IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

The Rise And Perpetuation Of A Moderate Inflation, Colombia 1970-1991

  • Juan Carlos Echeverry G.

    ()

Colombian inflationary experience is explained using a theoretical model that stresses two elements: the effect of shocks and the type of policy designed to respond to them. The empirical investigation uses the event-study methodology and finds that the model successfully accounts for the main characteristics of the country's inflationary process; foreign exchange reserves, agricultural and policy shocks, as well as lack of commitment to low infaltion by the authorities are the main causes behind the sustained high/moderate level of inflation. As assessment of the costs of inflation and price variability, widely documented for other countries, is not found during the periods of high but stable inflation in Colombia.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.banrep.gov.co/docum/ftp/borra050.pdf
Download Restriction: no

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 003621.

as
in new window

Length: 84
Date of creation: 30 Apr 1996
Date of revision:
Handle: RePEc:col:000094:003621
Contact details of provider:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Ball, Laurence, 1992. "Why does high inflation raise inflation uncertainty?," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 371-388, June.
  2. José Darío Uribe, 1994. "Inflación Inercial , Tasa De Cambio Y Anclas," BORRADORES DE ECONOMIA 002849, BANCO DE LA REPÚBLICA.
  3. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
  4. Lach, Saul & Tsiddon, Daniel, 1992. "The Behavior of Prices and Inflation: An Empirical Analysis of Disaggregated Price Data," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 349-89, April.
  5. Francisco J. Ortega, 1982. "Notas sobre la reciente evolución económica e institucional del sector financiero," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 1(1), pages 21-43, Marzo.
  6. Juan Manuel Julio R., 1995. "Choques grandes / Choques pequeños: Evidencia del Log(IPC) e inflación colombianos," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 14(28), pages 59-93, Diciembre.
  7. Backus, David & Driffill, John, 1985. "Inflation and Reputation," American Economic Review, American Economic Association, vol. 75(3), pages 530-38, June.
  8. Roland Benabou, 1988. "Search, Price Setting and Inflation," Review of Economic Studies, Oxford University Press, vol. 55(3), pages 353-376.
  9. Laurence Ball, 1991. "The genesis of inflation and the costs of disinflation," Proceedings, Federal Reserve Bank of Cleveland, pages 439-461.
  10. Ball, Laurence & Romer, David, 2003. " Inflation and the Informativeness of Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(2), pages 177-96, April.
  11. Juan Manuel Julio R., 1995. "Choques Grandes/Choques Pequeños: Evidencia Del Log Ipc E Inflación Colombianos," BORRADORES DE ECONOMIA 002120, BANCO DE LA REPÚBLICA.
  12. Kiseok Lee & Shawn Ni, 1995. "Inflation uncertainty and real economic activities," Applied Economics Letters, Taylor & Francis Journals, vol. 2(11), pages 460-462.
  13. Romer, Christina D. & Romer, David H., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Department of Economics, Working Paper Series qt5h07k8vf, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  14. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  15. Mariano Tommasi, 1993. "The Consequences of Price Instability on Search Markets," UCLA Economics Working Papers 700, UCLA Department of Economics.
  16. Natalia Salazar, 1992. "El efecto Tanzi, la sustitución de monedas y la tasa de inflación óptima en Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 11(22), pages 83-108, December.
  17. Reinhart, Carmen & Reinhart, Vincent, 1991. "Fluctuaciones del producto y choques monetarios: evidencia colombiana
    [Output Fluctuations and Monetary Shocks: Evidence from Colombia]
    ," MPRA Paper 13654, University Library of Munich, Germany.
  18. Juan Carlos Jaramillo, 1982. "El proceso de liberación del mercado financiero colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 1(1), pages 7-19, March.
  19. Thomas F. Cooley & Gary D. Hansen, 1991. "The welfare costs of moderate inflations," Proceedings, Federal Reserve Bank of Cleveland, pages 483-518.
  20. Alberto Carrasquilla, 1996. "Dimensiones Fiscales De Una Inflación Moderada: El Caso Colombiano," BORRADORES DE ECONOMIA 002357, BANCO DE LA REPÚBLICA.
  21. Rodrigo Suescún, 1992. "Inflación y devaluación como un fenómeno fiscal," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 11(22), pages 7-50, December.
  22. Kiguel, Miguel A & Liviatan, Nissan, 1992. "When Do Heterodox Stabilization Programs Work? Lessons from Experience," World Bank Research Observer, World Bank Group, vol. 7(1), pages 35-57, January.
  23. Martin Evans & Paul Wachtel, 1993. "Inflation regimes and the sources of inflation uncertainty," Proceedings, Federal Reserve Bank of Cleveland, pages 475-520.
  24. Fischer, Stanley & Summers, Lawrence H, 1989. "Should Governments Learn to Live with Inflation?," American Economic Review, American Economic Association, vol. 79(2), pages 382-87, May.
  25. Fischer, Stanley, 1981. "Towards an understanding of the costs of inflation: II," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 5-41, January.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:col:000094:003621. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Clorith Angélica Bahos Olivera)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.