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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

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

House Prices and Monetary Policy in Colombia

Piñeros, Martha López - BANCO DE LA REPÚBLICA - 2006

This paper investigates the possible responses of an inflation-targeting monetary policy in the face of asset price deviations from fundamental values. Focusing on the housing sector of the Colombian economy, we consider a general equilibrium model with frictions in credit market and bubbles in...

Persistent link: https://www.econbiz.de/10005768153

Trends, Fluctuations, and Determinants of Commodity Prices

Arango, Luis Eduardo; Arias, Fernando; Flórez, Luz Adriana - BANCO DE LA REPÚBLICA - 2008

A threefold analysis of commodity prices is carried out to observe their long-runbehaviour, their short-run properties and the main determinants. According to theevidence, the Prebisch-Singer hypothesis does not seem to be a property of mostprices. The cycles of commodity prices are asymmetric...

Persistent link: https://www.econbiz.de/10005768158

Ciclo económico y efecto inflacionario de la depreciación de la moneda

González, Andrés; mendoza, Omar; Rincón, Hernán; … - BANCO DE LA REPÚBLICA - 2010

Este documento evalúa el grado de transmisión de corto y largo plazo sobre la inflación de los bienes importados de un choque a la depreciación del peso colombiano cuando se controla por el ciclo económico. Encontramos que la transmisión es mayor cuando la perturbación ocurre en un...

Persistent link: https://www.econbiz.de/10008520883

Identification problems in the solution of linearized DSGE models

Bonaldi, Jean Pietro - BANCO DE LA REPÚBLICA - 2010

This article analyzes identification problems that may arise while linearizing and solving DSGE models. A criterion is proposed to determine whether or not a set of parameters is partially identifiable, in the sense of Canova and Sala (2009), based on the computation of a basis for the null...

Persistent link: https://www.econbiz.de/10008503163

Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia

Herrera, Hernando Vargas; Hamann, Franz; González, Andrés - BANCO DE LA REPÚBLICA - 2010

Este artículo presenta un análisis cuantitativo del impacto de la política monetaria sobre las tasas de interés de los créditos hipotecarios, tanto en el largo como en el corto plazo. En primer lugar, los resultados de los ejercicios econométricos confirman la existencia de una relación...

Persistent link: https://www.econbiz.de/10008503164

Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico

Bonaldi, Pietro; González, Andrés; Rodríguez, Diego - BANCO DE LA REPÚBLICA - 2010

Este trabajo pretende determinar qué conjunto de rigideces nominales y reales se debe incluir en un modelo DSGE para replicar la dinámica de las variables agregadas de la economía colombiana. Con este fin, se estiman varios modelos DSGE con distintas combinaciones de rigideces nominales y...

Persistent link: https://www.econbiz.de/10008503165

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