
doi: 10.32468/be.359
Este documento muestra evidencia de una relacion no lineal entre la Tasa de Cambio Real (TCR) de Colombia y sus fundamentales. Utilizando un modelo exponencial auto-regresivo de transicion suave (ESTAR), se encontro que la TCR bilateral de Colombia frente a Mexico y a Estados Unidos, responde linealmente a ciertos fundamentales, y no linealmente a sus desalineamientos.
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