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Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia

Author

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  • Sergio Clavijo

Abstract

El propósito de este documento es examinar la coyuntura macroeconómica con el fin de replantear una estrategia monetaria que pueda mantener inflaciones de un dígito, cuando quiera que la actividad económica se recupere, la tasa de desempleo regrese a sus niveles de largo plazo y se logre superar la debilidad del sistema financiero. Una buena opción es la profundizar el llamado sistema de "inflación objetivo" (inflation targeting),aprovechando la experiencia que han ganado en este frente países desarrollados (como Gran Bretaña o Canadá) o inclusive economías emergentes (Como Chile o Israel) a lo largo de los años noventa. Una condición básica para la aplicación de esta estrategia es romper la "dependencia fiscal" que ha mostrado el manejo monetario en los últimos años, a lo cual contribuirá la implantación exitosa del programa económico acordado con el Fondo Monetario Internacional. Hacia el futuro, la política monetaria y crediticia debe verse repotenciada gracias a la reciente adopción del régimen de flotación cambiaria.

Suggested Citation

  • Sergio Clavijo, 2000. "Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia," Borradores de Economia 141, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:141
    DOI: 10.32468/be.141
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    References listed on IDEAS

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    Cited by:

    1. Urrutia, Miguel & Hofstetter, Marc & Hamann, Franz, 2014. "Inflation Targeting in Colombia, 2002-2012," IDB Publications (Working Papers) 6394, Inter-American Development Bank.
    2. Sergio Parra Cely, 2009. "Costos de inflación en un modelo de búsqueda monetaria con formación endógena de precios: el caso colombiano," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 27(59), pages 46-82, June.
    3. Mesa Callejas, Ramón Javier & Rhenals M., Remberto & Londono T., Carlos Mario, 2003. "La desinflación reciente en Colombia y los riesgos de la política monetaria," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, February.
    4. Andrés Felipe Giraldo Palomino, 2008. "Aversión a la inflación y regla de Taylor en Colombia 1994-2005," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, December.
    5. Vittorio Corbo & Klaus Schmidt-Hebbel, 2001. "Inflation Targeting in Latin America," Working Papers Central Bank of Chile 105, Central Bank of Chile.
    6. Hernando Vargas, 2008. "The transmission mechanism of monetary policy in Colombia: major changes and current features," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 183-211, Bank for International Settlements.
    7. Sergio Clavijo, 2000. "Hacia la Multibanca en Colombia: Retos y 'Retazos' Financieros," Borradores de Economia 150, Banco de la Republica de Colombia.
    8. Andrés Felipe Giraldo Palomino, 2010. "Aspectos institucionales de la Banca Central en Colombia (1963-2007)," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.

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    Keywords

    Classification- JEL: Política Monetaria (E52); Banca Central (E58); Inflación (E31).;
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