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A "Shock" of the net external assets and the Colombian Economic Cycle 1994-2001

Wilman Gomez Muñoz () and Carlos Posada ()

Lecturas de Economía, 2005, issue 62, 35-74

Abstract: During the period 1994-2001 the Colombian economy experienced on of the most intensive business cycles of the twenty century, mostly due to the depression phase. In this paper we made an assessment or 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; height; depression; entrances and exits of capital (search for similar items in EconPapers)
JEL-codes: C68 D50 E10 E13 F20 F30 F32 F41 (search for similar items in EconPapers)
Date: 2005
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