Coffee and oil shocks in the short and the long run

Abstract

"The analysis in carried out on the basis of two Computational General Equilibrium (CGE) models that reflect, respectivamente, the short and long run main features of the Colombian economy. Both models operate on a common statistical basis, derived from a social accounting framework is the subject matter of Section I. Sections II and III deal with the underpins of the two models, and Section IV discusses the methods of estimation of the few extraneous parameters required by the models. Section V compares the autonomous and policy-induced effects of coffee and oil shocks in the short and the long run. The main conclusions of this exercise are sumarized in Section VI."