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El efecto riqueza de la vivienda en Colombia

  • Enrique López Enciso

    ()

  • Andrés Salamanca Lugo

    ()

Este documento analiza la riqueza en vivienda como un canal de trasmisión de lapolítica monetaria en Colombia, a partir de la evidencia de un modelo deEquilibrio general dinámico y estocástico calibrado para la economía colombiana.La medición del efecto riqueza para Colombia arrojó como resultado unapropensión marginal a consumir anual igual a 0,012. Con estos resultados, seencontró que el efecto riqueza estimado es poco significativo en relación a lasmedidas realizadas para otros países. El análisis de impulso-respuesta mostró que:i) el efecto riqueza posee una duración esperada corta y con efectos asimétricossobre el consumo; ii) el canal de oferta de vivienda de la política monetaria espequeño aunque sus efectos de jalonamiento sobre los demás sectores de laeconomía son importantes y; iii) los efectos del apalancamiento del créditohipotecario son pequeños.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005301.

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Length: 59
Date of creation: 24 Feb 2009
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Handle: RePEc:col:000094:005301
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  4. Ana María Iregui & Ligia Alba Melo B., 2009. "La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez," BORRADORES DE ECONOMIA 005254, BANCO DE LA REPÚBLICA.
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  10. Carlos Pombo, 1999. "Productividad industrial en Colombia: Una aplicación de números índices," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO.
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  12. Jesús Antonio Bejarano Rojas, 2005. "Estimación Estructural Y Análisis De La Curva De Phillips Neokeynesiana Para Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  13. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December.
  14. Filippo Altissimo & Evaggelia Georgiou & Teresa Sastre & Maria Teresa Valderrama & Gabriel Sterne & Marc Stocker & Mark Weth & Karl Whelan & Alpo Willman, 2005. "Wealth and asset price effects on economic activity," Occasional Paper Series 29, European Central Bank.
  15. Campbell, John & Deaton, Angus, 1989. "Why Is Consumption So Smooth?," Scholarly Articles 3221494, Harvard University Department of Economics.
  16. Andrea Gerali & Stefano Neri & Luca Sessa & Federico M. Signoretti, 2010. "Credit and banking in a DSGE model of the euro area," Temi di discussione (Economic working papers) 740, Bank of Italy, Economic Research and International Relations Area.
  17. Hernando Zuleta & Julián David Parada & Jacobo Campo & Andrés García, 2009. "Capital natural, capital humano y participación de los factores. Una revisión de los métodos de medición del crecimiento económico," DOCUMENTOS DE TRABAJO 004713, UNIVERSIDAD DEL ROSARIO.
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