El aparato teórico de la macroeconomía está referido a una nación, no a provincias o regiones de su interior. De tal manera, el producto bruto geográfico (PBG), o la balanzade pagos, por ejemplo, no suelen ser calculados con regularidad, o directamente no son calculados en absoluto por las...

A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analize the...

In this research we develop generalized diffusion indexes for the Mexican state and sectorial economic activity. These indexes summarize the dynamics of the local cycles in a way that they are consistent with the aggregate economic activity. The proposed index includes three dimensions of the...

This paper analyzes the adjustment strategies used by some Mexican firms to face supply and demand shocks. The information is provided by a survey carried out in 2012 by Banco de M'exico among 1,138 firms from different sectors. The results show that the response of firms to both types of shocks...

The recent international financial crisis has highlighted the role of real asset prices in the macroeconomic fluctuations of advanced economies. This paper analyzes the effects of some external and domestic shocks in the real prices of agricultural land in Argentina economy and compared the...

The objective of this paper is to evaluate the cyclical behavior of the Bolivian economy based on a Markov-Switching Dynamic General Equilibrium model (MS-DSGE). Using a model for a small open economy, with monetary targeting and foreign-exchange intervention, results of Bayesian estimation...