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Política monetaria convencional y no convencional: un modelo de equilibrio general dinámico estocástico para Colombia


  • Nataly Rendón González


  • Jesús Alonso Botero


En este trabajo se aborda un modelo de equilibrio general dinámico estocástico neoclásico para comprobar el efecto de la política monetaria convencional y no convencional sobre la actividad económica y los precios. Los resultados muestran que en una economía abierta y pequeña con tipo de cambio flexible, un choque negativo de política monetaria no convencional, generado a través de una disminución en las reservas internacionales, disminuye el producto, el empleo, empeora la balanza comercial y tiene efectos sobre los precios vía disminución del circulante. Por su parte, un choque negativo de política monetaria convencional (aumento de la tasa de interés) afecta negativamente el producto, disminuye la inflación y genera una reevaluación de la tasa de cambio. Lo anterior es evidencia de que los bancos centrales disponen no solo de la tasa de interés como instrumento principal de política, sino también de intervenciones no convencionales, vía la hoja balance, que pueden afectar también a otras variables, como la tasa de cambio. ****** This paper presents a neoclassical dynamic stochastic general equilibrium model to determine the effect of conventional and non-conventional monetary policy on economic activity and prices. The results show that in a small open economy with a flexible exchange rate, a negative shock of non-conventional monetary policy, generated through a decrease in international reserves, reduce output and employment, deteriorates the trade balance, and has effects on prices via increasing the money supply. Meanwhile, an increase in the interest rate negatively affects the product, decreases inflation, and generates a revaluation of the exchange rate. The aforementioned is evidence that the central banks do not only use interest rates as the main policy instrument, but also non-conventional interventions via the balance sheet, which can also affect other variables such as the exchange rate.

Suggested Citation

  • Nataly Rendón González & Jesús Alonso Botero, 2015. "Política monetaria convencional y no convencional: un modelo de equilibrio general dinámico estocástico para Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República - ESPE, vol. 33(76), pages 4-17, April.
  • Handle: RePEc:col:000107:013843

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    Cited by:

    1. Pavel Vidal & Gilberto Ramírez & Lya Paola Sierra, 2018. "¿Por qué el Valle del Cauca ha crecido más que el promedio nacional? Un análisis regional de los ciclos y los choques económicos," Working Papers 33, Faculty of Economics and Management, Pontificia Universidad Javeriana Cali.

    More about this item


    Política monetaria; Hoja de balance; Banco central; Modelo de equilibrio general dinámico estocástico;

    JEL classification:

    • 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
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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