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

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Author Info
Wilman Arturo Gómez Muñoz () (Universidad de Antioquia)
Carlos Esteban Posada Posada () (Banco central de Colombia)

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

Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
F20 - International Economics - - International Factor Movements and International Business - - - General
F30 - International Economics - - International Finance - - - General
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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This page was last updated on 2009-11-29.

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