Working Papers on Economics

Do Local Governments Engage in Strategic Property-Tax Competition? Do Local Governments Engage in Strategic Property-Tax Competition?   by Jan K. Brueckner Department of Economics and Institute of Government and Public Affairs University of Illinois at Urbana-Champaign Champaign, IL…

Price Behavior in an Inflationary Environment: Evidence from Supermarket Data   Price Behavior in an Inflationary Environment: Evidence from Supermarket Data

A nonlinear specification of demand for cash in Colombia A nonlinear specification of demand for cash in Colombia   By Luis E. Arango and Andrés González(1)

A Model of the Nominal and Real Exchange in Colombia A Model of the Nominal and Real Exchange in Colombia   Javier Gómez*

Financial Inefficiency and Real Business Cycle in Colombia Financial Inefficiency and Real Business Cycle in Colombia      Camilo Zea*

Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules

The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach. The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach

This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…

Dutch disease and banana exports in the Dutch disease and banana exports in the Colombian caribbean, 1910 - 1950      Resumen In 1994, the seven departaments of the Colombian Caribbean had a population of about 7.2 million, representing 21% of the conuntry's…

Some evidence of smooth transition Some evidence of smooth transitíons nonlinearity in Colombian inflation

Estimating credibility in Colombia's exchange rate target zone Estimating credibility in Colombia´s exchange rate target zone

Some univariate time series properties of output Some univariate time series properties of output

We compute both seigniorage rate and  welfare cost of inflation rate in Colombia using a  Sidrauski-type model  in which preferences are separable functions of the service flows of  non-durable goods and  money holdings.  The set of the estimated parameters imply…

A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analyze the…

The construction of coincident indexes for the economic activity of a country is a common practice since the fifties. The methodologies vary from heuristic methods to probabilistic or statistical ones. In this paper, we present a new procedure for estimating a coincident index of the state of…

I build a general equilibrium, financial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges because of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this financial friction I show…

The study of the asymmetric behavior of macroeconomic variables over the business cycles phases has had a long tradition in economics. In this work we find evidence in favor of the hypothesis of having a STAR-type nonlinear asymmetric behavior of the economic activity, over the last two decades…

HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA? HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA?