This article shows that the criticism made by Hicks to the Treaty on the Currency of Keynes is not correct. Thus, we present the model of Keynes to show that the equality between investment and saving is a monetary equilibrium condition and not an identity. This result cannot be obtained in the...

Este trabajo pretende determinar qué conjunto de rigideces nominales y reales se debe incluir en un modelo DSGE para replicar la dinámica de las variables agregadas de la economía colombiana. Con este fin, se estiman varios modelos DSGE con distintas combinaciones de rigideces nominales y...

Este trabajo pretende determinar qué conjunto de rigideces nominales y reales se debe incluir en un modelo DSGE para replicar la dinámica de las variables agregadas de la economía colombiana. Con este fin, se estiman varios modelos DSGE con distintas combinaciones de rigideces nominales y...

This paper provides pioneering estimates of the impact of loan-to-value (LTV) ratios, also known as leverage, on economic growth in Bolivia. The analysis reveals the pro-cyclicality between the economic and financial cycles, confirming the stylized facts. We emphasize the significance of...

This paper evaluates optimal monetary policy in a new Keynesian model for an open economy with financial frictions. In the model, aggregate demand is made up of the weighted average of the short and long-term interest rates. A comprehensive set of monetary policy rules is established, all...

Since 2006, Bolivia began an intensive public investment program under its development plan. Fourteen years later, I analyze the role of this expansionary fiscal policy. In this regard, I develop a Dynamic Stochastic General Equilibrium Model for a small, open and developing country. Among the...

By using the methodology of Bry and Boschan (1971), this work proposes precise dates for the business cycles occurred in Colombia between 1980 and 2007 identifying the phases of boom and slump. During the sample period, five complete cycles were detected, which happened to be asymmetric such as...

In this paper we characterize some cyclical patterns for the Andalusian economy, for the period 1984-2001. Our work is basically an empirical one. Our results show that the Andalusian economy is more volatile than Spain as a whole, although there exist an important degree of coherence between...

This paper presents an empirical characterization of Uruguayan’s Business Cycle applying the Switching Regime methodology; three scenarios were considered: recession, moderate growth and boom. The relation between regional and Uruguayan’s business cycle is analyzed through the same...