Advanced Search
MyIDEAS: Login to save this article or follow this journal

¿Responde el Banco de la República a los movimientos en la tasa de cambio real?

Contents:

Author Info

  • Egberto Alexander Riveros Saavedra

    ()

Registered author(s):

    Abstract

    Para los bancos centrales con régimen de inflación-objetivo modificar la tasa de interés de política monetaria como respuesta a la apreciación de la tasa cambio puede poner en riesgo el cumplimiento de la meta de inflación. Este trabajo determina qué tan importante ha sido el comportamiento de la tasa de cambio real para el Banco de la República a la hora de establecer el nivel de la tasa de interés. El estudio revela que el emisor, en los primeros años de implementación del esquema de inflación-objetivo, habría considerado la tasa de cambio real al momento de decidir el nivel de tasa de interés; sin embargo, dicha variable ha perdido importancia. La metodología de estimación de la función de reacción del Banco de la República consiste en un modelo de elección discreta (probit dinámico) que considera los cambios discretos y poco frecuentes en la tasa de interés.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_art4_69.pdf
    Download Restriction: no

    Bibliographic Info

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

    Volume (Year): (2012)
    Issue (Month): ()
    Pages:

    as in new window
    Handle: RePEc:col:000107:010875

    Contact details of provider:

    Related research

    Keywords: Banco Central; función de reacción de política monetaria; probit; inflación-objetivo.;

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    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.:
    as in new window
    1. Laurence Ball, 1998. "Policy Rules for Open Economies," RBA Research Discussion Papers rdp9806, Reserve Bank of Australia.
    2. Eichengreen, Barry & Watson, Mark W & Grossman, Richard S, 1985. "Bank Rate Policy under the Interwar Gold Standard: A Dynamic Probit Model," Economic Journal, Royal Economic Society, vol. 95(379), pages 725-45, September.
    3. Fernando Borraz & Alejandro Fried & Diego Gianelli, 2011. "Análisis de las calificaciones de riesgo soberano: el caso uruguayo," Documentos de Trabajo (working papers) 2111, Department of Economics - dECON.
    4. John Geweke, 1991. "Evaluating the accuracy of sampling-based approaches to the calculation of posterior moments," Staff Report 148, Federal Reserve Bank of Minneapolis.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:col:000107:010875. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Espe).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.