Monetary Policy and Accumulation of Reserves in an Emerging Economy: A dsge Model for the Colombian Case

Economía del Rosario

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Title Monetary Policy and Accumulation of Reserves in an Emerging Economy: A dsge Model for the Colombian Case
Política monetaria y acumulación de reservas en una economía emergente: un modelo DSGE para el caso colombiano
Política monetária e acumulação de reservas em uma economia emergente: um modelo dsge para o caso colombiano
 
Creator Botero G., Jesús
Hurtado Rendón, Álvaro
Franco G., Humberto
García Guzmán, José
 
Subject dsge, monetary policy, fiscal policy, economic theory
dsge, monetary policy, fiscal policy, economic theory.
dsge, política monetária, política fiscal, teoria econômica.
 
Description This article presents a dynamic stochastic general equilibrium model in which we explicitly include the demand for money, the investment decisions, the role of financial intermediaries and the central bank balance sheet. The model allows the evaluation of the impact of various exogenous shocks on the economic activity and the price levels. Similarly, it allows to assess different forms of central bank intervention in the economy, either through the interest rate, or through the accumulation of international reserves. Special attention is dedicated to the basic parameters of the utility function of households (risk aversion, elasticity of labor supply and demand for money), to the proper formulation of the balance sheets of economic agents, and to the relationship between the central bank balance sheet and the money supply.
Este artículo presenta un modelo de Equilibrio General Dinámico Estocástico (dsge) en el que se incluye explícitamente la demanda de dinero, las decisiones de inversión, el papel de los intermediarios financieros y el balance del Banco Central. El modelo permite la evaluación del impacto de diversos shocks exógenos sobre la actividad económica y los niveles de precios. También, permite evaluar diferentes formas de intervención del banco central en la economía, ya sea a través de la tasa de interés o mediante la acumulación de reservas internacionales. Se presta especial atención al parámetro básico de la función de utilidad de los hogares (aversión al riesgo, elasticidad de oferta laboral y demanda de dinero), a la formulación adecuada de los balances de los agentes económicos, y a la relación entre el balance del banco central y el suministro de dinero.
Este artigo apresenta um modelo de Equilíbrio General Dinâmio Estocástico (dsge) no que se incluiu explicitamente a demanda de dinheiro, as decisões d investimento, o papel dos intermediários financeiros e o balanço do Banco Central. O modelo permite a avaliação do impacto de diversos choques exógenos sobre a atividade econômica e os níveis de preços. Também, permite avaliar diferentes formas de intervenção do banco central na economia, seja através da taxa de juros seja mediante a acumulação de reservas internacionais. Presta-se especial atenção ao parâmetro básico da função de utilidade dos lares (aversão ao risco, elasticidade de oferta laboral e demanda de dinheiro), à formulação adequada dos balanços dos agentes econômicos, e à relação entre o balanço do banco central e o fornecimento de dinheiro.
 
Publisher Universidad del Rosario
 
Contributor


 
Date 2018-10-10
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion



 
Format application/pdf
application/pdf
application/pdf
 
Identifier https://revistas.urosario.edu.co/index.php/economia/article/view/7201
10.12804/revistas.urosario.edu.co/economia/a.7201
 
Source Revista de Economía del Rosario; Vol. 21, Núm. 2 (2018): julio-diciembre; 309-339
2145-454X
0123-5362
10.12804/revistas.urosario.edu.co/economia/v21i2
 
Language spa
eng
por
 
Relation https://revistas.urosario.edu.co/index.php/economia/article/view/7201/6603
https://revistas.urosario.edu.co/index.php/economia/article/view/7201/6604
https://revistas.urosario.edu.co/index.php/economia/article/view/7201/6605
 
Rights Copyright (c) 2018 Revista de Economía del Rosario
http://creativecommons.org/licenses/by-nc/4.0
 

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