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Enrique Flores, Mr. Daniel Leigh, and Mr. Benedict J. Clements
This paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of shocks to trade, world income, and risk premia for public debt. The results suggest that under Colombia’s inflation targeting regime, which incorporates exchange rate flexibility and a highly responsive monetary policy, the economy is well poised to adjust to different external shocks. They also suggest that the potential role of fiscal policy in responding to shocks depends critically on financing conditions.
Mr. Martin D Kaufman, Mr. Steven T Phillips, Mr. Rodrigo O. Valdes, and Nicolas Eyzaguirre
Los Documentos de Análisis del Personal Técnico del FMI presentan documentos de análisis e investigación sobre políticas que están siendo elaboradas por miembros del personal técnico del FMI. Estos documentos suelen ser breves y, al estar escritos en lenguaje no técnico, están dirigidos a un público amplio interesado en temas de política económica. Esta serie, que se publica exclusivamente en Internet, reemplazó a las Notas de Opinión del Personal Técnico en enero de 2011.