The International Cycle and Colombian Monetary Policy

Borradores de Economia
Number: 
557
Published: 
Classification JEL: 
E32, E44, E52, F41
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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The objective of this paper is to analyze how international cycles affect the real GDP cycle and so monetary policy decisions in Colombia. We estimate that cycles in world GDP, export prices and capital inflows are strongly associated with the Colombian b