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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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    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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