Una Aplicación De Un Modelo Neoclásico DSGE Con Política Fiscal (An Application of a Neoclassical DSGE Model with Fiscal Policy)

23 Pages Posted: 28 Feb 2014

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CIEF Submitter

Universidad EAFIT; Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF); Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF), Students

Alvaro Hurtado

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Jesús Botero

Universidad EAFIT; Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Humberto Gonzalez

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Date Written: October 1, 2012

Abstract

Spanish Abstract: En este artículo se utiliza un modelo dinámico estocástico de equilibrio general (DSGE) neoclásico para evaluar el impacto de choques de oferta (productividad) y demanda (comercio externo) sobre el desempeño económico. Además, se analizan decisiones de política económica, en especial, el efecto del gasto público sobre la economía según las condiciones en que éste se realice. Los ejercicios realizados muestran que con un modelo de economía abierta, una política expansiva de gasto público incrementa en el corto plazo el empleo y el producto, pero se incurre en un costo futuro adicional, que parece sugerir un impacto superior al beneficio alcanzado en el corto plazo.

English Abstract: We use a Dynamic Stochastic General Equilibrium (DSGE) model to evaluate the effect of supply (productivity) and demand (foreign trade) shocks on the economy. In addition, this paper analyzes the impact of policies, specifically the effect of public spending under given economic environments. Our results show that, in an open economy model, an expansionary policy of public spending increases employment and production in the short run, but carries an additional future cost, which appears to be greater than the short term benefit.

Note: Downloadable document is in Spanish.

Keywords: Gasto público, shocks exógenos, DSGE

JEL Classification: E62, D58

Suggested Citation

Submitter, Center for Research in Economics and Finance and Hurtado, Alvaro and Botero, Jesús and Gonzalez, Humberto, Una Aplicación De Un Modelo Neoclásico DSGE Con Política Fiscal (An Application of a Neoclassical DSGE Model with Fiscal Policy) (October 1, 2012). Center for Research in Economics and Finance (CIEF), Working Papers, No. 12-10, Available at SSRN: https://ssrn.com/abstract=2401983 or http://dx.doi.org/10.2139/ssrn.2401983

Center for Research in Economics and Finance Submitter

Universidad EAFIT ( email )

Carrera 49 N° 7 sur – 50
Medellín, Antioquia 00000
Colombia

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Medellín
Colombia
+057 (4) 261 9500 Ext. 9532 (Phone)

HOME PAGE: http://www.eafit.edu.co/cief

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF), Students ( email )

Carrera 49 No. 7 South - 50
Bogota
Colombia

Alvaro Hurtado

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Jesús Botero (Contact Author)

Universidad EAFIT ( email )

Carrera 49 N° 7 sur – 50
Bogotá, Antioquia 00000
Colombia

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Humberto Gonzalez

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

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