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Este principio, es concebido por parte de la doctrina como un principio unitario aunque funcione de diversa manera (Ferreira, 1984, p. 92) pues "No puede pretenderse que pueda haber una buena fe creencia sin una conducta conforme a la buena fe. Y por lo mismo, cada vez que falte una de las dos facetas, algo faltará en el concepto." (Valés, 2012, p. 104).Sin embargo, la mayoría de autores la concibe como un concepto dual, por un lado bajo una perspectiva subjetiva y por el otro bajo una perspectiva objetiva. (Valés, 2012, p. 109) Se ha dicho que la buena fe subjetiva es "la convicción que tiene una persona de que su comportamiento es regular y permitido" (Bernal, 2010, p. 259 -260).Por su parte la buena fe objetiva es concebida como "regla de conducta fundada en la honestidad, en la rectitud, en la lealtad y principalmente en la consideración del interés del otro visto como un miembro del conjunto social que es jurídicamente tutelado." (Neme, 2009, p. 48-49).En suma y como advierte Monsalve (2010) la buena fe objetiva "extiende o aplica una regla de conducta" mientras que la subjetiva "facilita una legitimación o configura una titularidad con base en aquella conducta" (p. 124) 7Pues bien, para el caso que nos ocupa en análisis, es la buena objetiva la que resulta relevante, pues como indica Hurtado (2015, p. 39) es ésta la que se estudia en el campo de las relaciones contractuales.Es además la que recoge el legislador en la Ley 80 de 1993 Art. 28, al establecer como criterio de interpretación del contrato estatal, los mandatos de la buena fe, poniendo por un lado, 7 El Consejo de Estado ha adoptado la concepción subjetiva-Objetiva de la buena fe. Ver Sentencia: (Consejo de Estado, Sala de lo Contencioso Administrativo, Sección Tercera, 18836, 2011).

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I study the role of heterogeneity and idiosyncratic risk in Macroeconomics, and their implications on problems of income taxation. In the first chapter, I study the effects of redistributive taxation in an incomplete market economy with heterogeneous agents and idiosyncratic risk. I focus on the role of distortions in labor supply decisions and the interplay of heterogeneity and uninsurable idiosyncratic shocks, conducting the first general equilibrium analysis of a Negative Income Tax (NIT).I show that a NIT is a serious candidate to replace the current income tax in the United States. I find that the optimal NIT has a marginal tax rate of 28% and a transfer of 10% of per capita GDP, roughly $4600.The welfare gains of replacing the current US income tax with a NIT are equivalent to a 6.3% increase in annual consumption in every state of the world.Low-ability agents, in the bottom quintile of the productivity distribution, benefit the most, while high-ability agents are worse off. A consequence of the reform is that the composition of the labor force changes, with high-productivity agents working more, in relative terms, than low-productivity agents. Finally, I find that the riskier the economy, the higher the welfare gains of the NIT as a provider of public insurance.In the second chapter, I study labor income dynamics over the life cycle and introduce a novel methodology that can detect the presence of patterns in the idiosyncratic earnings shocks and recognize economic forces in action. Using a sample from the Panel Study of Income Dynamics (PSID), I estimate a Bayesian Logistic Smoothed Transition Autoregressive model of order 1 (LSTAR(1)) with a rich level of heterogeneity in the innovations. I find that there is a life-cycle pattern in the earning shocks: before the age 29, young workers experience shocks with higher variance and a positive probability of lower persistence than older workers. A comparison with conventional models shows that an incorrect model specification introduces bias in the estimates. The proposed model can be easily approximated with a discrete Markov process. This means that this model can be used by macroeconomists to calibrate income processes. Abstract Approved: Thesis Supervisor To my loving parents and dear family ii All theories are valid and none is relevant. What makes them relevant is what you do with them. -Jorge Luis Borges, Complete Works iii ACKNOWLEDGEMENTS An exhaustive list of all of the people who contributed to this dissertation will never be complete, no matter how hard I try. There are many friends and professors to whom I owe a great deal of gratitude. I will start with Gustavo Ventura, my main advisor and first macroeconomics professor at Iowa. He taught and pushed me to be a better economist, always curious and in search of good questions, fearless of the difficulty of any economic problem.He has been a major role model for me, and an outstanding mentor.Charles Whiteman has also been an inspiration for me. He spent time with me, correcting my thinking, encourag...