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Precios de bienes primarios e inflación en Colombia

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Author Info

  • Luis Eduardo Arango

    ()

  • Ximena Chavarro

    ()

  • Eliana Rocío González

    ()

Abstract

Se documenta el traspaso de los precios internacionales de alimentos y energía a un número importante de precios de las canastas del consumidor y del productor, la inflación básica y las expectativas para los últimos veinte años en Colombia. Se estiman efectos de primera y segunda ronda obteniendo evidencia de que los segundos son superiores a los primeros aunque durante la vigencia de la estrategia de metas de inflación, los efectos de segunda ronda, a nivel agregado, son menores. En cuanto a los precios individuales, los traspasos a inflación básica y expectativas son superiores a los efectos de primera ronda y cercanos a los de precios agregados. Estos resultados podrían estar relacionados con una credibilidad de la autoridad monetaria menos que completa pero con grandes avances durante los últimos diez años. Se verifica, además, la existencia de efectos asimétricos, encontrando diferencias en el traspaso cuando se presentan aumentos y reducciones en los precios internacionales de los bienes primarios.

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 712.

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Length: 45
Date of creation: May 2012
Date of revision:
Handle: RePEc:bdr:borrec:712

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Keywords: Bienes primaros; inflación; efectos de primera ronda; efectos de segunda ronda; traspaso; expectativas. Classification JEL:E31;

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References

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  1. Michael B. Devereux & Charles Engel, 2003. "Monetary Policy in the Open Economy Revisited: Price Setting and Exchange-Rate Flexibility," Review of Economic Studies, Oxford University Press, vol. 70(4), pages 765-783.
  2. Reinhart, Carmen, 1991. "Fiscal Policy, the Real Exchange Rate, and Commodity Prices," MPRA Paper 8197, University Library of Munich, Germany.
  3. Munir Jalil & Esteban Tamayo, 2011. "Pass-through of International Food Prices to Domestic Inflation During and After the Great Recession: Evidence from a Set of Latin American Economies," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
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  9. José Manuel Campa & Linda S. Goldberg, 2005. "Exchange Rate Pass-Through into Import Prices," The Review of Economics and Statistics, MIT Press, vol. 87(4), pages 679-690, November.
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