<?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>S0120-44832017000100025</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2017.01.004</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Optimal v. simple financial policy rules in a production economy with "liability dollarization",]]></article-title>
<article-title xml:lang="es"><![CDATA[Comparación de las normas sobre políticas financieras óptimas y simples en una economía productiva con "dolarización de pasivos"]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernandez]]></surname>
<given-names><![CDATA[Juan M.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[Enrique G.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Pennsylvania  ]]></institution>
<addr-line><![CDATA[Philadelphia ]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Pennsylvania  ]]></institution>
<addr-line><![CDATA[Philadelphia ]]></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>25</fpage>
<lpage>39</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100025&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100025&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100025&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We evaluate the effectiveness of financial policy rules in a small open economy with production, liability dollarization and "unconventional shocks" (global liquidity shifts and news about future fundamentals). Tradable and nontradable final goods are produced with tradable inputs. Debt is denominated in units tradables and cannot exceed a fraction of the market value of total income. Optimal policy has a macroprudential or ex-ante component (a debt tax levied at date t only when the credit constraint may bind at t +1), and ex-post components (sectoral production taxes/subsidies used when the constraint binds). The optimal policy reduces sharply the frequency and severity of financial crises but is also very complex. Simple policies are less effective and can be welfare reducing. JEL classification: D62, E32, E44, F32, F41.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Evaluamos la efectividad de las reglas de política financiera en una pequeña economía abierta con producción, dolarización de pasivos y "choques no convencionales" (cambios en la liquidez global y novedades acerca de los fundamentales futuros). Los bienes finales transables y no transables se producen con insumos transables. La deuda se denomina en unidades de bienes transables, no pudiendo exceder una fracción del valor de mercado de los ingresos totales. La política óptima tiene un componente macroprudencial o ex-ante (un impuesto a la deuda aplicado en el periodo t solo cuando la restricción de crédito puede activarse en t+1), y componentes ex-post (impuestos/subsidios a la producción sectorial usado cuando la restricción se activa). La política óptima reduce bruscamente la frecuencia y severidad de las crisis financieras, aunque también es compleja. Las políticas simples son menos efectivas, y pueden reducir el bienestar. Códigos JEL: D62, E32, E44, F32, F41.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Financial crises]]></kwd>
<kwd lng="en"><![CDATA[Macroprudential policy]]></kwd>
<kwd lng="en"><![CDATA[Financial stability]]></kwd>
<kwd lng="en"><![CDATA[Systemic risk]]></kwd>
<kwd lng="en"><![CDATA[Global liquidity]]></kwd>
<kwd lng="en"><![CDATA[News shocks]]></kwd>
<kwd lng="es"><![CDATA[Crisis financieras]]></kwd>
<kwd lng="es"><![CDATA[Política macro-prudencial]]></kwd>
<kwd lng="es"><![CDATA[Estabilidad financiera]]></kwd>
<kwd lng="es"><![CDATA[Riesgo sistémico]]></kwd>
<kwd lng="es"><![CDATA[Liquidez global]]></kwd>
<kwd lng="es"><![CDATA[Choques de noticias]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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