Ciclos económicos, capital bancario y nuevas opciones de política económica
| Contribuinte(s) |
Jaramillo Mejía, Fernando |
|---|---|
| Data(s) |
20/05/2016
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| Resumo |
El objetivo de este trabajo es utilizar algunos hechos estilizados de la "Gran recesión", específicamente la drástica caída en el nivel de capitalización bancario, para analizar la relación entre los ciclos financieros y los ciclos reales, así como la efectividad de la política monetaria no convencional y las políticas macroprudenciales. Para esto, en el primer capítulo se desarrolla una microfundamentación de la banca a partir de un modelo de Costly State Verification, que es incluido posteriomente en distintas especificaciones de modelos DSGE. Los resultados muestran que: (i) los ciclos financieros y los ciclos económicos pueden relacionarse a partir del deterioro del capital bancario; (ii) Las políticas macroprudenciales y no convencionales son efectivas para moderar los ciclos económicos, pero son costosas en términos de recursos e inflación. Colciencias The aim of this work is to analyze the relationship between financial and business cycles and the effectiveness of the conventional and unconventional monetary policy, using as reference some stylized facts of the “Great Recession”. To do that, in the first chapter I propose a new framework to understand the interaction between financial and real activity, using a costly state verification model. The next two chapters incorporate this specification in two different DSGE models to evaluate the relationship between the movements of capital banking and output and the effects of banking capital injections induced by the central banks over the economy. The results shows that: (i) the financial and real sector are linked by the banking sector capitalization level and (ii) the nonconventional policies are effective to recover the output, but they are costly in terms of physical resources and inflation rate. |
| Formato |
application/pdf |
| Identificador | |
| Idioma(s) |
spa |
| Publicador |
Facultad de Economía |
| Direitos |
info:eu-repo/semantics/openAccess |
| Fonte |
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| Palavras-Chave | #Economía #Ciclos económicos #Bancos #Bienes de capital #Política monetaria #330 #Business Cycles #Financial system #Monetary policy #DSGE models |
| Tipo |
info:eu-repo/semantics/doctoralThesis info:eu-repo/semantics/acceptedVersion |
