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Abstract
The target of this paper is to establish whether the fiscal rule could have eventually an impact on the exchange rate so it could ease the effects of the dutch disease. A counter-factual experiment is carried out by simulating the implementation in Colombia during the last thisty years of a fiscal rule alike the one proposed by the Comite Técnico Interinstitucional, through an equilibrium exchange rate model and cointegration analysis in a VEC model. It is foundthat the fiscal rule would actually mitigatethe appreciation, but it could also increase the exchange rate volatility.
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