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...

Using Bayesian estimation techniques, we estimate a small open economyDSGE model with credit-market imperfections for the Colombian economy. Us-ing the estimated model we investigate what are the sources of business cycle°uctuations. We show that balance-sheet e®ects play an important role in...

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...

A pesar de que el encaje bancario era un instrumento de política monetaria que venía cayendo en desuso, recientemente, varios países lo han empleado con aparente éxito en el marco de una política monetaria contracíclica y macroprudencial. Surge entonces la pregunta de si dicho éxito se...

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...

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...

Se propone una cronología para los ciclos de negocios en la concepción clásica del NBER; esto es, fechas de picos y valles que se alternan en la actividad económica determinadas sin separar las series utilizadas en sus componentes transitorio y permanente. La cronología estimada sugiere que...

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...

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...

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...