Financial Inefficiency and Real Business Cycle in Colombia

Número: 
127
Publicado: 
Clasificación JEL: 
E32, E37, E22, G14
Palabras clave: 
Financial inefficiency

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Luis E. Arango, Leonardo Bonilla-Mejía, Luz Adriana Flórez, Luis E. Arango
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In a dynamic, stochastic, general equilibrium model, we explore the optimal response of the inhabitants of a closed economy to an inefficient ad hoc financial system that in its intermediation duty looses a fraction of agrégate savings which otherwise wou