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Fiscal Policy in a Small Open Economy with Oil Sector and Non-Ricardian Agents

Andrés
González
Martha Rosalba
López-Piñeros
Norberto
Rodríguez-Niño
Santiago
Téllez
Viernes, 1 Febrero 2013

In this paper we develop a dynamic stochastic general equilibrium fiscal model for the Colombian economy. The model has three main components: the existence of non-Ricardian households, price and wage rigidities, and a fiscal authority that finances gover