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- W3121724965 abstract "Terms of trade (ToT) shocks drive business cycles and have direct impact on the macroeconomic equilibrium conditions in commodity-exporter countries. ToT shocks also affect the dynamics of other variables such as national income and relative prices, and consequently, cause agents and firms to adjust their saving, spending and investment decisions accordingly. The latter is of special interest because of its link with potential GDP and the capital stock of the economy, relevant concepts when assessing sustainable and long-run growth. In this document we explore how tradable and nontradable investment rates respond asymmetrically to ToT shocks. We estimate a Threshold VAR (TVAR) in which the ToT are the transition variable. The empirical results suggest the existence of two regimes (low and high ToT levels) and that ToT shocks have different effects on tradable and nontradable investment rates depending not only the direction of the shock, but also on the levels from which the shock departs. **** Los choques de Terminos de Intercambio (TdI) determinan en parte los ciclos economicos y tienen impacto directo en el equilibrio macroeconomico en los paises exportadores de materias primas. Estos choques tambien afectan las dinamicas de variables como el ingreso nacional y los precios relativos, haciendo que los agentes y las firmas ajusten sus decisiones de ahorro, gasto e inversion. La inversion es de especial interes debido a su vinculo con el PIB potencial y el stock de capital de la economia, conceptos que resultan relevantes al evaluar el crecimiento sostenible y de largo plazo. En este documento se estudian como las inversiones transable y no transable reaccionan de forma asimetrica a choques de TdI. Estimamos un modelo VAR por umbrales (TVAR) en el cual la variable de transicion son los TdI. Los resultados sugieren la existencia de dos regimenes (de altos y bajos TdI) y que los choques de TdI producen respuestas asimetricas en la inversion transable y no transable, dependiendo no solo de la direccion del choque, sino del nivel de TdI desde el cual se parte cuando este sucede." @default.
- W3121724965 created "2021-02-01" @default.
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- W3121724965 date "2018-05-01" @default.
- W3121724965 modified "2023-09-27" @default.
- W3121724965 title "Asymmetric Effects of Terms of Trade Shocks on Tradable and Non-tradable Investment Rates: The Colombian Case" @default.
- W3121724965 hasPublicationYear "2018" @default.
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