At the end of the last decade, real activity in Colombia underwent the sharpest recession it had suffered in the last fifty years. With the aim to explain this phenomenon, we are postulating a non-triangular structural VAR model to describe the dynamics of output, prices, unemployment and wages...

Purpose The authors estimate the determinants of the value of purchases of semi-durable goods using permanent and transitory income, and the demographic characteristics of customers. The purpose is to identify whether individuals face remaining liquidity constraints, and how this friction...