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Aversión a la inflación y regla de Taylor en Colombia 1994-2005

  • Andrés Felipe Giraldo Palomino

    ()

El presente artículo muestra la estimación de la aversión a la inflación y de la aversión a los ciclos por parte del Banco de la República en el periodo 1994-2005, usando una estructura espacio-estado y estimando por el método de Filtro de Kalman. Se concluye que el parámetro de aversión a la inflación cumple el principio de Taylor (toma un valor mayor que uno), lo cual es acorde con los resultados de Bernal (2002) y López (2004).Así mismo, se muestra que el parámetro que mide la aversión a la brecha del producto es no significativo, por lo que se concluye que de acuerdo con la muestra y con la estimación realizada, la única variable a la cual reacciona el banco central es la brecha inflacionaria

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File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/49/8-AVERSION.pdf
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Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

Volume (Year): (2008)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000093:005372
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  1. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
  2. Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy Rules for Inflation Targeting," NBER Working Papers 6512, National Bureau of Economic Research, Inc.
  3. Alvaro Montenegro, 2005. "Introducción al filtro Kalman," DOCUMENTOS DE ECONOMÍA 002920, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  4. Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Economics Working Paper Archive wp_388, Levy Economics Institute.
  5. Guy Debelle, 1997. "Inflation Targeting in Practice," IMF Working Papers 97/35, International Monetary Fund.
  6. William T. Gavin, 2003. "Inflation targeting: why it works and how to make it work better," Working Papers 2003-027, Federal Reserve Bank of St. Louis.
  7. Nicholas Rowe & David Tulk, 2003. "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?," Working Papers 03-31, Bank of Canada.
  8. Raquel Bernal, 2002. "Monetary Policy Rules In Colombia," DOCUMENTOS CEDE 003251, UNIVERSIDAD DE LOS ANDES-CEDE.
  9. 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.
  10. Sharon Kozicki, 1999. "How useful are Taylor rules for monetary policy?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 5-33.
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