The hypothesis of the paper is that the macroeconomic policies implemented in Peru during the recessions of 1998-2000 and 2008-2009 were substantially different. This explains why economic performance in the second was much better than in the first. In monetary policy, both the exchange rate of...

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...

The purpose of this paper is to contrast the Keynesian partial equilibrium framework of the Current Account with the modern intertemporal general equilibrium approach where the Current Account imbalances reflect, and act as a buffer, against both real and monetary shocks. The document will try...