This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the...

We study the determinants of sovereign default risk in Colombia by focusing on different time spans of risk which are indicated by yield spreads of government bonds with different maturities. Cointegration regressions are performed to analyze whether the drivers of short-run default risk are...

El período 1994-2001 correspondió al de un ciclo de la economía colombiana, especialmente intenso sobretodo en lo que se refiere a la magnitud de la depresión ocurrida entre 1998 y 2001. En el presente documento se describe la construcción y el uso de un modelo de equilibrio general...

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...

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...

This paper investigates whether developed countries export taxes to developing countries, contributing to the deterioration of their terms of trade and welfare; that is to what extent the distribution of gains from trade is being affected not by existing tariffs in developed countries, which are...

Este artículo se ocupa de la conveniencia de una regla fiscal de balance estructural para Colombia. En primer lugar (sección A) se examina el papel y la racionalidad de las reglas fiscales y se estudia el tema de su diseño. La sección (B) está dedicada al examen de la regla fiscal Chilena y...

We compute the world- wide efficiency gaings from the elimination of global restrictions on labour mobility using a multiregional CGE model. A distinctive feature of our analysis is the introduction of a segmented labour market, as two types of labour are considered: Skilled and unskilled....

This paper provides an empirical analysis of Colombian integration with East Asia using a Computable General Equilibrium (CGE) model, in which we assess the effects of several trade liberalization scenarios on trade flows and welfare. The results show that there is an important potential for the...

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...