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Dinero, Precios, Tasa de Interés y Actividad Económica: Un Modelo del Caso Colombiano

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  • José Fernando Escobar R.

  • Carlos Esteban Posada P.

Abstract

A partir de un esquema de oferta y demanda de dinero se estimó un modelo de relaciones de corto y largo plazo entre cinco variables:base monetaria, dinero (M1), tasa de interés, producto y nivel de precios al consumidor (cifras trimestrales desde 1984:I hasta 2003:IV).El modelo es del tipo denominado SVEC (Structural Vector Error Correction). Los parámetros de las funciones de oferta y demanda de dinero son compatibles con las restricciones teóricas convencionales. La estimacion utilizó la metodología de tendencias estocásticas comunes para realizar un análisis de impulso-respuesta y un ejercicio de pronóstico con las posibles variables débilmente exógenas.

Suggested Citation

  • José Fernando Escobar R. & Carlos Esteban Posada P., 2004. "Dinero, Precios, Tasa de Interés y Actividad Económica: Un Modelo del Caso Colombiano," Borradores de Economia 303, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:303
    DOI: 10.32468/be.303
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    References listed on IDEAS

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    8. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 2002. "Identifying the Effects of Monetary Policy Shocks in an Open Economy," Working Paper Series 134, Sveriges Riksbank (Central Bank of Sweden).
    9. Martha Misas & Hugo Oliveros, 1997. "Cointegración, exogeneidad y Crítica de Lucas: Funciones de Demanda de Dinero en Colombia: Un ejercicio más," Borradores de Economia 075, Banco de la Republica de Colombia.
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    Cited by:

    1. Andrés González & Luis Fernando Melo & Carlos Esteban Posada, 2006. "Inflación y dinero en Colombia: otro modelo P-estrella," Borradores de Economia 418, Banco de la Republica de Colombia.
    2. Luis Eduardo Arango & Andrés González & John Jairo León & Luis Fernando Melo., 2008. "Cambios de la Tasa de Política y su Efecto en la Estructura a Plazo de Colombia," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 45(132), pages 257-291.
    3. Andr�s Gonz�lez & Luis Fernando Melo & Carlos Esteban Posada, 2006. "Inflaci�n y dinero en Colombia: otro modelo P-estrella," Borradores de Economia 2851, Banco de la Republica.

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    Keywords

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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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