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Dinero, Precios, Tasa de Interés y Actividad Económica: Un Modelo del Caso Colombiano

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Author Info
José Fernando Escobar R. ()
Carlos Esteban Posada P. ()

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Abstract

A partir de un esquema de oferta y demanda de dinero se estimó un modelo de relaciones de corto y largo plazo entre cinco variables:base monetaria, dinero (M1), tasa de interés, producto y nivel de precios al consumidor (cifras trimestrales desde 1984:I hasta 2003:IV).El modelo es del tipo denominado SVEC (Structural Vector Error Correction). Los parámetros de las funciones de oferta y demanda de dinero son compatibles con las restricciones teóricas convencionales. La estimacion utilizó la metodología de tendencias estocásticas comunes para realizar un análisis de impulso-respuesta y un ejercicio de pronóstico con las posibles variables débilmente exógenas.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 303.

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Handle: RePEc:bdr:borrec:303

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Related research
Keywords: Dinero; precios; SVEC (Structural Vector Error Correction Model); tendencias comunes.;

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Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data

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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. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 2002. "Identifying the Effects of Monetary Policy Shocks in an Open Economy," Working Paper Series 134, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
  2. P.J.G. Vlaar, 1998. "On the asymptotic distribution of impulse response functions with long run restrictions," WO Research Memoranda (discontinued) 539, Netherlands Central Bank, Research Department.
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  3. Mellander, Erik & Vredin, A & Warne, A, 1992. "Stochastic Trends and Economic Fluctuations in a Small Open Economy," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(4), pages 369-94, Oct.-Dec.. [Downloadable!] (restricted)
  4. Martha Misas & Hugo Oliveros, . "Cointegración, exogeneidad y Crítica de Lucas: Funciones de Demanda de Dinero en Colombia: Un ejercicio más," Borradores de Economia 075, Banco de la Republica de Colombia. [Downloadable!]
  5. Martin B. Schmidt, 2003. "Monetary dynamics: a market approach," Applied Economics, Taylor and Francis Journals, vol. 35(2), pages 139-152, January. [Downloadable!] (restricted)
  6. Bagliano, Fabio C & Golinelli, Roberto & Morana, Claudio, 2002. "Core Inflation in the Euro Area," Applied Economics Letters, Taylor and Francis Journals, vol. 9(6), pages 353-57, May. [Downloadable!] (restricted)
  7. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," NBER Working Papers 8403, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Baghestani, Hamid & Mott, Tracy, 1997. "A Cointegration Analysis of the U.S. Money Supply Process," Journal of Macroeconomics, Elsevier, vol. 19(2), pages 269-283, April. [Downloadable!] (restricted)
  9. Richard G. Anderson & Dennis L. Hoffman & Robert H. Rasche, 2001. "A vector error correction forecasting model of the U.S. economy," Working Papers 1998-008, Federal Reserve Bank of St. Louis. [Downloadable!]
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  10. Javier Gómez P., 1998. "La Demanda Por Dinero En Colombia," BORRADORES DE ECONOMIA 002969, BANCO DE LA REPÚBLICA. [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. Andrés González & Luis Fernando Melo & Carlos Esteban Posada, 2006. "Inflación y dinero en Colombia: otro modelo P-estrella," BORRADORES DE ECONOMIA 002851, BANCO DE LA REPÚBLICA. [Downloadable!]
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