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¿Es inestable la demanda por dinero en Colombia?

Author

Listed:
  • Alberto Carrasquilla
  • Carolina Rentería

Abstract

En este trabajo se estudia la estabilidad de la función de demanda por dinero distinguiendo entre dos acepciones del concepto. Una ligada a la persistencia de los efectos de un choque exógeno (tipo I) y otra relacionada con su magnitud (tipo II).La relevancia de esta distinción fue estudiada mediante el uso de diversas herramientas econométricas (Prueba de Chow, residuos recursivos, filtros de Kalman, técnicas de cointegración y de corrección de errores). Sugerimos que en Colombia entre 1975 y 1988 hubo estabilidad tipo I, a pesar de la evidencia a favor de inestabilidad tipo II. Planteamos que en los modelos convencionales, la falta de una restricción de largo plazo es asimilable a la exclusión de una variable importante. Encontramos, en este sentido, que la introducción de la noción de equilibrio estable a largo plazo mejora las propiedades estadísticas de las simulaciones dentro y fuera de la muestra.

Suggested Citation

  • Alberto Carrasquilla & Carolina Rentería, 1990. "¿Es inestable la demanda por dinero en Colombia?," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 9(17), pages 21-37, June.
    • Handle: RePEc:bdr:ensayo:v:9:y:1990:i:17:p:21-37
    DOI: 10.32468/Espe.1702
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    Cited by:

    1. Daniel Ordonez Callamand & Luis Fernando Melo-Velandia & Daniel Parra-Amado, 2018. "Una exploración reciente a la demanda por dinero en Colombia bajo un enfoque no lineal," Revista de Economía del Rosario, Universidad del Rosario, vol. 21(1), pages 5-37, June.
    2. Sven Wunder, 1992. "La enfermedad holandesa y el caso colombiano," Coyuntura Económica, Fedesarrollo, vol. 22(1), pages 167-190, April.
    3. Otero, Jesus & Smith, Jeremy, 1966. "The Effects Of Seasonal Adjustment Linear Filters On Cointegrating Equations: A Monte Carlo Investigation," Economic Research Papers 272847, University of Warwick - Department of Economics.

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