<?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>S0120-44832017000200161</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2017.04.001</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[FISCO: modelo fiscal para Colombia]]></article-title>
<article-title xml:lang="en"><![CDATA[FISCO: Fiscal Model for Colombia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rincón]]></surname>
<given-names><![CDATA[Hernán]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[Diego]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Toro]]></surname>
<given-names><![CDATA[Jorge]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Téllez]]></surname>
<given-names><![CDATA[Santiago]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de la República Unidad de Investigaciones ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco de la República Departamento de Modelos Macroeconómicos ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Banco de la República Subgerencia de Estudios Económicos ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Tepper School of Business  ]]></institution>
<addr-line><![CDATA[Pittsburgh Pensilvania]]></addr-line>
<country>Estados Unidos</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>83</numero>
<fpage>161</fpage>
<lpage>187</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000200161&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000200161&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000200161&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El gobierno es un agente que influye sobre la actividad económica a lo largo del ciclo económico mediante sus políticas tributaria y de gasto. El objetivo de este documento es construir un modelo fiscal de equilibrio general dinámico y estocástico neokeynesiano para Colombia (FISCO), en donde el gobierno juega un papel preponderante en la economía. Las cinco principales conclusiones del documento muestran que: la inflación compete tanto a la política monetaria como a la política fiscal; los choques a la política fiscal son contrarrestados en cierto grado por la política monetaria, pero choques a esta última son refrendados por la política fiscal; el recorte al gasto público de inversión impacta en mayor medida a la economía que el ajuste al de funcionamiento, y la regla fiscal estabiliza las finanzas públicas, pero ante ciertos choques. Códigos JEL: D58, E20, E62, E63, C11, C13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The government is an agent that influences economic activity throughout the economic cycle, thereby affecting a country's real and nominal variables through income and spending policies. The purpose of this document is to construct a neo-Keynesian dynamic stochastic general equilibrium model (DSGE) for Colombia in which the government plays a key role in the economy. The five main conclusions of the document show that inflation is relevant for both monetary and fiscal policies; shocks to fiscal policy are offset to a certain degree by monetary policy, while shocks to monetary policy are endorsed by fiscal policy; additionally, cuts to public investment impact economic cycles to a greater extent than government spending cuts, and the fiscal rule helps to stabilise government finances in the face of certain shocks. JEL classification: D58, E20, E62, E63, C11, C13.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Modelo fiscal neokeynesiano-DSGE]]></kwd>
<kwd lng="es"><![CDATA[Política fiscal]]></kwd>
<kwd lng="es"><![CDATA[Política monetaria]]></kwd>
<kwd lng="es"><![CDATA[Canales y mecanismos de transmisión]]></kwd>
<kwd lng="es"><![CDATA[Regla fiscal estructural]]></kwd>
<kwd lng="en"><![CDATA[Neo-Keynesian DSGE model]]></kwd>
<kwd lng="en"><![CDATA[Fiscal policy]]></kwd>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[Transmission channels and mechanisms]]></kwd>
<kwd lng="en"><![CDATA[Structural fiscal rule]]></kwd>
</kwd-group>
</article-meta>
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