This paper is an attempt at constructing a simple and effective macroprudential tool for policymakers. By integrating the joint occurrences of the main financial markets in Colombia into a single Financial Conditions Index (FCI), we hope to synthesize the information embedded in them regarding...

In a dynamic, stochastic, general equilibrium model,we explore the optimal response of the inhabitans of a closed economy to an inefficient ad hoc financial system that in its intermediation duty looses a fraction of aggregate savings which otherwise would become aggregate investment. The...

In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones (2008)’s idea that macroeconomic aggregates other than the credit growth rate contain...

This paper develops a model to study the design, characterization and dynamic implications of stabilization policies in a dynamic general equilibrium model of the business cycle for an economy tainted by the Dutch disease. The model incorporates a stabilization scheme for the producer price of...

En este trabajo se cuantifica el impacto macroeconómico del beneficio tributario al capital establecido en Colombia en el 2003, en el contexto de un modelo de equilibrio general dinámico de previsión perfecta con oferta de trabajo endógena. Los ejercicios de calibración indican que hay...

Este trabajo presenta un modelo de equilibrio parcial dinámico de emprendedores que escogen establecerse en el sector formal o en el informal. Esta decisión es el resultado de un análisis de los costos y beneficios estáticos y dinámicos asociados a operar en cada uno de los dos sectores que...

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...

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...

In this document we estimate credit and GDP cycles for three Latin-American economies and study their relation in the time and frequency domains. Cycles are estimated in order to analyze their medium and short-term frequencies. We find that short-term cycles are usually more volatile than...

La pérdida de importancia económica de la caficultura en Colombia, tanto en el contexto nacional como en el internacional, se explica, principalmente, por la caída dramática de su productividad; el consiguiente empobrecimiento de los caficultores, así como por el envejecimiento de estos y de...