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Impactos y canales de transmisión de la política monetaria en Colombia: 2008-2019
[Impacts and transmission channels of monetary policy in colombia: 2008-2019]

Author

Listed:
  • Nicolás Rivera Garzón

Abstract

The objective of the article is to identify the impacts and transmission channels of monetary policy in the Colombian economy for the period 2008:M2 to 2019:M2. With this objective in mind, we estimate a model of autoregressive vectors augmented with two exogenous variables (VAR-X) for each channel with their respective impulse response functions and Granger causality tests. The results obtained show the existence of transmission channels of interest rate, exchange rate and bank loan; in addition, they deny the existence of the balance sheet channel. The most significant impacts on industrial production and the percentage variation of the CPI are generated by the exchange rate channel; followed in magnitude by the interest rate and bank loan channels.

Suggested Citation

  • Nicolás Rivera Garzón, 2019. "Impactos y canales de transmisión de la política monetaria en Colombia: 2008-2019 [Impacts and transmission channels of monetary policy in colombia: 2008-2019]," Econógrafos, Escuela de Economía 022727, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:022727
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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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