Número:
837
Publicado:
Clasificación JEL:
E32, R40, E47, E52
Palabras clave:
Exogenous Bubble, Monetary policy, Macroeconomic volatility, DSGE model
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Juan José Ospina-Tejeiro, Jorge Enrique Ramos-Forero, David Camilo López-Valenzuela, Yurany Hernández-Turca, Nicolle Valentina Herrera-Pinto
In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened