Misas, Martha; Ramírez, María Teresa - BANCO DE LA REPÚBLICA - 2006
In this paper, we modelled the Colombian long run per capita economic growth (1925- 2005) using a Markov switching … growth. We found evidence of non-linearity in the per capita economic growth, and two different levels in the data associated … with depression and sustainable growth regimes were identified. In addition, the hypothesis of fixed probabilities is …