Misas, Martha; Ramírez, María Teresa - Banco de la Republica de Colombia
regime model with both fixed (FTP) and time-varying transition probabilities (TVTP) to explain regime changes in the economic … with depression and sustainable growth regimes were identified. In addition, the hypothesis of fixed probabilities is … rejected in favour of the time-varying transitional probabilities, meaning that the correct model is the one with endogenous …