Reserves as Insurance: International Buffers and Inward FDI in Emerging Markets

Documento de Trabajo 2026/08Emerging markets have accumulated large reserve buffers, but whether these buffers causally affect inward foreign direct investment (FDI) remains an open question. Using an unbalanced panel of emerging market economies over 2001–2020, we estimate twoway fixed-effects models of net inward FDI inflows with a rich set of lagged controls. We address the endogeneity of reserve accumulation by instrumenting lagged reserves with the two-year-lagged log of each country’s commodity import price index—a source of balance-of-payments pressure orthogonal to export-driven profitability shocks, conditional on a country-specific commodity export price index. The IV estimates imply that a 10% increase in reserves raises FDI inflows by about 18.5% (an elasticity of 1.85), more than four times the fixed-effects OLS estimate of 0.4. The effect is amplified during global stress episodes: the IV elasticity is 1.85 in the full sample but falls to 1.34 when crisis years (2008–2009, 2020) are excluded, consistent with reserves functioning as insurance that matters most when downside risks are salient.Ciappa, C., Levy Yeyati, E., Vázquez, F. (2026). Reserves as Insurance: International Buffers and Inward FDI in Emerging Markets. [Working Paper. Universidad Torcuato Di Tella]. Repositorio Digital Universidad Torcuato Di Tella. https://repositorio.utdt.edu/handle/20.500.13098/1428

Does generative AI narrow education-based productivity gaps? Evidence from a randomized experiment

Documentos De Trabajo 2026/03Does generative artificial intelligence (AI) reinforce or reduce productivity differences across workers? Existing evidence largely studies AI within firms and occupations, where organizational selection compresses educational heterogeneity, leaving unclear whether AI narrows productivity gaps across individuals with substantially different levels of formal education. We address this question using a randomized online experiment conducted outside firms, in which 1,174 adults aged 25–45 with heterogeneous educational backgrounds complete an incentivized, workplace-style business problem-solving task. The task is a general (not domain-specific) exercise, and participants perform it either with or without access to a generative-AI assistant. Unlike prior work that studies heterogeneity within relatively homogeneousworker samples, our design targets the between–education-group productivity gap as the primary estimand. We find that AI increases productivity for all participants, with substantially larger gains for lower-education individuals. In the absence of AI access, higher-education participants outperformlower-education participants by 0.548 standard deviations; with AI access, this gap falls to 0.139 standard deviations, implying that generative AI closes three-quarters of the initial productivity gap. We interpret this pattern as evidence that generative AI narrows effective productivity differences in task execution by relaxing constraints that are more binding for lower-education individuals, even though underlying skill differences remain, as reflected in persistent education gaps in task performance and in a follow-up exercise without AI assistance.Cruces, G., et al. (2026). “Does generative AI narrow education-based productivity gaps? Evidence from a randomized experiment”.[Working Paper. Universidad Torcuato Di Tella]. Repositorio Digital Universidad Torcuato Di Tella. https://repositorio.utdt.edu/handle/20.500.13098/1425

A viscosity framework for dynamic programming principles and applications

In this work we introduce a viscosity-based notion of solution for general approximation schemes associated with partial differential equations, such as dynamic programming principles~(DPPs). A key feature of our approach is that it bypasses any measurability requirement on solutions of the DPP, an assumption that is often difficult to verify and may even fail in relevant examples. We establish a comparison principle between classical strict supersolutions and viscosity subsolutions of the DPP, which yields stability results under minimal and natural hypotheses. As a consequence, we prove existence of viscosity solutions of the DPP and their convergence to viscosity solutions of a PDE that is consistent with the underlying approximation scheme. Moreover, we show that solutions of the limiting PDE admit an asymptotic expansion encoded by the approximation operator. Finally, we demonstrate that a broad class of local, nonlocal, and nonlinear partial differential equations fits into our framework, recovering known examples in the literature and completing gaps in the existing literature

