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Aversión a la inflación y regla de Taylor en Colombia 1994-2005

  • Andrés Felipe Giraldo palomino


El presente artículo muestra la estimación de la aversión a la inflación y de la aversión a los ciclos por parte del Banco de la República en el periodo 1994-2005, usando una estructura espacio-estado y estimando por el método de Filtro de Kalman. Se concluye que el parámetro de aversión a la inflación cumple el principio de Taylor (toma un valor mayor que uno), lo cual es acorde con los resultados de Bernal (2002) y López (2004).Así mismo, se muestra que el parámetro que mide la aversión a la brecha del producto es no significativo, por lo que se concluye que de acuerdo con la muestra y con la estimación realizada, la única variable a la cual reacciona el banco central es la brecha inflacionaria

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Paper provided by UNIVERSIDAD JAVERIANA - BOGOTÁ in its series DOCUMENTOS DE ECONOMÍA with number 003947.

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Length: 26
Date of creation: 30 Jun 2007
Date of revision:
Handle: RePEc:col:000108:003947
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  1. Sharon Kozicki, 1999. "How useful are Taylor rules for monetary policy?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 5-33.
  2. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
  3. Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
  4. Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  5. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  6. Athanasios Orphanides, 1998. "Monetary policy rules based on real-time data," Finance and Economics Discussion Series 1998-03, Board of Governors of the Federal Reserve System (U.S.).
  7. Lars E O Svensson, 1996. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Bank of England working papers 56, Bank of England.
  8. Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Economics Working Paper Archive wp_388, Levy Economics Institute.
  9. Mishkin, F.S., 1998. "International Experiences with Different Monetary Policy Regimes," Papers 648, Stockholm - International Economic Studies.
  10. Juan Carlos Echeverry, 1995. "Auge y perpetuación de una inflación moderada. Colombia 1970 - 1991," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, December.
  11. Martha López P., 2003. "Efficient Policy Rule For Inflation Targeting In Colombia," BORRADORES DE ECONOMIA 002437, BANCO DE LA REPÚBLICA.
  12. William T. Gavin, 2003. "Inflation targeting: why it works and how to make it work better," Working Papers 2003-027, Federal Reserve Bank of St. Louis.
  13. Guy Debelle, 1997. "Inflation Targeting in Practice," IMF Working Papers 97/35, International Monetary Fund.
  14. Alvaro Montenegro, 2005. "Introducción al filtro Kalman," DOCUMENTOS DE ECONOMÍA 002920, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  15. Bernal Raquel, 2003. "Monetary Policy Rules in Colombia," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, March.
  16. Rotemberg, Julio J, 1982. "Monopolistic Price Adjustment and Aggregate Output," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 517-31, October.
  17. Nicholas Rowe & David Tulk, 2003. "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?," Working Papers 03-31, Bank of Canada.
  18. Salomón Kalmanovitz, 1997. "Realidades de la independencia del Banco de la República," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, December.
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