IDEAS home Printed from
   My bibliography  Save this paper

¿No importa la cantidad de dinero?: Inflation Targeting" y la teoría cuantitativa"


  • Carlos Estaban Posada


  • Andrés Felipe García



La literatura referente a los modelos de inflación y política monetaria anti-inflacionaria del tipo denominado Inflation Targeting" (IT) ha reforzado una opinión popular: que la inflación tiene poca o ninguna relación con el aumento de la cantidad de dinero. Esta opinión es contraria a una de las más viejas teorías económicas: la teoría cuantitativa del dinero (TCD). En las siguientes páginas se establece la relación entre un modelo básico de IT y la TCD, y se aclaran un caso de irrelevancia de la cantidad de dinero: el de la "trampa de liquidez" o caso "keynesiano-radical". Este caso se contrapone a los otros casos, que sí son compatibles con la TCD. Por último, se reporta evidencia favorable a la hipótesis de pertinencia de la TCD para el caso colombiano reciente (1986: I - 2005:III)"

Suggested Citation

  • Carlos Estaban Posada & Andrés Felipe García, 2006. "¿No importa la cantidad de dinero?: Inflation Targeting" y la teoría cuantitativa"," BORRADORES DE ECONOMIA 003816, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:003816

    Download full text from publisher

    File URL:
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    1. Aksoy, Yunus & Piskorski, Tomasz, 2006. "U.S. domestic money, inflation and output," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 183-197, March.
    2. Nelson, Edward, 2003. "The future of monetary aggregates in monetary policy analysis," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1029-1059, July.
    3. Gerlach, Stefan & Svensson, Lars E. O., 2003. "Money and inflation in the euro area: A case for monetary indicators?," Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1649-1672, November.
    4. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    5. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
    6. Thomas M. Humphrey, 1997. "Fisher and Wicksell on the quantity theory," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 71-90.
    7. Wicksell, Knut, 1907. "The Influence of the Rate of Interest on Prices," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17, pages 213-220.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Carlos Esteban Posada & Camilo Morales J., 2007. "La inflación y la política monetaria colombianas del período 1996-2006: una interpretación," BORRADORES DE ECONOMIA 004291, BANCO DE LA REPÚBLICA.
    2. Remberto Rhenals & Juan Pablo Saldarriaga, 2008. "An Optimal Taylor Rule for Colombia, 1991-2006," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 69, pages 9-39, Julio-Dic.

    More about this item


    Dinero; precios; inflation targeting; curva IS; curva de Phillips; tasa de interés; teoría cuantitativa del dinero;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000094:003816. 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). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.