Determinantes del tipo de cambio real en Colombia. Un modelo neokeynesiano
AbstractThis article presents a model of real exchange rate using a neokeynesian approach, which is estimated with econometric methods of the English school. The empirical model is dynamic and respects the restrictions of the long run equilibrium between real exchange rate and macroeconomic fundamentals. It shows that the amount of appreciation and depreciation of the real exchange rate is determined by changes in terms of trade, openness of the economy, capital flows and acceleration of nominal devaluation. Public spending increases are not significant of the conventional levels of statistic confidence. Finally, the article evaluates if devaluation meets the requirements of weak, strong and super exogenity.
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Bibliographic InfoArticle provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.
Volume (Year): 4 (2002)
Issue (Month): 7 (July-December)
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More information through EDIRC
real exchange rate; tradable goods; non-tradable goods; fundamentals; devaluation; equilibrium;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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