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Reglas Monetarias En Una Economía Pequeña Y Abierta

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  • JORGE ENRIQUE RESTREPO

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    En este artículo se abre la economía del modelo de ciclos de negocios con precios rígidos de Clarida, Galí y Gertler (1998). La economía pequeña y abierta que se construyó es calibrada para analizar dos reglas monetarias del tipo de Taylor (1993) así como los efectos de cuatro choques: tecnológico, de costos, de demanda agregada y de tasas de interés internacionales o de factor de riesgo del país.

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_033-2.pdf
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    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): 17 (1998)
    Issue (Month): 33 (July)
    Pages: 61-84

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    Handle: RePEc:col:000107:005395
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    1. Felipe Morandé, 2002. "A Decade of Inflation Targeting in Chile: Developments, Lessons, and Challenges," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 14, pages 583-626 Central Bank of Chile.
    2. Morris Goldstein, 2002. "Managed Floating Plus," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa66, July.
    3. Francisco Rosende, 2002. "La Nueva Síntesis Keynesiana: Análisis e Implicancias de Política Monetaria," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 39(117), pages 203-233.
    4. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2003. "Instrumental variables and GMM: Estimation and testing," Stata Journal, StataCorp LP, vol. 3(1), pages 1-31, March.
    5. Luis Fernando Melo Velandia & Oscar Reinaldo Becerra Camargo, "undated". "Una aproximación a la dinámica de las tasas de interés de corto plazo en Colombia a través de modelos GARCH multivariados," Borradores de Economia 366, Banco de la Republica de Colombia.
    6. Juan José Echavarría & Enrique López Enciso & Martha Misas Arango & Juana Tellez Corredor, 2006. "La Tasa de Interés Natural en Colombia," BORRADORES DE ECONOMIA 003088, BANCO DE LA REPÚBLICA.
    7. Luis Eduardo Arango & Andrés González & John Jairo León & Luis Fernando Melo, "undated". "Efectos de los cambios en la tasa de intervención del Banco de la República sobre la estructura a plazo," Borradores de Economia 424, Banco de la Republica de Colombia.
    8. Miguel A Savastano & Paul R Masson & Sunil Sharma, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, .
    9. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile.
    10. Bennett T. McCallum, 1997. "Issues in the Design of Monetary Policy Rules," NBER Working Papers 6016, National Bureau of Economic Research, Inc.
    11. John B. Taylor, 1998. "An Historical Analysis of Monetary Policy Rules," NBER Working Papers 6768, National Bureau of Economic Research, Inc.
    12. Carlos Esteban Posada, "undated". "La Tasa de Intérés en una Economía Pequeña con Movilidad Imperfecta de Capitales: El Caso Colombiano del Siglo XX (1905-1997)," Borradores de Economia 113, Banco de la Republica de Colombia.
    13. Alan S. Blinder, 1997. "Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--And Vice Versa," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 3-19, Spring.
    14. Calvo, Guillermo A, 1978. "On the Time Consistency of Optimal Policy in a Monetary Economy," Econometrica, Econometric Society, vol. 46(6), pages 1411-1428, November.
    15. Barrera Chaupis, Carlos, 2000. "Mecanismos de transmisión y reglas de política monetaria: la posición de la política monetaria como variable de estado," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 6.
    16. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    17. Juan Manuel Julio & Javier Gómez, 1998. "Output Gap Estimation, Estimation Uncertainty And Its Effect On Policy Rules," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 17(34), pages 89-117, December.
    18. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    19. Carlos A. Huertas & Munir Jalil & Sergio Olarte & José Vicente Romero, 2005. "Algunas Consideraciones Sobre El Canal Del Crédito Y La Transmisión De Tasas De Interés En Colombia," BORRADORES DE ECONOMIA 001962, BANCO DE LA REPÚBLICA.
    20. Juan Manuel Julio, 2001. "Relación entre la Tasa de Intervención del Banco de la República y las Tasas del Mercado :Una Exploración Empírica," BORRADORES DE ECONOMIA 003450, BANCO DE LA REPÚBLICA.
    21. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
    22. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
    23. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc.
    24. Juan Manuel Julio Román, 2006. "The Monetary Policy Rule During The Transition Toa Stable Lvel Of Inflation: The Case Of Colombia," BORRADORES DE ECONOMIA 003613, BANCO DE LA REPÚBLICA.
    25. Javier Gómez & José Darío Uribe & Hernando Vargas, "undated". "The Implementation of Inflation Targeting in Colombia," Borradores de Economia 202, Banco de la Republica de Colombia.
    26. Francisco Rosende, 2003. "¿El Fin del Monetarismo?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 681-689.
    27. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-334, June.
    28. Francisco Rosende, 2002. "La Nueva Síntesis Keynesiana: Análisis e Implicancias de Política," Documentos de Trabajo 199, Instituto de Economia. Pontificia Universidad Católica de Chile..
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