Advanced Search
MyIDEAS: Login

Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia

Contents:

Author Info

  • Sergio Clavijo

    ()

Registered author(s):

    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.

    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/docum/ftp/borra141.pdf
    Download Restriction: no

    Bibliographic Info

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

    as in new window
    Length:
    Date of creation:
    Date of revision:
    Handle: RePEc:bdr:borrec:141

    Contact details of provider:
    Postal: Cra 7 # 14-78 Piso 7
    Phone: (57-1) 3431111
    Fax: (57-1) 2841686
    Email:
    Web page: http://www.banrep.org/publicaciones/pub_borra.htm
    More information through EDIRC

    Related research

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

    Find related papers by JEL classification:

    This paper has been announced in the following NEP Reports:

    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. Svensson, Lars E O, 1996. "Price-level Targeting versus Inflation Targeting: A Free Lunch?," CEPR Discussion Papers 1510, C.E.P.R. Discussion Papers.
    2. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
    3. William Poole, 1999. "Monetary policy rules?," Speech, Federal Reserve Bank of St. Louis.
    4. 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(2), pages 137-206.
    5. 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.
    6. William Poole, 1999. "A St. Louis Fed perspective on long-term economic growth," Speech, Federal Reserve Bank of St. Louis.
    7. 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.
    8. 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.
    9. 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.
    10. Sergio Clavijo Vergara & Hernando Jose Gomez Restrepo, 1988. "Seleccion Y Control De Agregados Monetarios Optimos," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    11. 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.
    12. Carlos Humberto Cardona & Adriana Pontón & Eduardo Sarmiento, 1998. "Evidencia Sobre Las Desinflaciones: Experiencia Internacional," BORRADORES DE ECONOMIA 002650, BANCO DE LA REPÚBLICA.
    13. Alan S. Blinder, 1999. "Central Banking in Theory and Practice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522608.
    14. 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.
    15. Esteban Jadresic, 1999. "Inflation Targeting and Output Stability," IMF Working Papers 99/61, International Monetary Fund.
    16. Martha Misas & Rodrigo Suescún, 1993. "Funciones de demanda de dinero y el comportamiento estacional del mercado monetario," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    17. 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.
    18. Arturo Galindo, 1993. "Una nota sobre la relevancia del control monetario en procesos de estabilización," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    19. Henry Ma, 1998. "Inflation, Uncertainty, and Growth in Colombia," IMF Working Papers 98/161, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Vittorio Corbo & Klaus Schmidt-Hebbel, 2001. "Inflation Targeting in Latin America," Working Papers Central Bank of Chile 105, Central Bank of Chile.
    2. 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.
    3. 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.
    4. Sergio Clavijo, . "Hacia la Multibanca en Colombia: Retos y 'Retazos' Financieros," Borradores de Economia 150, Banco de la Republica de Colombia.

    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:bdr:borrec:141

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

    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.