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La inflación objetivo y la volatilidad de la tasa representativa del mercado durante los periodos 1998-2002 y 2002-2006: evidencia empírica para Colombia

Author

Listed:
  • Diego Alonso Martínez Maldonado
  • Fabián Andrés Ramírez Roberto
  • Juan David Robles Rey
  • Juan Alejandro Figueroa Pico
  • Julián Andrés Buitrago Sánchez

Abstract

One of the greatest challenges facing a Central Bank with a target inflation model is to maintain stable and low levels of the inflation rate, according to the established target ranges. However, maintaining relatively low inflation can also have an impact on other macroeconomic variables, such as exchange rate stability. This study seeks to quantify the impact of inflation control as a central bank target on the volatility of the representative market rate in Colombia for the periods 1998-2002 and 2002-2006. It is found that the inclusion of the inflation targeting monetary policy regime within the central bank's goals did not significantly affect the volatility of the representative market rate.

Suggested Citation

  • Diego Alonso Martínez Maldonado & Fabián Andrés Ramírez Roberto & Juan David Robles Rey & Juan Alejandro Figueroa Pico & Julián Andrés Buitrago Sánchez, 2022. "La inflación objetivo y la volatilidad de la tasa representativa del mercado durante los periodos 1998-2002 y 2002-2006: evidencia empírica para Colombia," Econógrafos, Escuela de Economía 022623, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:022623
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    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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