Colombian economist extends Bernanke-Gertler model for open economies

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Central Bank of Colombia

A working paper published this month by the Central Bank of Colombia (CBC) expands the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model.

In Asset price bubbles and monetary policy in a small open economy, author Martha López aims to check if Bernanke and Gertler's conclusions remain valid for a small open economy, and secondly to compare the results in terms of macroeconomic

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