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Aversión a la inflación y regla de Taylor en Colombia 1994-2005

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  • Andrés Felipe Giraldo Palomino

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Abstract

El presente artículo muestra la estimación de la aversión a la inflación y de la aversión a los ciclos por parte del Banco de la República en el periodo 1994-2005, usando una estructura espacio-estado y estimando por el método de Filtro de Kalman. Se concluye que el parámetro de aversión a la inflación cumple el principio de Taylor (toma un valor mayor que uno), lo cual es acorde con los resultados de Bernal (2002) y López (2004).Así mismo, se muestra que el parámetro que mide la aversión a la brecha del producto es no significativo, por lo que se concluye que de acuerdo con la muestra y con la estimación realizada, la única variable a la cual reacciona el banco central es la brecha inflacionaria

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File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/49/8-AVERSION.pdf
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Bibliographic Info

Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

Volume (Year): (2008)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000093:005372

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Related research

Keywords: inflación; reglas de política monetaria.;

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References

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  1. Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Working Papers in Applied Economic Theory 98-03, Federal Reserve Bank of San Francisco.
  2. William T. Gavin, 2003. "Inflation targeting: why it works and how to make it work better," Working Papers 2003-027, Federal Reserve Bank of St. Louis.
  3. Guy Debelle, 1997. "Inflation Targeting in Practice," IMF Working Papers 97/35, International Monetary Fund.
  4. Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Macroeconomics 0309015, EconWPA.
  5. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
  6. Alvaro Montenegro, 2005. "Introducción al filtro Kalman," DOCUMENTOS DE ECONOMÍA 002920, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  7. Nicholas Rowe & David Tulk, 2003. "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?," Working Papers 03-31, Bank of Canada.
  8. Raquel Bernal, 2002. "Monetary Policy Rules In Colombia," DOCUMENTOS CEDE 003251, UNIVERSIDAD DE LOS ANDES-CEDE.
  9. Sharon Kozicki, 1999. "How useful are Taylor rules for monetary policy?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 5-33.
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Cited by:
  1. Gloria Lucía Bernal Nisperuza & Johanna Táutiva Pradere, 2008. "Relevancia de los datos en tiempo real en la estimación de la regla de Taylor para Colombia," DOCUMENTOS DE ECONOMÍA 005421, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  2. Gloria Lucía Bernal Nisperuza & Johanna Táutiva Pradere, 2011. "Datos en tiempo real:una aplicación a la regla de taylor en Colombia," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 13(24), pages 373-394, January-J.
  3. Andrés Felipe Giraldo & Martha Misas Arango & Edgar Villa Pérez, 2011. "Reconstructing the recent monetary policy history of Colombia from 1990 to 2010," VNIVERSITAS ECONÓMICA 008860, UNIVERSIDAD JAVERIANA - BOGOTÁ.

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