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El uso de encajes en un marco de política monetaria óptima?

  • Hernando Vargas


  • Pamela Cardozo


Se analizan tres tipos de modelos para determinar cuándo, bajo un esquema de inflación objetivo, el Banco Central (BC) debe utilizar los encajes como una herramienta de política monetaria óptima. En todos los casos el BC busca minimizar una función objetivo que consta de las desviaciones de la inflación de su meta, y del producto y los encajes de sus niveles respectivos de largo plazo. En un modelo de economía cerrada encontramos que la política monetaria óptima es fijar los encajes en su nivel adecuado de largo plazo y ajustar la tasa de interés de política para enfrentar los distintos choques que afecten a la economía. En un segundo modelo de economía abierta con los mismos objetivos del BC y en otro de economía cerrada en donde en la función objetivo del BC incluye adicionalmente la estabilidad financiera, los encajes sí forman parte de la respuesta de política monetaria óptima ante choques macroeconómicos. La pertinencia, la magnitud y la dirección del movimiento de éstos depende de los parámetros de la economía y de los choques a los que ésta se enfrente.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 009745.

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Length: 21
Date of creation: 25 Jun 2012
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Handle: RePEc:col:000094:009745
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  1. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  2. Hernando Vargas Herrera & Yanneth R Betancourt & Carlos Varela & Norberto Rodriguez, 2011. "Effects of reserve requirements in an inflation targeting regime: the case of Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), The global crisis and financial intermediation in emerging market economies, volume 54, pages 133-169 Bank for International Settlements.
  3. Hernando Vargas H, 2011. "Monetary policy and the exchange rate in Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), Capital flows, commodity price movements and foreign exchange intervention, volume 57, pages 129-153 Bank for International Settlements.
  4. Rocío Betancourt & Hernando Vargas, 2009. "Encajes bancarios y tasas de interés," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 27(59), pages 158-186, June.
  5. Glocker, Ch. & Towbin P., 2012. "The Macroeconomic Effects of Reserve Requirements," Working papers 374, Banque de France.
  6. Reinhart, Carmen & Reinhart, Vincent, 1999. "On the use of reserve requirements in dealing with capital flow problems," MPRA Paper 13703, University Library of Munich, Germany.
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