The authors propose a short run model for the monetary transmission mechanism in witch the output gap is modelled as an unobserved variable. By estimating this model using maximum likelihood on a Kalman Filter, the authors find an estimate of the unobserved output gap as well as its estimation...

Using the Johansen's cointegration techique we develop an empirical model of the nominal and real exchange rates of Colombia. We find that the nominal exchange rate is deremined by the nominal variables and the fundamentals and that the real exchange rate is determined by the fundamentals but...

En este artículo estimamos la demanda de dinero en Colombia introduciendo una variable para la innovación financiera. Al introducir la innovación financiera obtenemos un vector cointegrante que puede interpretarse como una demanda de dinero pues los coeficientes son teóricamente plausibles....

The paper provides a model of the banking firm in the macroeconomic intended to explain the determination of the spread between the banks' loan and deposit rates. The model focuses on the resource cost of capital in the detrmination of the spread. A statistical result confirms the prediction of...

As originally drawn and estimated by professor Phillips, the Phillips curve is a curve indeed, not a straight line as often thought. Following Laxton, et. al. (1999)we estimate a convex Phillips curve and model the NAIRU as a variable that is unobserved. Using Colombian data, we provide...

Colombia has been on a steady disinflation path since the early 1990s. The paper presents a model of the transmission mechanisms of monetary policy in Colombia, in order to examine this disinflation. The model is used to describe the evolution of inflation in response to shocks to the terms of...

A Statement of the Colombian Consitutional 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...

A Statement of the Colombian Consitutional 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...