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Output Fluctuations and Monetary Shocks in Colombia: Reply to García

Author

Listed:
  • Carmen M. Reinhart

    (International Monetary Fund)

  • Vincent R. Reinhart

    (International Monetary Fund)

Abstract

We highlight in this note how an application of a similar estimation approach as ours to Colombian data for a more recent period following financial and capital account liberalization may find that the money supply is "endogenous" (i.e. demand-determined as long as the exchange rate is heavily managed.
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Suggested Citation

  • Carmen M. Reinhart & Vincent R. Reinhart, 1993. "Output Fluctuations and Monetary Shocks in Colombia: Reply to García," IMF Staff Papers, Palgrave Macmillan, vol. 40(4), pages 876-877, December.
    • Handle: RePEc:pal:imfstp:v:40:y:1993:i:4:p:876-877
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    1. John Y. Campbell & Pierre Perron, 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know about Unit Roots," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 141-220, National Bureau of Economic Research, Inc.
    2. Carmen M. Reinhart & Vincent R. Reinhart, 1991. "Output Fluctuations and Monetary Shocks: Evidence from Colombia," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 705-735, December.
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    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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