Advanced Search
MyIDEAS: Login to save this paper or follow this series

La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez

Contents:

Author Info

  • Ana María Iregui B.

    ()

  • Ligia Alba Melo B.

    ()

Abstract

El objetivo de este documento es evaluar el impacto de la política monetaria, sobre el consumo de los hogares colombianos, a través del efecto que ésta tiene sobre la tasa de interés. Para esto, se utiliza un modelo que combina elementos de la hipótesis del ingreso permanente y del ciclo de vida. Adicionalmente, se incorporan restricciones de liquidez debido al poco acceso de la población al sistema financiero en Colombia. El análisis empírico se realiza a partir de un ejercicio de calibración de una función consumo, utilizando información trimestral para el período 1994-2006, en el cual se considera, de un lado, que toda la población tiene acceso al sistema financiero y, de otro, que un segmento de la población no tiene acceso. En el primer caso, la calibración arroja una elasticidad de sustitución intertemporal de 0,405, y se encuentra que un choque inesperado a la tasa de interés de un punto porcentual disminuye, ceteris paribus, el consumo corriente en 0,41%. En el segundo caso, se obtiene una elasticidad intertemporal de sustitución de 0,445, cuando se supone que el 43% del ingreso laboral pertenece a los consumidores con restricciones de liquidez; entre más alto sea este porcentaje, mayor será la elasticidad intertemporal de sustitución.

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/borra547.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 547.

as in new window
Length:
Date of creation:
Date of revision:
Handle: RePEc:bdr:borrec:547

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: Consumo; elasticidad intertemporal de sustitución; restricciones de liquidez; Colombia. Classification JEL: D91; E21.;

Other versions of this item:

Find related papers by JEL classification:

