<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832017000100002</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2016.12.003</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Adjustment to small, large, and sunspot shocks in open economies with stock collateral constraints,]]></article-title>
<article-title xml:lang="es"><![CDATA[Ajustes a choques pequeños, grandes y sunspots en economías abiertas con restricciones sobre el colateral]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Schmitt-Grohé]]></surname>
<given-names><![CDATA[Stephanie]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[Martín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Columbia University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Columbia University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>spe82</numero>
<fpage>2</fpage>
<lpage>9</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and non-fundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is nonlinear. In response to small negative output shocks, the economy adjusts as prescribed by the intertemporal approach to the current account, with increases in debt, deficits in the trade and current account balances, and no significant movement in the price of collateral. By contrast, in response to large negative output shocks the economy experiences a sudden stop with debt deleveraging, trade and current account reversals, and a Fisherian deflation of asset prices. (2) Generically, weak fundamentals (low output and high external debt) give rise to multiple equilibria. (3) In this case, the economy is prone to self-fulfilling sudden stops driven by downward revisions of expectations about the value of collateral. JEL classification: F41.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo caracteriza de manera analítica el ajuste de una economía abierta con restricciones sobre el colateral a choques fundamentales y no fundamentales. En el modelo, el endeudamiento externo está limitado por el valor del capital físico. Se establecen tres resultados:(1) El ajuste a los choques externos es no lineal. En respuesta a choques de producción negativos pequeños, la economía se ajusta según lo dictado por el enfoque intertemporal de la cuenta corriente, con incrementos en la deuda, los déficits en la balanza comercial y de cuenta corriente, y sin movimientos significativos en el precio del colateral. Al contrario, en respuesta a los choques de producción negativos grandes la economía experimenta una parada súbita en los flujos de capitales con reducción del apalancamiento de la deuda, reversión de la balanza comercial y de cuenta corriente, y una deflación de Fisher de los precios de los activos. (2) En líneas generales, unos fundamentales débiles (baja producción y deuda externa alta) dan lugar a equilibrios múltiples. (3) En este caso, la economía es susceptible de paradas súbitas auto cumplidas impulsadas por las revisiones a la baja de las expectativas acerca del valor del colateral. Códigos JEL: F41.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Collateral constraints]]></kwd>
<kwd lng="en"><![CDATA[Multiple equilibria]]></kwd>
<kwd lng="en"><![CDATA[Self-fulfilling financial crises]]></kwd>
<kwd lng="en"><![CDATA[Sudden stops]]></kwd>
<kwd lng="es"><![CDATA[Restricción sobre el colateral]]></kwd>
<kwd lng="es"><![CDATA[Múltiples equilibrios]]></kwd>
<kwd lng="es"><![CDATA[Crisis financeiras autocumplidas]]></kwd>
<kwd lng="es"><![CDATA[Sudden Stops]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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