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IDENTIFYING FISCAL POLICY SHOCKS IN CHILE AND COLOMBIA

Restrepo, Jorge E.; Rincón, Hernán - BANCO DE LA REPÚBLICA - 2006

Structural VAR and Structural VEC models were estimated for Chile and Colombia, aiming at identifying fiscal policy shocks in both countries between 1990 and 2005. The impulse responses obtained allow the calculation of a pesofor- peso ($/$) effect on output of a shock to public spending and to...

Persistent link: https://www.econbiz.de/10005262765

Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia

Vargas, Hernando; González, Andrés; Lozano, Ignacio - BANCO DE LA REPÚBLICA - 2012

In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements...

Persistent link: https://www.econbiz.de/10009649717

Fiscal policy in Colombia and a prospective analysis after the 2008 financial crisis

Lozano, Ignacio - BANCO DE LA REPÚBLICA - 2010

The purpose of this study is twofold: First, it provides an empirical characterization of fiscal policy in Colombia over the last decades, by assessing the three most relevant macroeconomic factors: the behavior of fiscal policy over the business cycle; whether it has been coherent with the...

Persistent link: https://www.econbiz.de/10008475938

Fiscal Policy Throughout the Cycle: The Colombian Experience

Lozano, Ignacio; Toro, Jorge - BANCO DE LA REPÚBLICA - 2007

This paper reviews the relationship between the business cycle and public finances in Colombia. The evidence shows that cyclical movements in output systematically affect the situation of public finances. Hence, the distinction between the cyclical and permanent (i.e. structural) components of...

Persistent link: https://www.econbiz.de/10005464419

Assessing the Macroeconomic Effects of Fiscal

Espitia, Ignacio Lozano; Rodríguez, Karen - BANCO DE LA REPÚBLICA - 2009

The focus of this paper is on the short-term macroeconomic effects of fiscalpolicy in Colombia in a structural vector autoregression context. Governmentspending shocks are found to have positive and significant effects on output,private consumption, employment, prices and short-term interest...

Persistent link: https://www.econbiz.de/10005597571

Asset Price Bubbles and Monetary Policy in a Small Open Economy

López, Martha - BANCO DE LA REPÚBLICA - 2014

In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the … macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market … in the case of a small open economy. And second, we want to compare the results in terms of macroeconomic volatility of …

Persistent link: https://www.econbiz.de/10010885940

The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices

cabrales, Carolina Arteaga; Castro, Joan Camilo Granados; … - BANCO DE LA REPÚBLICA - 2011

In this paper we study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity...

Persistent link: https://www.econbiz.de/10009404509

The Risk-Taking Channel in Colombia Revisited

López, Martha; Tenjo, Fernando; Zárate, Héctor - BANCO DE LA REPÚBLICA - 2012

Levels of interest rates below historical norms may have enhanced financial instability in developed and developing economies during the 2000's. The risk taking channel of monetary policy transmission is a recent theory that explains the interaction between risk perceptions of the financial...

Persistent link: https://www.econbiz.de/10009645748

Assessing Inflationary Pressures in Colombia

Vargas, Hernando; González, Andrés; González, Eliana; … - BANCO DE LA REPÚBLICA - 2009

increasing measured productivity. Thesecond challenge took place in 2007-2008, when the economy was hit by a number of "supply … economy.Regarding the second episode, an evaluation of core ination indicators according to stan-dard criteria suggests that …

Persistent link: https://www.econbiz.de/10004990997

MONETARY POLICY FORECASTING IN A DSGE MODEL WITH DATA THAT IS UNCERTAIN, UNBALANCED AND ABOUT THE FUTURE

Gómez, Andrés González; Mahadeva, Lavan; Rodríguez, … - BANCO DE LA REPÚBLICA - 2009

If theory-consistent models can ever hope to forecast well and to be useful for policy, theyhave to relate to data which though rich in information is uncertain, unbalanced and sometimes forecastsfrom external sources about the future path of other variables. One example from many is financial...

Persistent link: https://www.econbiz.de/10004990998