Sobre el impacto macroeconómico de los beneficios tributarios al capital

Hamann-Salcedo, Franz Alonso; Lozano-Espitia, Luis Ignacio; Mejía, Luis Fernando; Hamann, Franz; Lozano-Espitia, Ignacio

doi:10.32468/be.668

Cited by 4 publications

(1 citation statement)

References 10 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The parameter  is consistent with the government's share on total mining sector dividends, which corresponds to the share of government in state firm Ecopetrol. The long-run values  are in line with estimates by Fergusson (2003) and Hamann, Lozano and Mejía (2011). The long-run ratio of government expenditure to GDP g is 0.15 according with the data.…”

Section: Calibrationsupporting

confidence: 82%

Fiscal Policy in a Small Open Economy with Oil Sector and non-Ricardian Agents

González¹,

López²,

Rodríguez³

et al. 2014

Revista Desarrollo y Sociedad

View full text Add to dashboard Cite

In this paper we develop a dynamic stochastic general equilibrium fiscal model for the Colombian economy. The model has three main components: the existence of non-Ricardian households, price and wage rigidities, and a fiscal authority that finances government spending partly with public debt. The model is calibrated to capture the empirical evidence on the macroeconomic effects of government spending and it is used to study the effect of an oil price shock under different fiscal policy rules. Our results show that fiscal multipliers in Colombia are 1 We thank Hernando Vargas, Eduardo Sarmiento Gómez, Jesus A. Bejarano and Sergio Ocampo for comments on earlier drafts. We also thank Guilherme de Almeida Bandeira for early research assistance in the model. The views expressed in the paper are those of the authors and do not represent those of the Banco de la República or its Board of Directors.

show abstract

Section: Calibrationsupporting

confidence: 82%

Fiscal Policy in a Small Open Economy with Oil Sector and non-Ricardian Agents

González¹,

López²,

Rodríguez³

et al. 2014

Revista Desarrollo y Sociedad

View full text Add to dashboard Cite

show abstract

Macroeconomic Gains from Structural Fiscal Policy Adjustments: The Case of Colombia

Vargas¹,

González²,

Lozano³

2015

lse-j-elaceaj

View full text Add to dashboard Cite

Macroeconomic effects of structural fiscal policy changes in Colombia

Lozano-Espitia¹,

González²

2012

Self Cite

View full text Add to dashboard Cite

In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements had important effects on the behavior of the macroeconomy. They seem to have permanently reduced the sovereign risk premium, increased the reaction of output to Government expenditure shocks and strengthened the response of market interest rates to monetary policy shocks. for useful suggestions about some variables and indicators used in this paper.

show abstract

Sobre el impacto macroeconómico de los beneficios tributarios al capital

Cited by 4 publications

References 10 publications

Fiscal Policy in a Small Open Economy with Oil Sector and non-Ricardian Agents

Fiscal Policy in a Small Open Economy with Oil Sector and non-Ricardian Agents

Macroeconomic Gains from Structural Fiscal Policy Adjustments: The Case of Colombia

Macroeconomic effects of structural fiscal policy changes in Colombia

Contact Info

Product

Resources

About