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Commodity booms,dutch disease,and real business cycles in a small open economy: The case of coffee in Colombia

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  • Rodrigo Suescún M.

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Abstract

Este documento propone un modelo multisectorial de crecimiento, dinámico y estocástico que integra la literatura de ciclo económico real con la de economías con sectores en bonanza y enfermedad holandesa para analizar fluctuaciones, asignación de recursos y los cambios en precios relativos en una economía (en desarrollo) pequeña y abierta, sujeta a choques en los términos de intercambio. Las predicciones del modelo son consistentes con el comportamiento agregado y sectorial a través del ciclo, típico de estas economías, y racionaliza como un resultado eficiente los síntomas de la enfermedad holandesa (desindustrialización temporal y apreciación de la tasa de cambio real) que son a veces considerados como repuestas subóptimas y como la justificación de la intervención gubernamental en países en desarrollo. Se encuentra además que las políticas de estabilización de precios de los bienes primarios no afectan significativamente el patrón cíclico de las fluctuaciones y que sus beneficios en términos de bienestar son de segundo orden.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 002164.

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Length: 34
Date of creation: 30 Jun 1997
Date of revision:
Handle: RePEc:col:000094:002164

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  1. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-80, November.
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  3. Correia, I. & Rabelo, S. & Naves, J.C., 1994. "Business Cycles in a Small Open Economy," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 382, University of Rochester - Center for Economic Research (RCER).
  4. Mendoza, Enrique G, 1991. "Real Business Cycles in a Small Open Economy," American Economic Review, American Economic Association, American Economic Association, vol. 81(4), pages 797-818, September.
  5. Tesar, Linda L., 1995. "Evaluating the gains from international risksharing," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 42(1), pages 95-143, June.
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  7. Jeremy Greenwood & Gregory W. Huffman, 1991. "Tax analysis in a real business cycle model: on measuring Harberger triangles and Okun gaps," Staff Report, Federal Reserve Bank of Minneapolis 138, Federal Reserve Bank of Minneapolis.
  8. Cardia, Emanuela, 1991. "The dynamics of a small open economy in response to monetary, fiscal, and productivity shocks," Journal of Monetary Economics, Elsevier, Elsevier, vol. 28(3), pages 411-434, December.
  9. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 92(368), pages 825-48, December.
  10. Cooley, T.F. & Hansen, G.D., 1988. "The Inflation Tax In A Real Business Cycle Model," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 155, University of Rochester - Center for Economic Research (RCER).
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  13. David Backus & Patrick J. Kehoe & Finn E. Kydland, 1992. "Dynamics of the Trade Balance and the Terms of Trade: The S-Curve," NBER Working Papers 4242, National Bureau of Economic Research, Inc.
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  16. Alan C. Stockman & Linda L. Tesar, 1991. "Tastes and technology in a two-country model of the business cycle: explaining international co-movements," Working Paper, Federal Reserve Bank of Cleveland 9019, Federal Reserve Bank of Cleveland.
  17. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 21(2-3), pages 195-232.
  18. Edwards, Sebastian & van Wijnbergen, Sweder, 1989. "Disequilibrium and structural adjustment," Handbook of Development Economics, Elsevier, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 2, chapter 28, pages 1481-1533 Elsevier.
  19. T. W.Swan, 1960. "Economic Control In A Dependent Economy," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 36(73), pages 51-66, 03.
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Cited by:
  1. Camilo Zea, 1999. "Financial Inefficiency And Real Business Cycle In Colombia," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 002722, BANCO DE LA REPÚBLICA.
  2. Carlos Esteban Posada Posada & Wilman Gómez, 2004. "Un choque del activo externo neto y el ciclo económico Colombiano 1994-2001," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 003674, BANCO DE LA REPÚBLICA.
  3. Cristina Fernández & Andrés González, 2000. "Integracion Y Vulnerabilidad Externa En Colombia," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 002901, BANCO DE LA REPÚBLICA.
  4. Lavan Mahadeva & Javier Gómez Pineda, . "The international cycle and Colombian monetary policy," Borradores de Economia 557, Banco de la Republica de Colombia.

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