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. Ligia Melo & Héctor Zárate & Juana Tellez, 2006. "El ahorro de los hogares en Colombia," BORRADORES DE ECONOMIA 002454, BANCO DE LA REPÚBLICA.
  2. Eichenbaum, Martin S & Hansen, Lars Peter & Singleton, Kenneth J, 1988. "A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(1), pages 51-78, February.
  3. Allan H. Meltzer, 1995. "Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 9(4), pages 49-72, Fall.
  4. John B. Taylor, 1995. "The Monetary Transmission Mechanism: An Empirical Framework," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 9(4), pages 11-26, Fall.
  5. Christopher Ragan, 2006. "Why Monetary Policy Matters: A Canadian Perspective," Bank of Canada Review, Bank of Canada, Bank of Canada, vol. 2006(Winter), pages 19-25.
  6. Alejandro López & Martha Misas & Hugo Oliveros, 1996. "Understanding Consumption in Colombia," BORRADORES DE ECONOMIA 003734, BANCO DE LA REPÚBLICA.
  7. Chow, Gregory C & Lin, An-loh, 1971. "Best Linear Unbiased Interpolation, Distribution, and Extrapolation of Time Series by Related Series," The Review of Economics and Statistics, MIT Press, vol. 53(4), pages 372-75, November.
  8. Stephen Zeldes, . "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research 24-85, Wharton School Rodney L. White Center for Financial Research.
  9. Franco Modigliani, 1949. "Fluctuations in the Saving-Income Ratio: A Problem in Economic Forecasting," NBER Chapters, National Bureau of Economic Research, Inc, in: Studies in Income and Wealth, pages 369-444 National Bureau of Economic Research, Inc.
  10. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 96(2), pages 339-57, April.
  11. S. Sgherri, 2000. "Monetary Transmission Channels, Monetary Regimes and ConsumptionBehaviour," DNB Staff Reports (discontinued), Netherlands Central Bank 53, Netherlands Central Bank.
  12. Reinhart, Carmen & Vegh, Carlos, 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," MPRA Paper 13898, University Library of Munich, Germany.
  13. Jonathan D. Ostry & Carmen M. Reinhart, 1992. "Private Saving and Terms of Trade Shocks: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 495-517, September.
  14. Andrés Murcia Pabón, . "Determinantes Del Acceso Al Crédito De Los Hogares Colombianos," Borradores de Economia 449, Banco de la Republica de Colombia.
  15. Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
  16. Muellbauer, John, 1994. "The Assessment: Consumer Expenditure," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 10(2), pages 1-41, Summer.
  17. Peter N. Ireland, 2005. "The monetary transmission mechanism," Working Papers, Federal Reserve Bank of Boston 06-1, Federal Reserve Bank of Boston.
  18. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers, C.V. Starr Center for Applied Economics, New York University 95-15, C.V. Starr Center for Applied Economics, New York University.
  19. Bacchetta, Philippe & Gerlach, Stefan, 1997. "Consumption and Credit Constraints: International evidence," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1727, C.E.P.R. Discussion Papers.
  20. Sydney Ludvigson, 1996. "Consumption and credit: a model of time-varying liquidity constraints," Research Paper, Federal Reserve Bank of New York 9624, Federal Reserve Bank of New York.
  21. Masao Ogaki & Jonathan David Ostry & Carmen Reinhart, 1995. "Saving Behavior in Low and Middle-Income Developing Countries," IMF Working Papers 95/3, International Monetary Fund.
  22. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2007. "Reaching out: Access to and use of banking services across countries," Journal of Financial Economics, Elsevier, Elsevier, vol. 85(1), pages 234-266, July.
  23. Alejandro Gaviria, 1993. "El ahorro privado y los términos de intercambio: el caso colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.
  24. Finn E. Kydland & Edward C. Prescott, 1990. "The econometrics of the general equilibrium approach to business cycles," Staff Report, Federal Reserve Bank of Minneapolis 130, Federal Reserve Bank of Minneapolis.
  25. Deaton, A., 1989. "Saving And Liquidity Constraints," Papers, Princeton, Woodrow Wilson School - Public and International Affairs 153, Princeton, Woodrow Wilson School - Public and International Affairs.
  26. Campbell, John Y. & Mankiw, N. Gregory, 1991. "The response of consumption to income : A cross-country investigation," European Economic Review, Elsevier, Elsevier, vol. 35(4), pages 723-756, May.
  27. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, Econometric Society, vol. 50(5), pages 1269-86, September.
  28. Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 9(4), pages 3-10, Fall.
  29. Enrique López Enciso & Andrés Salamanca Lugo, . "El efecto riqueza de la vivienda en Colombia," Borradores de Economia 551, Banco de la Republica de Colombia.
  30. Juan José Echavarría Soto & Enrique López Enciso & Martha Misas Arango & Juana Téllez Corredor- Juan Carlos Parra Álvarez, 2007. "La Tasa De Interés Natural En Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.
  31. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," MPRA Paper 6978, University Library of Munich, Germany.
  32. Douglas W. Elmendorf, 1996. "The effect of interest-rate changes on household saving and consumption: a survey," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 96-27, Board of Governors of the Federal Reserve System (U.S.).
  33. Finn E. Kydland & Edward C. Prescott, 1994. "The computational experiment: an econometric tool," Staff Report, Federal Reserve Bank of Minneapolis 178, Federal Reserve Bank of Minneapolis.
  34. Reinhart, Carmen & Ostry, Jonathan, 1992. "Saving and Terms of Trade Shocks: Evidence from Developing Countries," MPRA Paper 6976, University Library of Munich, Germany.
  35. Honohan, Patrick, 2008. "Cross-country variation in household access to financial services," Journal of Banking & Finance, Elsevier, Elsevier, vol. 32(11), pages 2493-2500, November.
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. Luis Eduardo Arango & Nataly Obando & Carlos Esteban Posada, . "Los salarios reales a lo largo del ciclo económico en Colombia," Borradores de Economia 666, Banco de la Republica de Colombia.
  2. Enrique López Enciso & Andrés Salamanca Lugo, . "El efecto riqueza de la vivienda en Colombia," Borradores de Economia 551, Banco de la Republica de Colombia.
  3. Adriana Villamarin Garcia, 2011. "Prevenir y calcular una estimacion de los costos de la violencia homicida en Colombia," DOCUMENTOS DE CERAC 009108, CERAC -CENTRO DE RECURSOS PARA EL ANÁLISIS DE CONFLICTOS-.
  4. Enrique López & Andrés Salamanca, 2009. "El efecto riqueza de la vivienda en Colombia," COYUNTURA ECONÓMICA, FEDESARROLLO, FEDESARROLLO.
  5. Alvis, Camilo & Castrillón, Cristian, 2011. "Tamaño óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno," BORRADORES DEPARTAMENTO DE ECONOMÍA 008986, UNIVERSIDAD DE ANTIOQUIA - CIE.
  6. Juan David Prada Sarmiento & Luis Eduardo Rojas Dueñas Author- Email: lrojasdu@banrep.gov.co, . "La elasticidad de Frisch y la transmisión de la política monetaria en Colombia," Borradores de Economia 555, 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:547. See general information about how to correct material in RePEc.

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.