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La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez

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  • Ana María Iregui

    ()

  • Ligia Alba Melo B.

    ()

Abstract

El objetivo de este documento es evaluar el impacto de la política monetaria, sobre elconsumo de los hogares colombianos, a través del efecto que ésta tiene sobre la tasa deinterés. Para esto, se utiliza un modelo que combina elementos de la hipótesis del ingresopermanente y del ciclo de vida. Adicionalmente, se incorporan restricciones de liquidezdebido al poco acceso de la población al sistema financiero en Colombia. El análisisempírico se realiza a partir de un ejercicio de calibración de una función consumo,utilizando información trimestral para el período 1994-2006, en el cual se considera, de unlado, que toda la población tiene acceso al sistema financiero y, de otro, que un segmentode la población no tiene acceso. En el primer caso, la calibración arroja una elasticidad desustitución intertemporal de 0,405, y se encuentra que un choque inesperado a la tasa deinterés de un punto porcentual disminuye, ceteris paribus, el consumo corriente en 0,41%.En el segundo caso, se obtiene una elasticidad intertemporal de sustitución de 0,445,cuando se supone que el 43% del ingreso laboral pertenece a los consumidores conrestricciones de liquidez; entre más alto sea este porcentaje, mayor será la elasticidadintertemporal de sustitución.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005254.

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Length: 63
Date of creation: 26 Jan 2009
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Handle: RePEc:col:000094:005254

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Keywords: consumo; elasticidad intertemporal de sustitución; restricciones de liquidez; Colombia;

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References

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Cited by:
  1. Enrique López Enciso & Andrés Salamanca Lugo, 2009. "El efecto riqueza de la vivienda en Colombia," BORRADORES DE ECONOMIA 005301, BANCO DE LA REPÚBLICA.
  2. Adriana Villamarin Garcia, 2011. "Prevenir y calcular una estimacion de los costos de la violencia homicida en Colombia," DOCUMENTOS DE CERAC 009108, CERAC -CENTRO DE RECURSOS PARA EL ANÁLISIS DE CONFLICTOS-.
  3. Alvis, Camilo & Castrillón, Cristian, 2011. "Tamaño óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno," BORRADORES DEPARTAMENTO DE ECONOMÍA 008986, UNIVERSIDAD DE ANTIOQUIA - CIE.
  4. Enrique López & Andrés Salamanca, 2009. "El efecto riqueza de la vivienda en Colombia," COYUNTURA ECONÓMICA, FEDESARROLLO.
  5. Luis Eduardo Arango & Nataly Obando & Carlos Esteban Posada, 2011. "Los salarios reales a lo largo del ciclo económico en Colombia," BORRADORES DE ECONOMIA 008950, BANCO DE LA REPÚBLICA.
  6. Juan David Prada Sarmiento & Luis Eduardo Rojas Dueñas Author- Email: lrojasdu@banrep.gov.co, . "La elasticidad de Frisch y la transmisión de la política monetaria en Colombia," Borradores de Economia 555, Banco de la Republica de Colombia.

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