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Ensayos sobre POLÍTICA ECONÓMICA
versión impresa ISSN 0120-4483
Resumen
ECHAVARRIA, Juan José; GONZALEZ, Andrés; LOPEZ, Enrique y RODRIGUEZ, Norberto. International Financial and Real Shocks and their Impact on the Colombian Economy. Ens. polit. econ. [online]. 2012, vol.30, n.69, pp.13-66. ISSN 0120-4483.
This document uses the FAVAR (Factor Augmented VAR) methodology to evaluate the impact of unexpected variations in four international variables: the short term interest rates; the risk; the real price of oil, coffee and coal; and the world economic activity. Impulse response functions and historic decomposition of shocks are used to assess the impact of external factors on economic activity in Colombia, with particular emphasis on the crisis at the end of the century.
Palabras clave : FAVAR Models; International Transmission; Open Economy; Business Fluctuations and Cycles.