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Monetary Neutrality in the Colombian Real Exchange Rate

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  • Andrés Felipe Arias
  • Martha Misas

Abstract

We identified and estimated a SVAR model in the real and nominal exchange rates through the Blanchard and Quah decomposition. This enables us to provide results regarding the magnitude and length of nominal and real shock effects in the real and nominal exchange rate. We estimate that the fundamental sources of real exchange rate fluctuations are real factors. Our first result is that the real effect of nominal shocks die out in less than six months. Second, we find that convergence time has decreased since the implementation of exchange rate bands.

Suggested Citation

  • Andrés Felipe Arias & Martha Misas, 1998. "Monetary Neutrality in the Colombian Real Exchange Rate," Borradores de Economia 3248, Banco de la Republica.
    • Handle: RePEc:col:000094:003248
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    Cited by:

    1. Andrés Felipe Londoño & Jorge Andrés Tamayo & Carlos Alberto Velásquez, 2012. "Dinámica de la política monetaria e inflación objetivo en Colombia: una aproximación FAVAR," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(68), pages 14-71, June.
    2. Carlos Esteban Posada, 1999. "Tasa de cambio real y consumo : teoria, evidencia y estudios del caso colombiano, 1950-1997," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 51, pages 7-46, Julio Dic.

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