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Efectos regionales de la política monetaria en Colombia

  • Igor Esteban Zuccardi Huertas

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    En este documento se analiza si las regiones colombianas responden de manera diferente a un choque de política monetaria común. Para ello se estimaron ocho modelos VAR, uno con información nacional y uno por cada una de las áreas metropolitanas de Bogotá, Medellín, Cali, Barranquilla, Bucaramanga, Manizales y Pasto, entre 1984 y 2000. Además, se estimó un modelo SUR con información regional para ajustar las respuestas de las ciudades a las posibles relaciones interregionales existentes. Se encontró que Bucaramanga es la ciudad que más responde a un incentivo monetario, mientras que Bogotá y Barranquilla reaccionan de forma similar al promedio nacional. Medellín, Manizales y Pasto muestran comportamientos distintos, en tanto que Cali es la región menos sensible. Sin embargo, a pesar de estos resultados, no se encontró evidencia estadística para afirmar que dichas regiones responden de maneras diversas a un choque monetario común.

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/DTSER32-Politicamonetaria.pdf
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    Paper provided by BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL in its series DOCUMENTOS DE TRABAJO SOBRE ECONOMÍA REGIONAL with number 002431.

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    Length: 63
    Date of creation: 31 Jul 2002
    Date of revision:
    Handle: RePEc:col:000102:002431
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    1. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    2. Gerald A. Carlino & Robert H. DeFina, 1996. "Does monetary policy have differential regional effects?," Business Review, Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
    3. Anil K Kashyap & Jeremy C. Stein, 1994. "The Impact of Monetary Policy on Bank Balance Sheets," NBER Working Papers 4821, National Bureau of Economic Research, Inc.
    4. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-39, May.
    5. Salomón Kalmanovitz, . "El Banco de la República como Institución Independiente," Borradores de Economia 190, Banco de la Republica de Colombia.
    6. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Miguel Urrutia, . "UNA VISION ALTERNATIVA: La Política Monetaria y Cambiaria en la Ültima Década," Borradores de Economia 207, Banco de la Republica de Colombia.
    8. Allan H. Meltzer, 1995. "Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 49-72, Fall.
    9. repec:fda:fdaddt:99-14 is not listed on IDEAS
    10. Gervan Fearon, 2001. "Labor union political contributions and campaign spending," International Advances in Economic Research, International Atlantic Economic Society, vol. 7(2), pages 269-269, May.
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