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Output fluctuations and monetary shocks in Colombia: A reply to Garcia

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Abstract

We highlight in this note how an application of a similar estimation approach as ours to Colombian data for a more recent period following financial and capital account liberalization may find that the money supply is "endogenous" (i.e. demand-determined as long as the exchange rate is heavily managed.

Suggested Citation

  • Reinhart, Carmen, 1993. "Output fluctuations and monetary shocks in Colombia: A reply to Garcia," MPRA Paper 13354, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:13354
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    References listed on IDEAS

    as
    1. John Y. Campbell & Pierre Perron, 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots," NBER Chapters,in: NBER Macroeconomics Annual 1991, Volume 6, pages 141-220 National Bureau of Economic Research, Inc.
    2. Carmen M. Reinhart & Vincent R. Reinhart, 1991. "Output Fluctuations and Monetary Shocks: Evidence from Colombia," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 705-735, December.
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    More about this item

    Keywords

    inflation money Colombia capital controls;

    JEL classification:

    • F0 - International Economics - - General
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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