Minimal projections onto spaces of polynomials on real euclidean spheres

Este documento es la versión aceptada del artículo "Minimal projections onto spaces of polynomials on real Euclidean spheres" publicado en el Journal of the London Mathematical Society, 113(1)We investigate projection constants within classes of multivariate polynomials over finitedimensional real Hilbert spaces. Specifically, we consider the projection constant for spaces of spherical harmonics and spaces of homogeneous polynomials as well as for spaces of polynomials of finite degree on the unit sphere. We establish a connection between these quantities and certain weighted L1-norms of specific Jacobi polynomials. As a consequence, we present exact formulas, computable expressions and asymptotically accurate estimates for them.Defant, A., Galicer, D., Mansilla, M., Mastyło, M., & Muro, S. (2026). Minimal projections onto spaces of polynomials on real Euclidean spheres. Journal of the London Mathematical Society, 113(1). Portico. https://doi.org/10.1112/jlms.7042

Fiscal Consolidation and Disinflationary Frictions in Argentina

Argentina has struggled with persistently high inflation for the past two decades, surpassing 200% in 2023. While there is a broad consensus on the need for fiscal consolidation to curb inflation in the country, the path to disinflation is fraught with challenges. The objective of this paper is to provide an analysis of the frictions that arise in the process of reducing inflation through fiscal consolidation in Argentina. To accomplish this, we embed Argentina’s unique institutional features—particularly those related to fiscal spending and inflation dynamics—into an otherwise standard macroeconomic framework, drawing on the logic of Sargent and Wallace (1981), which links fiscal deficits to inflation. We then use the model to analyze the potential short- and long-term inflationary consequences of different strategies for closing fiscal imbalances

Collective problem decomposition improves the wisdom of deliberative crowds

Understanding when and why social interaction improves human judgment is a central question in the behavioural sciences. We examine whether collective accuracy improves when groups break complex estimation problems into simpler components and generate approximate intermediate estimates, a reasoning strategy we call Collective Fermi Estimation. Across three experiments analysing more than 1,000 online group deliberations in text chatrooms, we study the causal effects and linguistic signatures of this strategy. In Study 1 (N = 500), spontaneous use of problem decomposition, as rated by human annotators, predicts lower collective estimation error. Study 2 (N = 240) provides causal evidence: groups instructed to apply problem decomposition outperform groups instructed to combine their initial guesses. Study 3 (N = 160) shows that the benefits of the method are larger when applied collectively than individually. We also introduce a fully automated approach to detect Fermi-style reasoning in conversations based on large language models (LLMs). Using five state-of-the-art LLMs, we obtain ratings that strongly correlate with human annotations and predict collective accuracy across all studies. These findings identify problem decomposition as a key mechanism behind the wisdom of deliberative crowds and provide tools to detect and promote it.Barrera-Lemarchand, F., Charreau, L. V. L., Ruiz, J., Caceres, N., Carrillo, F., Sigman, M., & Navajas, J. (2026, March 28). Collective problem decomposition improves the wisdom of deliberative crowds. Retrieved from osf.io/preprints/psyarxiv/5xyze_v

Intergenerational Persistence in Intimate-Partner Violence

Documentos De Trabajo 2026/05We study the intergenerational persistence of intimate-partner violence (IPV) in Sub-Saharan Africa. Women who report that their fathers physically abused their mothers are 25.9 percentage points more likely to experience IPV. Place and ethnicity explain one third of the persistence variation, with no additional variation explained by other observed socioeconomic factors.Women who report that their mothers were IPV victims are more likely to find IPV acceptable, which is not explained by a rationalization of their own victimization. IPV persistence is stronger in ethnicities with lower IPV prevalence, emphasizing the role of parental IPV relative to its cultural salience.Hernández-Leal, J., et al. (2026). “Intergenerational Persistence in Intimate-Partner Violence”.[Working Paper. Universidad Torcuato Di Tella]. Repositorio Digital Universidad Torcuato Di Tella. https://repositorio.utdt.edu/handle/20.500.13098/1425

