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Monetary Policy in Colombia

  • Javier Guillermo Gómez


This article is a historical account of monetary policy inColombia. Since it is an account of monetary policy in anopen economy, the emphasis is on the concepts of the“trilema” of monetary policy, nominal anchor, and monetaryregimes. In addition, the account includes the current periodof inflation targeting regime, presents the academicantecedents and the definition of inflation targeting, anddescribes the current characteristics of this regime in Co-lombia. The main policy implication is that the mostimportant requirement for maintaining price stability is forthe Banco de la República to keep the inflation target firm, and, steerinterest rates to meet the inflation objective in the face of increases ininflation caused by demand pressure, devaluation and increases in the in-flation of food prices.

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Volume (Year): (2006)
Issue (Month): (June)

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Handle: RePEc:col:000107:003249
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  1. Miguel Urrutia, 2002. "UNA VISIÓN ALTERNATIVA: La Política Monetaria y Cambiaria en la Última Década," BORRADORES DE ECONOMIA 003731, BANCO DE LA REPÚBLICA.
  2. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes," BORRADORES DE ECONOMIA 003575, BANCO DE LA REPÚBLICA.
  3. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
  4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, July.
  5. Laurence Ball & Niamh Sheridan, 2003. "Does Inflation Targeting Matter?," NBER Working Papers 9577, National Bureau of Economic Research, Inc.
  6. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  7. Lucas, Robert E, Jr, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, American Economic Association, vol. 70(5), pages 1005-14, December.
  8. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
  9. Barry Eichengreen, 2004. "Capital Flows and Crises," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550598, June.
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