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Start Over Descriptor "BUSINESS size" Topic gibbs sampling Region colombia
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1. El tamaño de las empresas y la transmisión de la política monetaria en Colombia: una aplicaci ón con la encuesta mensual de expectativas económicas.

Author

Zÿrate, Héctor, Rodríguez, Norberto, and Marín, Margarita

Subjects
*BUSINESS size, *MONETARY policy, *INFORMATION theory in economics, *ECONOMIC expectations, *SMALL business, *VECTOR autoregression model, *INTEREST rates
Abstract

We use information from surveys of economic expectations to see if the effect of monetary policy differs between large and small companies. The methodology used is vector autoregressions with regime change, MS-BVAR. According to the impulse response functions, to a shock in interest rates, the business climate both large and small companies regime responds positively during expansions, while during contraction responses are negative and more pronounced. The results suggest that larger firms are more sensitive to interest rate shocks. This is probably due to the low level of financial deepening. [ABSTRACT FROM AUTHOR]

Published
2013

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