Vidal, P., Ramírez, G., & Sierra, L. P. (2021). Un análisis regional de los cho-ques monetarios y externos: el caso del Valle del Cauca en Colombia. Cuader-nos de Economía, 40(82), 57-81

The article analyses the effect of different monetary and external sector shocks on the cyclical growth of the department of Valle del Cauca, and compares it with the effect that these same shocks have on the national cycle during the period 2013-2016. The empirical strategy used allows us to examine the effectiveness of monetary and exchange policy at a regional level. Estimates show that the best economic performance of the Valle, compared to the national average, is mainly due to the greater sensitivity to the real exchange rate and the lower dependence on the price of oil.