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La Tasa De Cambio Real Como Meta De Política Teoría Y Evidencia

Author

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  • CARMEN M REINHART

    ()

  • GUILLERMO A CALVO
  • CARLOS VEGH

Abstract

Este trabajo presenta un análisis teórico y empírico de las políticas dirigidas a alcanzar un nivel más depreciado de la tasa de cambio real. Un modelo de optimización intertempolar sugiere que, en ausencia de cambios en la política fiscal, un nivel más depreciado de la tasa de un mayor nivel de la inflación y/o tasa real de interés, dependiendo del grado de movilidad de capital.

Suggested Citation

  • Carmen M Reinhart & Guillermo A Calvo & Carlos Vegh, 1994. "La Tasa De Cambio Real Como Meta De Política Teoría Y Evidencia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 13(25), pages 7-50, June.
  • Handle: RePEc:col:000107:005322
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    References listed on IDEAS

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    1. Dornbusch, Rudiger, 1982. "PPP Exchange-Rate Rules and Macroeconomic Stability," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 158-165, February.
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    5. Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," Journal of Development Economics, Elsevier, vol. 46(2), pages 357-378, April.
    6. Santiago Herrera A., 1991. "¿Qué tan grande es el desequilibrio cambiario en Colombia?," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 10(20), pages 145-174, Diciembre.
    7. Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
    8. Guidotti, Pablo E. & Vegh, Carlos A., 1992. "Macroeconomic interdependence under capital controls : A two-country model of dual exchange rates," Journal of International Economics, Elsevier, vol. 32(3-4), pages 353-367, May.
    9. Reinhart, Carmen & Vegh, Carlos, 1994. "Inflation stabilization in chronic inflation countries: The empirical evidence," MPRA Paper 13689, University Library of Munich, Germany.
    10. Cochrane, John H, 1988. "How Big Is the Random Walk in GNP?," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 893-920, October.
    11. Jonathan D. Ostry & Carmen M. Reinhart, 1992. "Private Saving and Terms of Trade Shocks: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 495-517, September.
    12. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-472, August.
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    14. J. Saul Lizondo, 1993. "Real Exchange Rate Targeting under Imperfect Asset Substitutability," IMF Staff Papers, Palgrave Macmillan, vol. 40(4), pages 829-851, December.
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    Citations

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    Cited by:

    1. Juan Carlos Echeverry G., 1996. "Short Run Savings Fluctuations And Export Shocks.Theory And Evidence For Latin-America," BORRADORES DE ECONOMIA 003498, BANCO DE LA REPÚBLICA.
    2. Carlos Esteban Posada, 1995. "El Costo de la Inflación(con Racionalidad y Previsión Perfectas)," Borradores de Economia 030, Banco de la Republica de Colombia.
    3. Carlos Esteban Posada & cposadpo@banrep.gov.co, 1995. "Ahorro y Modelos Macroeconómicos," Borradores de Economia 035, Banco de la Republica de Colombia.
    4. Carlos Esteban Posada, 1995. "EL COSTO DE INFLACIÓN (Con Racionalidad y Previsión Perfectas)," BORRADORES DE ECONOMIA 002477, BANCO DE LA REPÚBLICA.
    5. Juan Carlos Echeverry, 1996. "The Fall in Colombian Savings During the 1990s. Theory and Evidence," Borradores de Economia 061, Banco de la Republica de Colombia.
    6. Álvaro Moreno, 2002. "Determinantes del tipo de cambio real en Colombia. Un modelo neokeynesiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 4(7), pages 40-61, July-Dece.

    More about this item

    Keywords

    POLITICA MONETARIA; TASA DE CAMBIO;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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