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Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia

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Author Info
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.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 141.

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Handle: RePEc:bdr:borrec:141

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

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This paper has been announced in the following NEP Reports: 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.:
  1. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58. [Downloadable!]
  2. Martha Misas & Enrique López & Luis Fernando Melo, . "La Inflación desde una Perspectiva Monetaria: Un Modelo P* para Colombia," Borradores de Economia 133, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  3. Debelle, Guy & Masson, Paul & Savastano, Miguel & Sharma, Sunil, . "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund. [Downloadable!]
  4. Esteban Jadresic, 1999. "Inflation Targeting and Output Stability," IMF Working Papers 99/61, International Monetary Fund.
  5. Paul R. Krugman, 1998. "It's Baaack: Japan's Slump and the Return of the Liquidity Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998-2), pages 137-206. [Downloadable!]
  6. Stephen K. McNees, 1987. "Prospective nominal GNP targeting: an alternative framework for monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-9.
  7. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, issue Aug, pages 9-110. [Downloadable!]
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  8. Sergio Clavijo Vergara & Hernando Jose Gomez Restrepo, 1988. "Seleccion Y Control De Agregados Monetarios Optimos," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE. [Downloadable!]
  9. William J. McDonough, 1994. "An independent central bank in a democratic country: the Federal Reserve experience," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 1-6.
  10. Walsh, Carl E., 1993. "Central bank strategies, credibility, and independence : A review essay," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 287-302, November. [Downloadable!] (restricted)
  11. Carlos Humberto Cardona & Adriana Pontón & Eduardo Sarmiento, 1998. "Evidencia Sobre Las Desinflaciones: Experiencia Internacional," BORRADORES DE ECONOMIA 002650, BANCO DE LA REPÚBLICA. [Downloadable!]
  12. Svensson, Lars E O, 1999. "Price-Level Targeting versus Inflation Targeting: A Free Lunch?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 277-95, August.
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  13. Henry Ma, 1998. "Inflation, Uncertainty, and Growth in Colombia," IMF Working Papers 98/161, International Monetary Fund.
  14. Alan S. Blinder, 1999. "Central Banking in Theory and Practice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522608.
  15. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December. [Downloadable!] (restricted)
  16. William Poole, 1999. "Monetary policy rules?," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 3-12. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Sergio Clavijo, . "Hacia la Multibanca en Colombia: Retos y 'Retazos' Financieros," Borradores de Economia 150, Banco de la Republica de Colombia. [Downloadable!]
  2. Vittorio Corbo & Klaus Schmidt-Hebbel, 2001. "Inflation Targeting in Latin America," Working Papers Central Bank of Chile 105, Central Bank of Chile. [Downloadable!]
    Other versions:
  3. Hernando Vargas H., 2007. "The Transmission Mechanism of Monetary Policy in Colombia Major Changes and Current Features," BORRADORES DE ECONOMIA 003630, BANCO DE LA REPÚBLICA. [Downloadable!]
  4. Hernando Vargas, . "The Transmission Mechanism of Monetary Policy in Colombia Major Changes and Current Features," Borradores de Economia 431, Banco de la Republica de Colombia. [Downloadable!]
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This page was last updated on 2009-11-20.

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