FISCO : modelo fiscal para Colombia
Revista Ensayos Sobre Política Económica; Vol. 35. No. 83. Junio, 2017. Pág.: 161-187.
Date published
2017-06-01Date of last update
2017-06Identifier
0120-4483Document language
spaMetadata
Show full item recordMetrics
Summary
El gobierno es un agente que influye sobre la actividad económica a lo largo del ciclo económico mediante sus políticas tributaria y de gasto. El objetivo de este documento es construir un modelo fiscal de equilibrio general dinámico y estocástico neokeynesiano para Colombia (FISCO), en donde el gobierno juega un papel preponderante en la economía. Las cinco principales conclusiones del documento muestran que: la inflación compete tanto a la política monetaria como a la política fiscal; los choques a la política fiscal son contrarrestados en cierto grado por la política monetaria, pero choques a esta última son refrendados por la política fiscal; el recorte al gasto público de inversión impacta en mayor medida a la economía que el ajuste al de funcionamiento, y la regla fiscal estabiliza las finanzas públicas, pero ante ciertos choques.
Abstract
The government is an agent that influences economic activity throughout the economic cycle, thereby affecting a country's real and nominal variables through income and spending policies. The purpose of this document is to construct a neo-Keynesian dynamic stochastic general equilibrium model (DSGE) for Colombia in which the government plays a key role in the economy. The five main conclusions of the document show that inflation is relevant for both monetary and fiscal policies; shocks to fiscal policy are offset to a certain degree by monetary policy, while shocks to monetary policy are endorsed by fiscal policy; additionally, cuts to public investment impact economic cycles to a greater extent than government spending cuts, and the fiscal rule helps to stabilise government finances in the face of certain shocks.
JEL Codes
D58 - Computable and Other Applied General Equilibrium ModelsE20 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: GeneralE62 - Fiscal PolicyE63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury PolicyC11 - Bayesian Analysis: General
Subject
Keywords
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6957https://hdl.handle.net/20.500.12134/6957
https://doi.org/10.1016/j.espe.2017.04.001
https://ideas.repec.org/a/bdr/ensayo/v35y2017i83p161-187.html
https://ideas.repec.org/a/col/000107/015644.html
Collections
This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit