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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
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    Handle: RePEc:col:000102:002431
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    1. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," NBER Working Papers 2737, National Bureau of Economic Research, Inc.
    2. Miguel Urrutia, . "UNA VISION ALTERNATIVA: La Política Monetaria y Cambiaria en la Ültima Década," Borradores de Economia 207, Banco de la Republica de Colombia.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. Kashyap, Anil K. & Stein, Jeremy C., 1995. "The impact of monetary policy on bank balance sheets," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 151-195, June.
    5. Juan Jose de Lucio, 1998. "Local responses to a global monetary policy: The regional structure of financial systems," ERSA conference papers ersa98p249, European Regional Science Association.
    6. 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.
    7. 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.
    8. 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.
    9. Salomón Kalmanovitz, 2001. "EL BANCO DE LA REPÚBLICA como Institución Independiente," BORRADORES DE ECONOMIA 002459, BANCO DE LA REPÚBLICA.
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