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


  • Wilman Arturo Gómez Muñoz

    () (Universidad de Antioquia)

  • Carlos Esteban Posada Posada

    () (Banco central de Colombia)


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

Suggested Citation

  • Wilman Arturo Gómez Muñoz & Carlos Esteban Posada Posada, 2005. "A "Shock" of the net external assets and the Colombian Economic Cycle 1994-2001," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 62, pages 35-74, Enero-Jun.
  • Handle: RePEc:lde:journl:y:2005:i:62:p:35-74

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    References listed on IDEAS

    1. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239, June.
    2. Kahn, Richard, 1978. "Some Aspects of the Development of Keynes's Thought," Journal of Economic Literature, American Economic Association, vol. 16(2), pages 545-559, June.
    3. B. R. Shenoy, 1932. "An Equation for the Price-Level of New Investment Goods," The Quarterly Journal of Economics, Oxford University Press, vol. 47(1), pages 138-149.
    4. John H. Williams, 1931. "The Monetary Doctrines of J. M. Keynes," The Quarterly Journal of Economics, Oxford University Press, vol. 45(4), pages 547-587.
    5. Maria Cristina Marcuzzo, 2002. "The Collaboration between J. M. Keynes and R. F. Kahn from the Treatise to the General Theory," History of Political Economy, Duke University Press, vol. 34(2), pages 421-448, Summer.
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    More about this item


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

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - 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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