A basic theoretical model of a small open economy within the framework of intertemporal maximation is used to analyze the effects of nominal export shocks. The model helps in explaining the close relationschip that is found between export shocks and short run fluctuations of domestic savings in...

El presente documento reúne una serie de notas que estudian aspectos empíricos del comportamiento de la tasa de interés y la inflación en Colombia. La presentación se divide en dos secciones. La primera analiza la relación entre la tasa de interés y la inflación, con el fin de evaluar el...

Colombian inflationary experience is explained using a theoretical model that stresses two elements: The effect of shocks and the type of policy designed to respond to them. The empirical investigation uses the event-study methodology and finds that the model successfully accounts for the main...