinetti)
  • The Price of Political Opposition: Evidence from Venezuela's Maisanta. American Economic Journal: Applied Economics, 196-214, 2011 (with C. Hsieh, E. Miguel and F. Rodriguez)
  • Human Development of Peoples. Journal of Human Development and Capabilities, 11(2), 229-257, 2010
  • The Effect of Wage Compression and Alternative Labor Market Opportunities on Teacher Quality in Venezuela. Economics of Education Review, 29(5), 760-771, 2010
Fernando Álvarez
Fernando Álvarez
Principal Economist

Ph.D. in Economics from the University of Rochester (USA). Master in Economics from the same university and in Operations' Research from the Universidad Central in Venezuela (UCV). B.A. in Economics from the UCV. He is also professor at the UCV. His research interests are quantitative macroeconomics, and economic development.

publications
  • Should a Central Bank Transfer its Profits to the Treasury?Economía, forthcoming (with A. Arreaza and E. Zambrano)
  • Durable Goods, Financial Frictions, and Business Cycle in Emerging Economies. Journal of Monetary Economics, 60(6), 2013 (with L. Brandao-Marques and M. Toledo)
  • Unemployment Insurance with a Hidden Labor Market. Journal of Monetary Economics, 50(7), 2009 (with J. M. Sánchez)
  • Expectativas, Relaciones Intersectoriales y Ciclo Económico (Expectations, Inter-sectorial Relationships, and Economic Cycle). Ensayos Económicos (Economic Essays), 63, 2011 (with F. Saez, J. Morales and G. Guedez)
Guillermo Alves
Guillermo Alves
Principal Economist

 

Ph.D. in Economics from Brown University (United States). Master in Economics from the same university. B.A. in Economics from Universidad de la República (Uruguay). His research interests include urban economics, development, and applied microeconomics.

 

publications
  • Workplace democracy and job flows. Journal of Comparative Economics, Elsevier, 44(2), 258-271, 2016 (with G. Burdín and A. Dean)
  • Wage Inequality on the Rise: The Role of Workers’ Characteristics. Journal of Income Distribution, 22(2), 99-123, 2013 (with M. Brum and M. Yapor)
Lucila Berniell
Lucila Berniell
Principal Economist

Ph.D. in Economics from the Universidad Carlos III (Madrid). Master in Economics from the same university. B.A. in Economics from the Universidad Nacional de Cordoba (Argentina). She is also a professor at Universidad Torcuato Di Tella (Argentina). Her research interests include economics of education, economics of health, labor economics, and economic development.

publications
  • Spillovers of Health Education at School on Parent's Physical Activity. Health Economics, 22(9), 1004-1020, 2013 (con D. de la Mata y N. Valdés)
Pablo Brassiolo
Pablo Brassiolo
Principal Economist

Ph.D. in Economics from the Universitat Pompeu Fabra (Spain). Master in Economics from the same university and from the Universidad del Cema (Argentina). B.A. in Economics at Universidad Nacional de Cordoba (Argentina). His research interests are labor economics, economic development, family economics, program evaluations, and public policies.

publications
  • Domestic Violence and Divorce Law: When Divorce Threats Become Credible. Journal of Labor Economics, 34(2), 443-477, 2016
  • El empleo en América Latina. Evidencia de las encuestas de hogares. El Trimestre Económico, Fondo de Cultura Económica, 0(328), 749-784, 2015 (with L. Gasparini, M. Arcidiácono, L. Carella, J. Puig and P. Gluzmann)
Dolores de la Mata
Dolores de la Mata
Principal Economist

Ph.D. in Economics from Universidad Carlos III (Madrid). Master in Economics from the same university. B.A. in Economics from Universidad Nacional de Córdoba (Argentina). Her research interests include health economics, economics of education, labor economics and economic development.

publications
  • Echoes of the crises in Spain and US in the Colombian labor market: a differences-in-differences approach. SERIES Journal of the Spanish Economic Association, 2015, Doi 10.1007/s13209-015-0130-5
  • Spillovers of Health Education at School on Parent's Physical Activity. Health Economics, 22(9), 1004-1020, 2013 (with L. Berniell and N. Valdés)
  • The Effect of Medicaid Eligibility on Coverage, Utilization, and Children's Health. Health Economics, 21(9), 1061-1079, 2012
Ricardo Estrada
Ricardo Estrada
Principal Economist

Ph.D. in Economics from the Paris School of Economics (France). Master in Public Policy from the University of Chicago (USA). His research interests are education, labor and development economics.

publications
  • Rules vs. Discretion in Public Service: Teacher Hiring in Mexico. Journal of Labor Economics, forthcoming
  • Benefits to elite schools and the expected returns to education: Evidence from Mexico City. European Economic Review, 95, 168-194, 2017 (with Jérémie Gignoux)
  • Profesionistas en vilo. ¿Es la universidad una buena inversión?, CIDAC, Ciudad de México, 2011
Gustavo Fajardo
Gustavo Fajardo
Principal Economist

Ph.D. in Economics from Centro de Estudios Monetarios y Financieros - CEMFI (Spain). Master in Economics from the same university. B.A. in Economics from Universidad de Carabobo (Venezuela). His research interests are political economy, migration and development economics.

publications
  • Hierarchy, Coups and the Political Preferences of Army Officers
  • Taking One for the Team: Shocks at Destination and Household's Supply of Migrants (with Emilio Gutiérrez and Horacio Larreguy)
  • The Effect of Term Limits on the Effort in Other Offices
Manuel Toledo
Manuel Toledo
Principal Economist

Ph.D. in Economics at the University of Rochester (USA). Master in Stochastic Modelling at Universidad Central de Venezuela. B.A. in Economics from the same university. His research interests are macroeconomics and labor economics.

publications
  • Durable Goods, Financial Frictions, and Business Cycles in Emerging Economies. Journal of Monetary Economics, 60(6), 2013 (con Fernando Álvarez-Parra y Luis Brandao-Marques)
  • Flexibility at the Margin and Labor Market Volatility in OECD Countries. The Scandinavian Journal of Economics, 114(3), 2012 (with Héctor Sala and José I. Silva)
  • Labor Turnover Costs and the Cyclical Behavior of Vacancies and Unemployment. Macroeconomic Dynamics, 13(1), 2009 (with José I. Silva)
Juan F. Vargas
Juan F. Vargas
Principal Economist

Ph.D. in Economics from Royal Holloway, University of London (England). Master in Economics from Universidad de los Andes. B.A. in Economics from the same university. He is Full Professor of Economics at Universidad del Rosario, where he was named Distinguished Professor in 2014. His research interests are political economy, economic development, impact evaluation and the economics of crime and civil conflict.

publications
  • Does the Unemployment Benefit Institution affects the Productivity of Workers? Evidence from the field. Management Science, 63(11), 3691-3707, 2017 (con M. Blanco y P. Dalton)
  • Commodity Price Shocks and Civil Conflict: Evidence from Colombia. Review of Economic Studies, 80 (4), 1384-1421, 2013 (with O.Dube).
  • The Need for Enemies. Economic Journal, 126 (593), 1018-1054, 2016 (with L. Fergusson, J. Robinson and R. Torvik)
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