Economía y Negocios
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Browsing Economía y Negocios by Author "Acuña, Guillermo"
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Item Consumer confidence and consumption: empirical evidence from Chile(2019) Acuña, Guillermo; Echeverría, Cristián; Pinto-Gutiérrez, CristianThis paper examines whether consumer confidence forecasts future consumption in Chile. The results show that consumer confidence indicators are positively related to consumption growth during the month following the indicators, demonstrating that consumption increases after periods of high consumer confidence. This result stands at odds with the theoretical predictions of consumption expenditures (for instance, the Precautionary Saving Hypothesis). Furthermore, the results show that consumer confidence measures can be good predictors of consumption, even after controlling for the information contained in other economic fundamentals. This evidence suggests that consumer confidence in Chile also reflect a component of consumer sentiment that is unrelated to macroeconomic conditions. Finally, additional results show that predictive models that include consumer confidence produce more accurate predictions for positive, rather than for negative changes in consumption over the next month.Item The role of climate variability in convergence of residential water consumption across Chilean localities(2019) Acuña, Guillermo; Echeverría, Cristián; Godoy Faúndez, Alex; Vásquez Lavín, FelipeThis paper analyses the existence of convergence in residential water consumption across geographical regions by using econometric methods taken from the economic growth literature and a panel of water consumption of 348 Chilean localities from 2010 to 2015. Convergence was found, and the main causes were factors related to economic and climate variables.