Determinantes De La Tasa De Cambio Nominal: Verificación Empírica Del Modelo De Precios Rígidos En La Economía Colombiana, 1995:I-2006:I (Determinants of Nominal Exchange Rate: Empirical Verification of the Rigid Prices Model in the Colombian Economy, 1995:I-2006:I)

28 Pages Posted: 17 Sep 2014

See all articles by Humberto Gonzalez

Humberto Gonzalez

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

Alfonso Gómez Cifuentes

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

Andres Ramirez Hassan

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

Date Written: October 15, 2007

Abstract

Spanish Abstract: En este artículo se exponen en primera instancia, las características relevantes de los diversos modelos que se han desarrollado a través de la historia con el objetivo de explicar el comportamiento que presenta la tasa de cambio nominal, y en segundo lugar, se realiza la aplicación empírica del modelo de precios rígidos de determinación de la tasa de cambio para la economía colombiana mediante la técnica econométrica de cointegración. De la aplicación econométrica se destaca que las variables relevantes en el modelo de precios rígidos forman una relación estable de largo plazo, y que los signos de las elasticidades estimadas son conformes a lo planteado por el modelo.

English Abstract: First at all, this paper shows the relevant characteristics of different models that are been created throughout the history in order to explain the nominal exchange rate’s behavior. Second, it is done an econometric exercise of the sticky-price nominal exchange rate model on the Colombian economic, through the cointegration technique. From the empirical exercise is found that the relevant variables implied in the sticky-price nominal exchange rate model form a stable long term relationship and the estimated elasticities’ sing confirm the model.

Note: Downloadable document is in Spanish.

Keywords: Tasa de Cambio Nominal, Modelo de Precios Rígidos, Cointegración

JEL Classification: F41, C32

Suggested Citation

Gonzalez, Humberto and Gómez Cifuentes, Alfonso and Ramirez Hassan, Andres, Determinantes De La Tasa De Cambio Nominal: Verificación Empírica Del Modelo De Precios Rígidos En La Economía Colombiana, 1995:I-2006:I (Determinants of Nominal Exchange Rate: Empirical Verification of the Rigid Prices Model in the Colombian Economy, 1995:I-2006:I) (October 15, 2007). Center for Research in Economics and Finance (CIEF), Working Papers, No. 07-07, Available at SSRN: https://ssrn.com/abstract=2496454 or http://dx.doi.org/10.2139/ssrn.2496454

Humberto Gonzalez (Contact Author)

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

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Alfonso Gómez Cifuentes

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

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Andres Ramirez Hassan

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

Carrera 49 No. 7 South - 50
Bogotá
Colombia
05742619500 (Phone)

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