Abstract

GOMEZ, Wilman  and  POSADA, Carlos Esteban. A "Shock" of the Net External Assets and the Colombian Economic Cycle 1994-2001. Lect. Econ. [online]. 2005, n.62, pp.35-74. ISSN 0120-2596.

During the period 1994-2001 the Colombian economy experienced one of the most intensive I business cycles of the twenty century, mostly due to the depression phase. In this paper we made an assessment of 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

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

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