Monetary Policy in Colombia
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.
Volume (Year): (2006)
Issue (Month): (June)
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References listed on IDEAS
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- Miguel Urrutia, 2002.
"UNA VISIÓN ALTERNATIVA: La Política Monetaria y Cambiaria en la Última Década,"
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- Miguel Urrutia, . "UNA VISION ALTERNATIVA: La Política Monetaria y Cambiaria en la Ültima Década," Borradores de Economia 207, Banco de la Republica de Colombia.
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"The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes,"
BORRADORES DE ECONOMIA
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- 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.
- Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
- Barry Eichengreen, 2004. "Capital Flows and Crises," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550598, June.
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