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Reflexiones Sobre Política Monetaria E "Inflación Objetivo" En Colombia

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  • Sergio Clavijo

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    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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    Bibliographic Info

    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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    Keywords: Política Monetaria;

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    1. Carlos Humberto Cardona & Adriana Pontón & Eduardo Sarmiento, 1998. "Evidencia Sobre Las Desinflaciones: Experiencia Internacional," BORRADORES DE ECONOMIA 002650, BANCO DE LA REPÚBLICA.
    2. 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.
    3. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
    4. Esteban Jadresic, 1999. "Inflation Targeting and Output Stability," IMF Working Papers 99/61, International Monetary Fund.
    5. Svensson, Lars E O, 1996. "Price-level Targeting versus Inflation Targeting: A Free Lunch?," CEPR Discussion Papers 1510, C.E.P.R. Discussion Papers.
    6. 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.
    7. 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.
    8. Kathryn Dominguez & Jeffrey A. Frankel, 1990. "Does Foreign Exchange Intervention Work?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 16.
    9. Henry Ma, 1998. "Inflation, Uncertainty, and Growth in Colombia," IMF Working Papers 98/161, International Monetary Fund.
    10. Martha Misas & Rodrigo Suescún, 1993. "Funciones de demanda de dinero y el comportamiento estacional del mercado monetario," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    11. Martha Misas Arango & Enrique López Enciso & Luis Fernando Melo velandia, 1999. "La Inflación Desde Una Perspectiva Monetaria : Un Modelo P* Para Colombia," BORRADORES DE ECONOMIA 003028, BANCO DE LA REPÚBLICA.
    12. 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.
    13. 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.
    14. William Poole, 1999. "Monetary policy rules?," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 3-12.
    15. 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.
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