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La Meta Del Banco Central Y La Persistencia De La Inflación En Colombia

Author

Listed:
  • Juan José Echavarría

    ()

  • Norberto Rodríguez

    ()

  • Luis Eduardo Rojas

    ()

Abstract

En este documento se estima un modelo economé¬trico que descompone la serie de inflación trimestral anualizada entre un componente transitorio y otro permanente; este último inducido probablemente por las variaciones en la meta del Banco Central. Se concluye que la persistencia inflacionaria se elevó en Colombia entre 1979-1989 y 1989-1999, y se redujo a sus menores niveles en 1999-2010, gracias a la adopción del régimen de inflación objetivo. También se concluye que la brecha de la inflación presenta baja persistencia, un resultado consistente con la curva de Phillips Neo-Keynesiana. La parte final del documento evalúa la persistencia de los diferentes componentes de la inflación utilizados por el Banco de la República en sus pronósticos.

Suggested Citation

  • Juan José Echavarría & Norberto Rodríguez & Luis Eduardo Rojas, 2011. "La Meta Del Banco Central Y La Persistencia De La Inflación En Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 29(65), pages 198-222, June.
  • Handle: RePEc:col:000107:009974
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    References listed on IDEAS

    as
    1. Filippo Altissimo & Michael Ehrmann & Frank Smets, 2006. "Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence," Occasional Paper Series 46, European Central Bank.
    2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    3. Benati, Luca, 2008. "Investigating inflation persistence across monetary regimes," Working Paper Series 851, European Central Bank.
    4. Luca Benati, 2008. "Investigating Inflation Persistence Across Monetary Regimes," The Quarterly Journal of Economics, Oxford University Press, vol. 123(3), pages 1005-1060.
    5. Andrew Atkeson & Lee E. Ohanian, 2001. "Are Phillips curves useful for forecasting inflation?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-11.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Juan José Echavarría & Andrés González, 2012. "Choques internacionales reales y financieros y su impacto sobre la economía colombiana," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 14-66, Diciembre.
    2. Andrés Felipe Giraldo & Martha Misas Arango & Edgar Villa Pérez, 2011. "Reconstructing the recent monetary policy history of Colombia from 1990 to 2010," VNIVERSITAS ECONÓMICA 008860, UNIVERSIDAD JAVERIANA - BOGOTÁ.
    3. repec:udc:esteco:v:44:y:2017:i:2:p:97-124 is not listed on IDEAS
    4. repec:udc:esteco:v:44:y:2017:i:2:p:223-250 is not listed on IDEAS
    5. Andrés Felipe Londoño & Jorge Andrés Tamayo & Carlos Alberto Velásquez, 2012. "Dinámica de la política monetaria e inflación objetivo en Colombia: una aproximación FAVAR," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(68), pages 14-71, Junio.

    More about this item

    Keywords

    inflación; persistencia de la infla¬ción; modelos de cambio de régimen; meta del Banco Central; Colombia.;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models

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