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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

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

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

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 economies opened their financial accounts to foreign...

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

Credit and Business Cycles: An Empirical Analysis in the Frequency Domain

Amador, Juan Sebastián; Gaitán-Maldonado, Celina; … - BANCO DE LA REPÚBLICA - 2014

The history of economic recessions has shown that every deep downturn has been accompanied by disruptions in the ?financial sector. Paradoxically, up until the ?financial world crisis of 2007-2009, little attention was given to macroeconomic and ?financial interdependence. And, in spite of a...

Persistent link: https://www.econbiz.de/10010946007

BANKING PRODUCTIVITY AND ECONOMIC FLUCTUATIONS: COLOMBIA 1998-2000

Arias, Andrés Felipe - BANCO DE LA REPÚBLICA - 2001

I build a general equilibrium, Þnancial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges be- cause of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this Þnancial friction I...

Persistent link: https://www.econbiz.de/10005262696

Financial Intermediation and Monetary Policy in a Small Open Economy

Sarmiento, Juan David Prada - BANCO DE LA REPÚBLICA - 2008

This paper analyses the role of a costly financial system in the transmission of monetarypolicy. The new-keynesian model for a small open economy is extended with asimple financial system based in Hamann and Oviedo (2006). The presence of the financialintermediation naturally allows the...

Persistent link: https://www.econbiz.de/10005262738

Cronología de los ciclos de crecimiento recientes en Colombia

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

Este trabajo utiliza el concepto de ciclos de crecimiento y lo diferenciadel de ciclo de negocios. Se estiman las fechas de ocurrencia de losciclos de crecimiento en Colombia entre 1980 y 2007 utilizando losmétodos de Bry y Boschan (1971) y Boschan y Ebanks (1978) conocido,este último, como...

Persistent link: https://www.econbiz.de/10005262764

Asimetrías en la demanda por trabajo en Colombia: el papel del ciclo económico

Castaño, Jorge Andrés Tamayo - BANCO DE LA REPÚBLICA - 2012

Este trabajo tiene como objetivo estimar las elasticidades de demanda de empleo moderno total y no calificado, haciendo énfasis en las asimetrías presentes en las distintas fases del ciclo económico colombiano. Para tal fin, se estiman modelos MS-VAR(p) siguiendo la metodología propuesta por...

Persistent link: https://www.econbiz.de/10009645756

Asimetrías del empleo y el producto, una aproximación de equilibrio general

González, Andrés; Ocampo, Sergio; Rodríguez, Diego; … - BANCO DE LA REPÚBLICA - 2011

La evidencia empírica para Colombia muestra relaciones tanto positivas como negativas entre el crecimiento del producto y empleo, a diferencia de lo encontrado en economías desarrolladas como la de los Estados Unidos. El presente trabajo usa modelos VAR y de Equilibrio General Dinámico y...

Persistent link: https://www.econbiz.de/10009200973