Borradores de Economia
Número:
531
Publicado:
Clasificación JEL:
E32, E44, E52, F41
Palabras clave:
Financial intermediation, Small open economy, dynamic stochastic general equilibrium model, Monetary policy
Lo más reciente
Mario Andrés Ramos-Veloza, Sara Naranjo-Saldarriaga, José Pulido
Rocío Clara Alexandra Mora-Quiñones, Antonio José Orozco-Gallo, Dora Alicia Mora-Pérez
Constanza Martínez-Ventura, Ligia Alba Melo-Becerra
This paper analyses the role of a costly financial system in the transmission of monetary policy. The new-keynesian model for a small open economy is extended with a simple financial system based on Hamann and Oviedo (2006). The presence of the financial