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La Meta Del Banco Central Y La Persistencia De La Inflación En Colombia

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Author Info

  • Juan José Echavarría

    ()

  • Norberto Rodríguez

    ()

  • Luis Eduardo Rojas

    ()

Abstract

En este documento se estima un modelo econométrico que descompone la seriede inflación trimestral anualizada entre un componente transitorio y otropermanente, este último inducido probablemente por las variaciones en la metadel Banco Central. Se concluye que la persistencia inflacionaria se elevó enColombia entre 1979-1989 y 1989-1999, y se redujo a sus menores niveles en1999-2010, gracias a la adopción del régimen de inflación objetivo. También seconcluye que la brecha de la inflación presenta baja persistencia, un resultadoconsistente con la Curva de Phillips Neo-Keynesiana. La parte final deldocumento evalúa la persistencia de los diferentes componentes de la inflaciónutilizados por el Banco de la República en sus pronósticos.

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File URL: http://www.banrep.gov.co/docum/ftp/borra633.pdf
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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 007809.

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Length: 22
Date of creation: 20 Dec 2010
Date of revision:
Handle: RePEc:col:000094:007809

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Keywords: Inflation; Inflation Persistence; Regime Change Models; CentralBank Target; Colombia.;

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  1. Benati, Luca, 2008. "Investigating inflation persistence across monetary regimes," Working Paper Series 0851, European Central Bank.
  2. Clarida, R. & Gali, J. & Gertler, M., 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory," Working Papers 98-01, C.V. Starr Center for Applied Economics, New York University.
  3. Andrew Atkeson & Lee E. Ohanian., 2001. "Are Phillips curves useful for forecasting inflation?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-11.
  4. Filippo Altissimo & Michael Ehrmann & Frank Smets, 2006. "Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence," Occasional Paper Series 46, European Central Bank.
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Cited by:
  1. 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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