"Why has Colombia been a case of low outputvariability and moderate-to-high inflation? This paper argues that regardless of the institutional arrangement, monetary authorities have stabilized the business cycle, and inflation control has not been the only objective of monetary policy, The goverment-controlled Junta Monetaria (1963-1991) often ignored the advice of the Asesores, an anti-inflation group of technocrats ...

"The dynamic commons problem aries when different groups in society engage in intense redistributive activity as a result of an export boom. This paper analyzes the role that institutions play in ameliorating that problem in the case of coffee and oil in Colombia, The paper presents model that rationalizes the existence of a federatior, of coffee producers that effectively reduces inefficient redistribution to other ...