Abstract

VIDAL, Pavel; RAMIREZ, Gilberto  and  SIERRA, Lya Paola. A regional analysis of monetary and external shocks: The case of Valle del Cauca in Colombia. Cuad. Econ. [online]. 2021, vol.40, n.82, pp.57-81.  Epub Mar 01, 2021. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v40n82.78759.

The article analyses the effect of different monetary and external sector shocks on the cyclical growth of the department of Valle del Cauca, and compares it with the effect that these same shocks have on the national cycle during the period 2013-2016. The empirical strategy used allows us to examine the effectiveness of monetary and exchange policy at a regional level. Estimates show that the best economic performance of the Valle, compared to the national average, is mainly due to the greater sensitivity to the real exchange rate and the lower dependence on the price of oil.

JEL: E32, E37, C43, C53.

Keywords : Regional; Colombia; monetary policy; monetary transmission mechanisms; BVAR; univariate structural model.

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