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La política monetaria y los ciclos económicos en Colombia en los últimos 35 años

Author

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  • Cristina Fernández

    ()

Abstract

La primera pregunta que surge al escribir un arti?culo sobre poli?tica monetaria en Colombia en los u?ltimos 35 an?os, es la relevancia del tema en un pai?s donde la tasa de cambio ha sido fija o semifija en 30 de estos 35 an?os. Segu?n los libros de texto, si la tasa de cambio es fija, la poli?tica monetaria es endo?gena. Sin embargo, vale la pena anotar que en Colombia la tasa de cambio ha sido fija pero no inamovible. Adicionalmente, los mecanismos de control de capitales y esterilizacio?n de reservas proporcionan, en teori?a, un espacio para la poli?tica monetaria. Estos hechos explican la importancia que han tenido las variables monetarias en la toma de decisiones macroecono?micas de nuestro pai?s.

Suggested Citation

  • Cristina Fernández, 2005. "La política monetaria y los ciclos económicos en Colombia en los últimos 35 años," Coyuntura Económica, Fedesarrollo, December.
  • Handle: RePEc:col:000438:013371
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    File URL: http://hdl.handle.net/11445/906
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    Keywords

    Política Monetaria; Política Cambiaria; Colombia;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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