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A "Shock" of the net external assets and the Colombian Economic Cycle 1994-2001

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  • Wilman Arturo Gómez Muñoz

    ()
    (Universidad de Antioquia)

  • Carlos Esteban Posada Posada

    ()
    (Banco central de Colombia)

Abstract

During the period 1994-2001 the Colombian economy experienced on of the most intensive business cycles of the twenty century, mostly due to the depression phase. In this paper we made an assessment or a hypothetical cause of this business cycle: a positive (and transitory and unexpected) shock to the capital stock just before the booming period. Our assessment is based on a dynamic general equilibrium model of a small open economy calibrated with the Colombian data. The shock was able to impose a certain movement to the economy: first, a boom, and after, a "smooth landing". So, to explain the extent of the observed recession we need to look at other causes or propagation mechanisms not incorporated in our model

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Bibliographic Info

Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2005)
Issue (Month): 62 (Enero-Junio)
Pages: 35-74

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Handle: RePEc:lde:journl:y:2005:i:62:p:35-74

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Web page: http://economia.udea.edu.co
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Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

Related research

Keywords: Economic cycle; dynamic model of general balance; impulse or shock; cyclical answers; height; depression; entrances and exits of capital;

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