shocks. An appealing feature of identifying a fiscal shock with an external instrument is that one can find the effects of … that shock without fully identifying the SVAR. But we show that fully or almost fully instrumenting the SVAR allows one to … overidentify the model by restricting the shock covariances to be zero. In this application the overidentifying restrictions are …

results suggest that under Colombia’s inflation targeting regime, which incorporates exchange rate flexibility and a highly …

results suggest that under Colombia's inflation targeting regime, which incorporates exchange rate flexibility and a highly …

In this paper we characterize the joint history of monetary and fiscal policies in Colombia since 1960. We divide our … large fiscal deficits, macroeconomic swings and monetary imbalances were rare in Colombia, average economic growth was …

This paper estimates and analyzes multipliers for tax revenue and public spending for Colombia using structural …