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The empirical Real Business Cycle models started with the pioneer work of Kydland and Prescott (1982). Since then, many work has been done using their approach. This paper is based in this standard real business cycle model to simulate an economy which include stochastic monetary growth (monetary...
The traditional cash in advance macroeconomic models are characterized by a constant velocity of money, Based on the Lucas and Stokey (1987) model, this paper studies the behavior of velocity and money demand for the U.S., simulating an economy which includes stochastic monetary growth (monetary ...
International capital market integration together with increasing international volatility, requires an accurate evaluation of the potential losses that portfolio managers may face as a result of international turbulence. Assets with high liquidity standards can be evaluated by the traditional Va...
This article presents a historical analysis of inflation in Chile from 1933 to 2001, estimating generalized autoregressive heteroskedasticity models, including asymmetric extensions such as the Threshold, Quadratic and Box-Cox models. Traditional symmetric models accept the Friedman hypothesis es...
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