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Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia

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  • Sergio Clavijo

    ()

Abstract

El propósito de este documento es examinar la coyuntura macroeconómica con el fin de replantear una estrategia monetaria que pueda mantener inflaciones de un dígito, cuando quiera que la actividad económica se recupere, la tasa de desempleo regrese a sus niveles de largo plazo y se logre superar la debilidad del sistema financiero. Una buena opción es la profundizar el llamado sistema de "inflación objetivo" (inflation targeting),aprovechando la experiencia que han ganado en este frente países desarrollados (como Gran Bretaña o Canadá) o inclusive economías emergentes (Como Chile o Israel) a lo largo de los años noventa. Una condición básica para la aplicación de esta estrategia es romper la "dependencia fiscal" que ha mostrado el manejo monetario en los últimos años, a lo cual contribuirá la implantación exitosa del programa económico acordado con el Fondo Monetario Internacional. Hacia el futuro, la política monetaria y crediticia debe verse repotenciada gracias a la reciente adopción del régimen de flotación cambiaria.

Suggested Citation

  • Sergio Clavijo, 2000. "Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia," Borradores de Economia 141, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:141
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    References listed on IDEAS

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    1. Rudiger Dornbusch & Stanly Fischer, 1992. "Inflación moderada," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 11(21), pages 7-68, Junio.
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    8. Martha Misas A. & Enrique López E. & Luis Fernando Melo V., 1999. "La inflación desde una perspectiva monetaria: un modelo P* para Colombia," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 0(35), pages 5-53, Junio.
    9. Stephen K. McNees, 1987. "Prospective nominal GNP targeting: an alternative framework for monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-9.
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    12. Carlos Humberto Cardona & Adriana Pontón & Eduardo Sarmiento, 1998. "Evidencia Sobre Las Desinflaciones: Experiencia Internacional," BORRADORES DE ECONOMIA 002650, BANCO DE LA REPÚBLICA.
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    16. Esteban Jadresic, 1999. "Inflation Targeting and Output Stability," IMF Working Papers 99/61, International Monetary Fund.
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    Cited by:

    1. Hernando Vargas, 2008. "The transmission mechanism of monetary policy in Colombia: major changes and current features," BIS Papers chapters,in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 183-211 Bank for International Settlements.
    2. Sergio Clavijo, 2000. "Hacia la Multibanca en Colombia: Retos y 'Retazos' Financieros," Borradores de Economia 150, Banco de la Republica de Colombia.

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    Keywords

    Classification- JEL: Política Monetaria (E52); Banca Central (E58); Inflación (E31).;

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