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Fiscal Policy Throughout the Cycle: The Colombian Experience

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

recession and recovery period 1999-2003, the cyclical component attained, on average, -0,5% of the GDP which explained only 8 …% of the actual overall deficit. More recently in 2006, the cyclical component amounted to +0,8% of the GDP, equivalent to … been pro-cyclical over the last 45 years or so, with the primary surplus falling (and the deficit rising) as a share of GDP …

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

Credit Pro-cyclicality and Bank Balance Sheet in Colombia

Salcedo, Franz Alonso Hamann; Hernández, Rafael; … - BANCO DE LA REPÚBLICA - 2013

The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that condition their borrowing...

Persistent link: https://www.econbiz.de/10010828174

The international cycle and Colombian monetary policy

Mahadeva, Lavan; Pineda, Javier Gómez - BANCO DE LA REPÚBLICA - 2009

The objective of this paper is to analyze how international cycles affect the real GDPcycle and so monetary policy decisions in Colombia. We estimate that cycles in worldGDP, export prices and capital inflows are strongly associated with the Colombianbusiness cycle both on impact and even during...

Persistent link: https://www.econbiz.de/10005597638

Financial Accelerator Mechanism: Evidence for Colombia

López, Martha R.; Norberto Rodríguez N. - BANCO DE LA REPÚBLICA - 2008

Colombia experienced a deep recession in 1999-2003. Growth slowed by 4.2%,and investment by 34.6%. Was the severity of the recession due to a ¯nan-cial accelerator mechanism µa la Bernanke, Gertler, and Gilchrist (1999)? Toanswer this question, this paper estimates a dynamic stochastic general...

Persistent link: https://www.econbiz.de/10005466414

Cronología de los ciclos de negocios recientes en Colombia

Arango, Luis Eduardo; Arias, Fernando; Flórez, Luz Adriana - BANCO DE LA REPÚBLICA - 2007

En este trabajo se proponen fechas precisas para los ciclos de negocios ocurridos entre 1980 y 2007 a la vez que se identifican las fases de auge y recesión. Para ello, se utiliza la metodología de Bry y Boschan (1971). Adicionalmente, se identifican algunos hechos estilizados un año antes de...

Persistent link: https://www.econbiz.de/10005466425

EVALUACIÓN DE REGLAS DE TASA DE INTERÉS EN UN MODELO DE ECONOMÍA PEQUEÑA Y ABIERTA

Amaya, Julián Pérez - BANCO DE LA REPÚBLICA - 2006

Empleando un modelo de equilibrio general dinámico y estocástico para una economía pequeña y abierta con imperfecciones y rigideces en el sector no transable calibrado para Colombia, se estudia la conveniencia de que la autoridad monetaria fije como medida de inflación objetivo en su...

Persistent link: https://www.econbiz.de/10005466430

Consumer credit performance over the business cycle in Colombia: some empirical facts

Arango, Luis E.; Cardona-Sosa, Lina - BANCO DE LA REPÚBLICA - 2015

This paper studies the behavior of the survival function of accruing loans during the slowdown experienced by the Colombian economy between January-2008 and March-2009 as documented by Alfonso et al. (2013). We use a dataset with information of different vintage loans between July-2007 and...

Persistent link: https://www.econbiz.de/10011122608

¿Están sincronizados los ciclos económicos en Latinoamérica?

Vélez, Juliana Ávila; Giraldo, Álvaro José Pinzón - BANCO DE LA REPÚBLICA - 2015

Se identifican los ciclos económicos de Brasil, Chile, Colombia, Ecuador, México, Perú y Venezuela, utilizando el criterio del CEPR y el algoritmo Bry-Boschan (1971), aplicado al Producto Interno Bruto (PIB) y al Índice de Producción Industrial (IPI), respectivamente. Se mide el grado de...

Persistent link: https://www.econbiz.de/10011127951

Metodología de perfiles coincidentes para determinar indicadores líderes y contemporáneos, estudio de caso

Martínez, Wilmer - BANCO DE LA REPÚBLICA - 2013

En este documento se propone utilizar la metodología de perfiles coincidentes propuesta por Martínez (2010), con el fin de determinar si un conjunto de indicadores obtenidos de encuestas de opinión y otras fuentes son coincidentes o líderes de los indicadores económicos observables y, que...

Persistent link: https://www.econbiz.de/10010828163

Output gap and Neutral interest measures for Colombia

González, Andrés; Ocampo, Sergio; Pérez, Julián; … - BANCO DE LA REPÚBLICA - 2012

In this paper two new measures of the Colombian output gap and the real neutral interest rate are proposed. Instead of relying only on statistical filters, the proposed measures use semi-structural New-Keynesian models, adapted for a small open economy. The output gap measures presented are in...

Persistent link: https://www.econbiz.de/10010828178