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Monetary Policy Rules In Colombia

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  • Raquel Bernal

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Abstract

Este estudio reporta estimaciones de una función de reacción de política monetaria para Colombia durante el período 1991 a 1999. Los resultados indican que durante este período el Banco Central adoptó una regla implícita cuyo objetivo era la tasa de inflación. La evidencia también sugiere que el Banco Central respondió a la inflación anticipada en contraposición a la inflación rezagada. De acuerdo con los resultados, aún bajo la existencia de una banda cambiaria cuyo objetivo era servir de ancla nominal para la política monetaria, el Banco Central tuvo espacio para movimientos independientes de la tasa de interés siempre y cuando la tasa de cambio no se encontrara en alguno de los dos extremos de la banda.

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File URL: http://economia.uniandes.edu.co/publicaciones/D2002-18.pdf
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Bibliographic Info

Paper provided by UNIVERSIDAD DE LOS ANDES-CEDE in its series DOCUMENTOS CEDE with number 003251.

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Length: 15
Date of creation: 15 Nov 2002
Date of revision:
Handle: RePEc:col:000089:003251

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Related research

Keywords: Función de reacción de política monetaria; tasa de inflación; tasa de interés; regla de Taylor;

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References

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  1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
  2. Mervyn King, 1996. "How should central banks reduce inflation? conceptual issues," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 53-91.
  3. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," CEPR Discussion Papers 1908, C.E.P.R. Discussion Papers.
  4. Hansen, Lars Peter & Hodrick, Robert J, 1980. "Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis," Journal of Political Economy, University of Chicago Press, vol. 88(5), pages 829-53, October.
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Citations

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Cited by:
  1. Martha R. López & Juan D. Prada & Norberto Rodríguez Niño, 2008. "Financial Accelerator Mechanism in a Small Open Economy," BORRADORES DE ECONOMIA 004992, BANCO DE LA REPÚBLICA.
  2. Juan Manuel Julio Román, . "The Monetary Policy Rule During The Transition To A Stable Level Of Inflation: The Case Of Colombia," Borradores de Economia 404, Banco de la Republica de Colombia.
  3. Andrés Felipe Giraldo palomino, 2007. "Aversión a la inflación y regla de Taylor en Colombia 1994-2005," DOCUMENTOS DE ECONOMÍA 003947, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  4. Carlos Andrés Amaya G., 2005. "Interest Rate Setting And The Colombian Monetary Transmission Mechanism," BORRADORES DE ECONOMIA 002910, BANCO DE LA REPÚBLICA.
  5. Andrés González & Franz Hamann, . "Lack of Credibility, Inflation Persistence and Disinflation in Colombia," Borradores de Economia 658, Banco de la Republica de Colombia.
  6. Marco Airaudo & Luis-Felipe Zanna, 2005. "Interest rate rules, endogenous cycles, and chaotic dynamics in open economies," International Finance Discussion Papers 849, Board of Governors of the Federal Reserve System (U.S.).
  7. Luis Fernando Melo Velandia & Alvaro José Riascos Villegas, 2004. "Sobre los Efectos de la Política Monetaria en Colombia," BORRADORES DE ECONOMIA 003511, BANCO DE LA REPÚBLICA.
  8. Mario Nigrinis Ospina, . "Es lineal la Curva de Phillips en Colombia?," Borradores de Economia 281, Banco de la Republica de Colombia.
  9. Carlos Andrés Amaya, . "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Borradores de Economia 352, Banco de la Republica de Colombia.
  10. Luis Eduardo Sandoval, 2007. "Relaciones entre el ínidice de precios, la tasa de interés, el tipo de cambio real y los medios de pago en Colombia, durante 1970 -2004," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA.
  11. Andrés Felipe Giraldo & Martha Misas Arango & Edgar Villa Pérez, 2011. "Reconstructing the recent monetary policy history of Colombia from 1990 to 2010," VNIVERSITAS ECONÓMICA 008860, UNIVERSIDAD JAVERIANA - BOGOTÁ.

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