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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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Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

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

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Handle: RePEc:col:000093:005372
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  1. Mishkin, F.S., 1998. "International Experiences with Different Monetary Policy Regimes," Papers 648, Stockholm - International Economic Studies.
  2. Juan Carlos Echeverry, 1995. "Auge y perpetuación de una inflación moderada. Colombia 1970 - 1991," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 14(28), pages 5-57, December.
  3. 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.
  4. Rudebusch, G.D. & Svensson, L.E.O., 1998. "Policy Rules for Inflation Targeting," Papers 637, Stockholm - International Economic Studies.
  5. Svensson, Lars E.O., 1997. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Seminar Papers 615, Stockholm University, Institute for International Economic Studies.
  6. Alvaro Montenegro, 2005. "Introducción al filtro Kalman," DOCUMENTOS DE ECONOMÍA 002920, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  7. Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
  8. Raquel Bernal, 2002. "Monetary Policy Rules In Colombia," DOCUMENTOS CEDE 003251, UNIVERSIDAD DE LOS ANDES-CEDE.
  9. Guy Debelle, 1998. "Inflation Targeting in Practice," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ23.
  10. Martha López P., . "Efficient Policy Rule for Inflation Targeting in Colombia," Borradores de Economia 240, Banco de la Republica de Colombia.
  11. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  12. Salomón Kalmanovitz, 1997. "Realidades de la independencia del Banco de la República," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, December.
  13. 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.
  14. Rotemberg, Julio J, 1982. "Monopolistic Price Adjustment and Aggregate Output," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 517-31, October.
  15. 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.
  16. Athanasios Orphanides, 2001. "Monetary Policy Rules Based on Real-Time Data," American Economic Review, American Economic Association, vol. 91(4), pages 964-985, September.
  17. Salomón Kalmanovitz, 1997. "Las Instituciones, La Ley Y El Desarrollo Económico," BORRADORES DE ECONOMIA 003118, BANCO DE LA REPÚBLICA.
  18. Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Economics Working Paper Archive wp_388, Levy Economics Institute.
  19. 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.
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