English, Article, Journal or magazine article edition: Modelo de Ciclos Reales para Colombia; A real business cycle model for Colombia Prada Sarmiento; Juan David

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Bookmark: http://trove.nla.gov.au/version/105092
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Modelo de Ciclos Reales para Colombia; A real business cycle model for Colombia
Author
  • Prada Sarmiento
  • Juan David
Physical Description
  • preprint
Notes
  • Colombian economy has the typical small-open economy cycle: smooth consumption, higher volatility in investment ; procyclical consumption, investment and imports; countercyclical trade balance. The objective of this paper is to identify the stylized facts and to replicate them quantitative and qualitatively through a simple dynamic stochastic general equilibrium model calibrated for Colombia. The model is used to assess the response of the economy to exogenous shocks in productivity, interest rates and fiscal policy. The standard RBC model is a good tool to replicate the stylized facts found for Colombia. However, it cannot replicate some facts about labour market, and underestimates the volatility of consumption and the relative volatility of investment with respect to GDP.
  • Small open economy; real business cycle; Colombia
  • RePEc:pra:mprapa:16286
Language
  • English
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