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La Política Monetaria En Colombia

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  • Javier Guillermo Gómez

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    Abstract

    El artículo hace una narración de la política monetaria en Colombia. Por ser una narración de la política monetaria en una economía abierta, el artículo hace énfasis en los conceptos de trilema de la política monetaria, ancla nominal y regimenes monetarios. Además, la narración incluye el período actual de régimen de inflación objetivo, presenta los antecedentes académicos y la definición del régimen de inflación objetivo, y presenta las características actuales de este régimen en Colombia. La principal implicación de política es que el requisito más importante para mantener la estabilidad de precios es que el Banco de la República procure mantener la meta de inflación firme, y dirija las tasas de interés en consecuencia, ante aumentos de la inflación producidos por presiones de demanda, devaluaciones y aumentos en la inflación de alimentos

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    Bibliographic Info

    Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 003054.

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    Length: 35
    Date of creation: 01 Mar 2006
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    Handle: RePEc:col:000094:003054

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    Keywords: Política monetaria; trilema; ancla nominal; régimen monetario; inflación objetivo;

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    References

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    1. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 29(1), pages 173-203, January.
    2. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
    3. Frederic S. Mishkin & Adam S. Posen, 1998. "Inflation Targeting: Lessons from Four Countries," NBER Working Papers 6126, National Bureau of Economic Research, Inc.
    4. Martha López, . "Algunos criterios para evaluar una meta de inflación de largo plazo," Borradores de Economia 386, Banco de la Republica de Colombia.
    5. Robert J. Barro, 1996. "Inflation and growth," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue May, pages 153-169.
    6. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2005. "Sudden Stops and Output Drops," Levine's Bibliography 122247000000000880, UCLA Department of Economics.
    7. Miguel Urrutia, . "UNA VISION ALTERNATIVA: La Política Monetaria y Cambiaria en la Ültima Década," Borradores de Economia 207, Banco de la Republica de Colombia.
    8. Leonardo Villar & Hernán Rincón, . "The Colombian Economy in the nineties: Capital Flows and Foreign Exchange Regimes," Borradores de Economia 149, Banco de la Republica de Colombia.
    9. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, Elsevier, vol. 49(6), pages 1603-1635, August.
    10. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, Econometric Society, vol. 68(2), pages 247-274, March.
    11. Javier Guillermo Gómez, 2006. "Monetary Policy in Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.
    12. corrinne ho & robert n mccauley, 2004. "Living with flexible exchange rates:," International Finance, EconWPA 0411003, EconWPA.
    13. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 346, July.
    14. Fabio Sánchez & Andrés Fernández & Armando Armenta, 2005. "Historia Monetaria De Colombia En El Siglo Xx: Grandes Tendencias Y Episodios Relevantes," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 002792, UNIVERSIDAD DE LOS ANDES-CEDE.
    15. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 3-24, Spring.
    16. Javier Guillermo Gómez, 2006. "Capital Flows and Monetary Policy," BORRADORES DE ECONOMIA 002097, BANCO DE LA REPÚBLICA.
    17. Lucas, Robert E, Jr, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, American Economic Association, American Economic Association, vol. 70(5), pages 1005-14, December.
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    Cited by:
    1. Adolfo Meisel & Juan D. Barón, 2010. "Un análisis histórico de la independencia de la banca central en América Latina: la experiencia colombiana, 1923-2008," CUADERNOS DE HISTORIA ECONÓMICA Y EMPRESARIAL 006406, BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL.

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