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La inflación y la política monetaria colombianas del período 1996-2006: una interpretación

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Author Info
Carlos Esteban Posada ()
Camilo Morales J. ()

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Abstract

Con posterioridad al año 2000 la inflación colombiana ha mostrado una declinación gradual a pesar de que la economía colombiana es relativamente abierta y su tasa de cambio está sujeta a vaivenes intensos de los flujos de capital. ¿Por qué? Podrían mencionarse varias respuestas alternativas. El presente documento ofrece una: para la autoridad monetaria no es óptimo imponer o tolerar variaciones fuertes de la tasa de inflación y, por ende, se inclina a contrarrestar los efectos que tienen los movimientos exógenos de los flujos de capital sobre la inflación con una política monetaria pro-cíclica. Los datos de los últimos 10 años no sugieren lo contrario.

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Publisher Info
Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 465.

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Handle: RePEc:bdr:borrec:465

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Related research
Keywords: Inflación; revaluación; flujos de capital; función de pérdida; política monetaria pro-cíclica. Classification JEL: E31; E41; E52; E58.;

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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. Luis Eduardo Arango & Andrés González & Jhon Jairo León & Luis Fernando Melo, 2006. "Efectos de los cambios en la tasa de intervención del Banco de la República sobre la estructura a plazo," BORRADORES DE ECONOMIA 002425, BANCO DE LA REPÚBLICA. [Downloadable!]
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  2. Carlos Estaban Posada & Andrés Felipe García, 2006. "¿No importa la cantidad de dinero?: “Inflation Targeting” y la teoría cuantitativa," BORRADORES DE ECONOMIA 003816, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  3. Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," Levine's Working Paper Archive 122247000000001419, David K. Levine. [Downloadable!]
    Other versions:
  4. Pedro Teles & Ruilin Zhou, 2005. "A stable money demand: Looking for the right monetary aggregate," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 50-63. [Downloadable!]
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