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Reflexiones Sobre Política Monetaria E "Inflación Objetivo" En Colombia

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Author Info
Sergio Clavijo ()
Abstract

El propósito de este documento es examinar la coyuntura macroeconómica con el fin de replantear una estrategia monetaria que pueda mantener inflaciones de un dígito, cuando quiera que la actividad económica se recupere, la tasa de desempleo regrese a sus niveles de largo plazo y se logre superar la debilidad del sistema financiero. Una buena opción es la de profundizar el llamado sistema de “inflación objetivo” (inflation targeting), aprovechando la experiencia que han ganado en este frente países desarrollados (como Gran Bretaña o Canadá) o inclusive economías emergentes (como Chile o Israel) a lo largo de los años noventa. Una condición básica para la aplicación de esta estrategia es romper la “dependencia fiscal” que ha mostrado el manejo monetario en los últimos años, a lo cual contribuirá la implantación exitosa del programa económico acordado con el Fondo Monetario Internacional. Hacia el futuro, la política monetaria y crediticia debe verse repotenciada gracias a la reciente adopción del régimen de flotación cambiaria.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 003423.

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Length: 43
Date of creation: 28 Feb 2000
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Handle: RePEc:col:000094:003423

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  1. Martha Misas & Enrique López & Luis Fernando Melo, . "La Inflación desde una Perspectiva Monetaria: Un Modelo P* para Colombia," Borradores de Economia 133, Banco de la Republica de Colombia. [Downloadable!]
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  2. Debelle, Guy & Masson, Paul & Savastano, Miguel & Sharma, Sunil, . "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund. [Downloadable!]
  3. William J. McDonough, 1994. "An independent central bank in a democratic country: the Federal Reserve experience," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 1-6.
  4. Svensson, Lars E O, 1999. "Price-Level Targeting versus Inflation Targeting: A Free Lunch?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 277-95, August.
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  5. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December. [Downloadable!] (restricted)
  6. William Poole, 1999. "Monetary policy rules?," Speech, Federal Reserve Bank of St. Louis. [Downloadable!]
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  7. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58. [Downloadable!]
  8. Esteban Jadresic, 1999. "Inflation Targeting and Output Stability," IMF Working Papers 99/61, International Monetary Fund.
  9. Stephen K. McNees, 1987. "Prospective nominal GNP targeting: an alternative framework for monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-9.
  10. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, issue Aug, pages 9-110. [Downloadable!]
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  11. Walsh, Carl E., 1993. "Central bank strategies, credibility, and independence : A review essay," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 287-302, November. [Downloadable!] (restricted)
  12. Henry Ma, 1998. "Inflation, Uncertainty, and Growth in Colombia," IMF Working Papers 98/161, International Monetary Fund.
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