En este documento se utiliza la información proveniente de las encuestas de expectativas económicas a los empresarios para comprobar si el efecto de la política monetaria difiere entre empresas grandes y pequeñas. La metodología econométrica se basa en los modelos de vectores...

La literatura referente a los modelos de inflación y política monetaria anti-inflacionaria del tipo denominado Inflation Targeting (IT) ha reforzado una opinión popular: que la inflación tiene poca o ninguna relación con el aumento de la cantidad de dinero. Esta opinión es contraria a una...

Uno de los hechos estilizados más recientes alrededor del mundo es que, después de varias décadas, se está convergiendo a una inflación baja y estable. Algunos países ya llegaron a su estado estacionario en este sentido y otros aún están en proceso de desinflación. Dado que la...

Con posterioridad al año 2000 la inflación colombiana ha mostrado una declinación gradual a pesar de que la economía colombiana es relativamente abierta y su tasa de cambio está sujeta a vaivenes intensos de los flujos de capital. ¿Por qué? Podrían mencionarse varias respuestas...

We assess the extent to which the great US macroeconomic stability since the mid-1980s can be accounted for by changes in oil shocks and the oil share in GDP. To do this we estimate a DSGE model with an oil-producing sector before and after 1984 and perform counterfactual simulations. We nest...

This paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...

An exogenous oil price shock raises inflation and contracts output, similar to a negative productivity shock. In the standard New Keynesian model, however, this does not generate a tradeoff between inflation and output gap volatility: under a strict inflation targeting policy, the output decline...

Business cycle properties under different monetary policy rules are examined in a variety of dynamic stochastic general equilibrium models (the real business cycle models, the nominal wage contract models with different length of contracts, and the monopolistic competition models with different...

The aim of this paper is twofold. First, I study how the proportion of fixed and variable-rate mortgages in an economy can affect the way shocks are propagated. Second, I analyze optimal implementable simple monetary policy rules and the welfare implications of this proportion. I develop and...

This paper analyzes housing market boom-bust cycles driven by changes in households’ expectations. We explore the role of expectations not only on productivity but on several other shocks that originate in the housing market, the credit market and the conduct of monetary policy. We f nd that,...