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Monetary Policy in Colombia

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  • Javier Guillermo Gómez

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    Abstract

    This article is a historical account of monetary policy inColombia. Since it is an account of monetary policy in anopen economy, the emphasis is on the concepts of the“trilema” of monetary policy, nominal anchor, and monetaryregimes. In addition, the account includes the current periodof inflation targeting regime, presents the academicantecedents and the definition of inflation targeting, anddescribes the current characteristics of this regime in Co-lombia. The main policy implication is that the mostimportant requirement for maintaining price stability is forthe Banco de la República to keep the inflation target firm, and, steerinterest rates to meet the inflation objective in the face of increases ininflation caused by demand pressure, devaluation and increases in the in-flation of food prices.

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_050-1_0.pdf
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    Bibliographic Info

    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): (2006)
    Issue (Month): ()
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    Handle: RePEc:col:000107:003249

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    Keywords: monetary policy; nominal anchor; inflation;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Niamh Sheridan & Laurence M. Ball, 2003. "Does Inflation Targeting Matter?," IMF Working Papers 03/129, International Monetary Fund.
    2. Miguel Urrutia, 2002. "UNA VISIÓN ALTERNATIVA: La Política Monetaria y Cambiaria en la Última Década," BORRADORES DE ECONOMIA 003731, BANCO DE LA REPÚBLICA.
    3. Barry Eichengreen, 2004. "Capital Flows and Crises," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550598, December.
    4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, July.
    5. Lucas, Robert E, Jr, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, American Economic Association, vol. 70(5), pages 1005-14, December.
    6. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
    7. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568, September.
    8. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
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    Cited by:
    1. Javier Guillermo Gómez, 2006. "La Política Monetaria En Colombia," BORRADORES DE ECONOMIA 003054, BANCO DE LA REPÚBLICA.

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