Ciclos económicos, capital bancario y nuevas opciones de política económica Thesis

short description

  • Doctoral Thesis

Thesis author

  • Torres García, Alejandro


  • The aim of this work is to analyze the relationship between financial and business cycles and the effectiveness of the conventional and unconventional monetary policy, using as reference some stylized facts of the “Great Recession”. To do that, in the first chapter I propose a new framework to understand the interaction between financial and real activity, using a costly state verification model. The next two chapters incorporate this specification in two different DSGE models to evaluate the relationship between the movements of capital banking and output and the effects of banking capital injections induced by the central banks over the economy. The results shows that: (i) the financial and real sector are linked by the banking sector capitalization level and (ii) the nonconventional policies are effective to recover the output, but they are costly in terms of physical resources and inflation rate.

publication date

  • 2016-05-20


  • Business Cycles
  • DSGE models
  • Financial system
  • Monetary policy

Document Id

  • 603ecf17-eab5-496d-af18-1db965026674