Amores que matan: debates sobre el esencialismo escolar

Este artículo analiza la defensa de la escuela formulada por Jan Masschelein y Maarten Simons, quienes la conciben como un espacio de tiempo libre no productivo. Se plantea como hipótesis que dicha concepción descansa en un triple esencialismo —nominal, racional y afectivo— que fetichiza lo escolar y la invisibiliza como tecnología que canaliza prácticas. El análisis confirma que este esencialismo apela a la scholé como mito, por la atribución de una capacidad racional y por la centralidad del amor como fundamento de legitimidad. Esto produce efectos de impotencia reflexiva y bloqueo de la imaginación en un escenario acelerado de digitalización y culturas prefigurativas. Se sustenta un análisis teórico-crítico que articula aportes de la historia y la sociología, nociones foucaultianas de tecnología y gubernamentalidad y estudios sobre evolución cultural. La enseñanza es considerada como una capacidad adaptativa de la especie humana, anterior y exterior a la escuela, cuestionando su naturalización como hábitat exclusivo. Los hallazgos sugieren que el énfasis en el amor como fundamento de legitimación configura un blindaje normativo que, lejos de empoderar a los docentes intensifica la decepción y la impotencia, particularmente en una cultura prefigurativa, donde la centralidad simbólica del adulto se ve erosionada, comprometiendo el horizonte testimonial de lo escolar. El artículo propone identificar otros modos de anidar la enseñanza, sugiriéndose tres vías complementarias: rechazar el fetiche escolar mediante la historización de lo escolar; cartografiar espacios donde emergen tiempos no productivos; y explorar acoples entre formas escolares y postescolares, evaluando efectos sobre la atención y la igualdad de acceso al conocimiento. Se propone abrir la imaginación prescindiendo de la recurrencia mitificada y así identificar flujos capaces de sostener lo educativo en su carácter evolutivo, abierto y contingent

The Motherhood Training Penalty

Documentos De Trabajo 2026/04Women experience slower wage growth than men over their lifetimes, a gap often attributed to the “motherhood wage penalty,” as childbearing reduces earnings. This paper links this penalty to differences in human capital using a pseudo-event study of first childbirth in Europe to document a “motherhood training penalty.” Before parenthood, full-time male and female workers exhibit similar on-the-job training trends, but their trajectories diverge afterward. In the first 1–3 years of parenthood, women are 17%–21% less likely to train, compared to a 1%–5% decline for men. Additional evidence suggests this gap reflects employers’ lower willingness to finance training for mothers, and that it is larger in countries with higher childcare costs and weaker government support for training.Xiao, M., et al. (2026). “The Motherhood Training Penalty”.[Working Paper. Universidad Torcuato Di Tella]. Repositorio Digital Universidad Torcuato Di Tella. https://repositorio.utdt.edu/handle/20.500.13098/1425

La formación pedagógica-didáctica del docente universitario en la Argentina: ¿(des)articulación con la investigación?

El artículo analiza la formación pedagógico-didáctica del docente universitario en la Argentina, focalizando en su articulación con la investigación a partir del estudio de cuatro especializaciones en docencia universitaria acreditadas por la Comisión Nacional de Evaluación y Acreditación Universitaria (CONEAU). Desde un enfoque cualitativo basado en estudios de caso, se combinan análisis documental y entrevistas a directoras de carrera para indagar concepciones, alcances y tensiones de estos dispositivos formativos. Los resultados evidencian que las especializaciones generan transformaciones pedagógicas relevantes en las prácticas docentes, especialmente en la planificación, la evaluación y la reflexión sobre la enseñanza. No obstante, dichos cambios se manifiestan principalmente a nivel individual y presentan un impacto institucional limitado, condicionado por políticas de carrera docente, incentivos académicos y condiciones laborales. Asimismo, la articulación entre docencia e investigación se presenta de manera heterogénea y, en muchos casos, se concentra en el trabajo final integrador. Se concluye que estas propuestas constituyen dispositivos valiosos para la profesionalización docente, aunque su efectividad depende de su inserción en políticas institucionales más amplias.ENGLISH VERSION: This article analyzes the pedagogical–didactic training of university faculty in Argentina, focusing on its articulation with research through a study of four postgraduate specializations in university teaching accredited by the National Commission for University Evaluation and Accreditation (CONEAU). Using a qualitative case study approach, the research combines document analysis and interviews with program directors to examine the underlying conceptions, scope, and tensions of these training initiatives. The findings show that these specializations lead to significant pedagogical transformations in teaching practices, particularly in course design, assessment, and critical reflection on teaching. However, these changes tend to occur mainly at the individual level and have limited institutional impact, constrained by academic career policies, incentive structures, and working conditions. Furthermore, the articulation between teaching and research is uneven and, in many cases, largely confined to the capstone project. The study concludes that these programs are valuable mechanisms for the professionalization of university teaching, although their effectiveness depends on their integration into broader institutional policies