IDEAS home Printed from https://ideas.repec.org/a/bdr/ensayo/v10y1991i20p53-85.html
   My bibliography  Save this article

Fluctuaciones del producto y choques monetarios: evidencia colombiana

Author

Listed:
  • Carmen M. Reinhart.
  • Vicent R. Reinhart

Abstract

Usando información anual para Colombia en los últimos treinta años y una batería nueva de técnicas econométricas, evaluamos dos teorías opuestas que explican las fluctuaciones económicas: la síntesis neoclásica, que plantea que en presencia de rigidez temporal en los precios, una expansión monetaria no anticipada produce ganancias de producto que se desvanecen en el tiempo con incrementos del nivel de precios; y una explicación alternativa, que se centra en choques tecnológicos y de preferencia reales" como fuente de las variaciones en el producto. "

Suggested Citation

  • Carmen M. Reinhart. & Vicent R. Reinhart, 1991. "Fluctuaciones del producto y choques monetarios: evidencia colombiana," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 10(20), pages 53-85, Diciembre.
  • Handle: RePEc:bdr:ensayo:v:10:y:1991:i:20:p:53-85
    as

    Download full text from publisher

    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_020-2.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Peter J. Montiel & Jonathan D. Ostry, 1991. "Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 872-900, December.
    2. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer.
    3. Robert J. Barro, 1979. "Money and Output in Mexico, Colombia, and Brazil," NBER Chapters,in: Short-Term Macroeconomic Policy in Latin America, pages 177-200 National Bureau of Economic Research, Inc.
    4. John Y. Campbell & Pierre Perron, 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots," NBER Chapters,in: NBER Macroeconomics Annual 1991, Volume 6, pages 141-220 National Bureau of Economic Research, Inc.
    5. Stock, James H. & Watson, Mark W., 1989. "Interpreting the evidence on money-income causality," Journal of Econometrics, Elsevier, vol. 40(1), pages 161-181, January.
    6. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    7. Sims, Christopher A, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, American Economic Association, vol. 70(2), pages 250-257, May.
    8. Mankiw, N Gregory, 1989. "Real Business Cycles: A New Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 79-90, Summer.
    9. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    10. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
    11. Mussa, Michael, 1981. "Sticky Prices and Disequilibrium Adjustment in a Rational Model of the Inflationary Process," American Economic Review, American Economic Association, vol. 71(5), pages 1020-1027, December.
    12. Leiderman, Leonardo, 1984. "On the monetary-macro dynamics of Colombia and Mexico," Journal of Development Economics, Elsevier, vol. 14(1), pages 183-201.
    13. Edwards, Sebastian, 1984. "Coffee, money and inflation in Colombia," World Development, Elsevier, vol. 12(11-12), pages 1107-1117.
    14. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    15. Mohsin S. Khan, 1980. "Monetary Shocks and the Dynamics of Inflation (Les chocs monétaires et la dynamique de l'inflation) (Los "choques" monetarios y la dinámica de la inflación)," IMF Staff Papers, Palgrave Macmillan, vol. 27(2), pages 250-284, June.
    16. King, Robert G & Plosser, Charles I, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, American Economic Association, vol. 74(3), pages 363-380, June.
    17. Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-1164, December.
    18. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    19. Ohanian, Lee E., 1988. "The spurious effects of unit roots on vector autoregressions : A Monte Carlo study," Journal of Econometrics, Elsevier, vol. 39(3), pages 251-266, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cristina Fernández & Andrés González G., 2000. "Integración y vulnerabilidad externa en Colombia," COYUNTURA ECONÓMICA, FEDESARROLLO, December.
    2. José Mauricio Salazar Sáenz, 2009. "Evaluación de pronóstico de una red neuronal sobre el PIB en Colombia," Borradores de Economia 575, Banco de la Republica de Colombia.
    3. Juan Carlos Echeverry, 1993. "Indicadores de política y canales de transmisión monetaria. Colombia: 1975-1991," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 12(24), pages 7-41, Diciembre.
    4. Juan Carlos Echeverry G., 1996. "The Rise And Perpetuation Of A Moderate Inflation, Colombia 1970-1991," BORRADORES DE ECONOMIA 003621, BANCO DE LA REPÚBLICA.
    5. Carlos Gustavo Cano, 2010. "Regla fiscal y estabilidad macroeconómica en Colombia," Borradores de Economia 607, Banco de la Republica de Colombia.
    6. José Mauricio Salazar Sáenz, 2009. "Evaluación de pronóstico de una red neuronal sobre el PIB en Colombia," BORRADORES DE ECONOMIA 005934, BANCO DE LA REPÚBLICA.

    More about this item

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:ensayo:v:10:y:1991:i:20:p:53-85. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Clorith Angélica Bahos Olivera). General contact details of provider: http://edirc.repec.org/data/brcgvco.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.