Gómez-Pineda, Javier

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  • Capital Flows and Monetary Policy

    Publicación |

    Capital inflows and outflows often remind policymakers of the monetary policy “trilemma” and the several associated dilemmas. To tackle these dilemmas, an equilibrium model of capital flows is proposed. The model captures bouts of capital inflows and outflows with shocks to the emerging-market…

  • Towards a Framework for Macroeconomic Analysis in an Emerging Market Economy

    Publicación |

    We develop a small open economy model with sectorial balance sheets that are exchange rate exposed and with sectorial stock and flow consistency. The model is perturbed by a shock to investor sentiment and a sudden stop to capital inflow. It is used to evaluate the claims that usually back the…

  • The International Cycle and Colombian Monetary Policy

    Publicación |

    The objective of this paper is to analyze how international cycles affect the real GDP cycle and so monetary policy decisions in Colombia. We estimate that cycles in world GDP, export prices and capital inflows are strongly associated with the Colombian business cycle both on impact and even…