El presente artículo describe el diseño y presenta la estimación y los principales resultados de un modelo "VAR estructural" de 4 variables (términos de intercambio, producto real, gasto público real y base monetaria nominal) para la economía colombiana con series de frecuencia anual del...

This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect credibility, in the spirit of Bertola and Svensson (1993) is derived, and is used to explain why the exchange rate in Colombia has remained for prolonged periods near the borders of the zone. The...

This paper studies the dynamic response of a few key macroeconomic variables to each one of three exogenous shocks: monetary, government spending and technological shocks. By using a cash in advance model with two market frictions, one in the intermediation of loanable funds, and one in the...