Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia
Vol. 26, No. 3 (2018)
- Autores:
-
Quintero-Otero, Jorge David
Salón-Acosta, Endy Paola
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2018
- Institución:
- Universidad de Cartagena
- Repositorio:
- Repositorio Universidad de Cartagena
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.unicartagena.edu.co:11227/8008
- Acceso en línea:
- https://hdl.handle.net/11227/8008
https://doi.org/10.32997/2463-0470-vol.26-num.3-2018-2237
- Palabra clave:
- Tasa de sacrificio
Desinfección
Política monetaria
- Rights
- openAccess
- License
- https://creativecommons.org/licenses/by-nc-nd/4.0/
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia Tasa de sacrificio Desinfección Política monetaria |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Estimación y determinantes de la tasa de sacrificio en departamentos de Colombia |
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Quintero-Otero, Jorge David Salón-Acosta, Endy Paola |
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Quintero-Otero, Jorge David Salón-Acosta, Endy Paola |
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Tasa de sacrificio Desinfección Política monetaria |
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Tasa de sacrificio Desinfección Política monetaria |
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Vol. 26, No. 3 (2018) |
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Quintero, J. y Salón, E. (2018). Estimación y determinantes de la tasa de sacrificio en departamentos Colombianos. Panorama Económico, 26(3), 275-298. https://doi.org/10.32997/2463-0470-vol.26-num.3-2018-2237 0122-8900 10.32997/2463-0470-vol.26-num.3-2018-2237 2463-0470 |
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Quintero-Otero, Jorge DavidSalón-Acosta, Endy Paola2019-05-06T19:56:56Z2019-05-06T19:56:56Z2018Quintero, J. y Salón, E. (2018). Estimación y determinantes de la tasa de sacrificio en departamentos Colombianos. Panorama Económico, 26(3), 275-298. https://doi.org/10.32997/2463-0470-vol.26-num.3-2018-22370122-8900https://hdl.handle.net/11227/800810.32997/2463-0470-vol.26-num.3-2018-22372463-0470https://doi.org/10.32997/2463-0470-vol.26-num.3-2018-2237Vol. 26, No. 3 (2018)EconomíaEn este trabajo se calcula la tasa de sacrificio para Colombia y sus departamentos durante los episodios desinflacionarios ocurridos entre 1990 y 2016. Empleando una metodología basada en la propuesta de Ball (1994) con algunas modificaciones, se identifica un primer episodio desinflacionario para el período 1990-1995, pero con una tasa de sacrificio nula para la producción total del país. A partir de entonces, se registraron tres períodos de desinflación (1996-2002, 2003-2006 y 2008-2010) con tasas de sacrifico positivas y similares para el agregado nacional en los tres períodos. Sin embargo, se encontraron diferencias sustanciales entre las tasas de sacrificio obtenidas para los departamentos del país. Mediante la estimación de modelos de datos de panel se encontró que la estructura económica, el grado de profundización financiera y el grado de apertura económica son factores que explican las diferencias en las tasas de sacrificio entre departamentos, lo cual es coherente con la teoría de la transmisión de la política monetaria mediante los canales de tasa de interés, crédito bancario y tasa de cambio, respectivamente.This paper computes the sacrifice ratio for Colombia and its departments during the disinflation episodes between 1990 y 2016. Using a methodology based on Ball (1994) with some modifications, a first disinflation episode is identified for the period 1990-1995, but with a zero sacrifice ratio for the total production at the national-level. Thereafter, three disinflation episodes were identified (1996-2002, 2003-2006 and 2008-2010) with positive and similar sacrifice ratios for the national aggregate in the three periods. However, substantial differences were found between the sacrifice ratios obtained for the departments under study. By estimating panel data models, it was found that the economic structure, the degree of financial deepening and the degree of economic openness are factors that explain the differences in sacrifice ratios between departments, which is consistent with the theory of the transmission of monetary policy through interest rates, bank lending and exchange rate channels, respectively.application/pdfspaUniversidad de CartagenaPanorama Económico298327526https://creativecommons.org/licenses/by-nc-nd/4.0/openAccesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccesshttps://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/2237Tasa de sacrificioDesinfecciónPolítica monetariaEstimación y determinantes de la tasa de sacrificio en departamentos de ColombiaArtículo de revistainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articleJournal articleSacrifice ratioDisinflationMonetary policyAlam, T. y Waheed, M. (2006). "The monetary transmission in Pakistan. A sectoral analysis". Munich Personal RePEc Archive 2719.Arnold, I. y Vrugt, E. (2002). "Regional effects of monetary policy in the Netherlands". International Journal of Business and Economics, 1(2), pp. 123-134.Ball, L. (1994). "What determines the sacrifice ratio?". En: Mankiw, N. (Ed.), Monetary Policy. The University of Chicago Press, pp. 155–193.Barro, R. J. y Gordon, D.B. (1983). "A positive theory of monetary policy in a natural rate model". Journal of Political Economy 91 (2), 589-610.Bernanke, B. y Blinder, A. (1988). "Is it money or credit, or both, or neither? Credit, money and aggregate demand". American Economic Review, 78(2), 435–439.Calvo, G. (1983). "Staggered Prices in a Utility-Maximizing Framework". Journal of Monetary Economics 12 (3): 383–398.Cardona, C., Pontón, A. y Sarmiento, E. (1998). "Evidencia sobre las Desinflaciones: Experiencia Internacional". Borradores de Economía. 102. Banco de la República de Colombia.Cecchetti, S. y Rich, R. (2001). "Structural Estimates of the U. S. Sacrifice Ratio". Journal of Business & Economic Statistics. 19. issue 4. p.p. 416-27.Dedola, L., y Lippi, F. (2005). "The monetary transmission mechanism: Evi-dence from the industries of five oecd countries". European Economic Review. 49(6). pp. 1543-1569.Friedman, M. (1968). "The Role of Monetary Policy". American Economic Review. vol. 58, No. 1. pp. 1–17.Ganley, J. y Salmon, C. (1997). "The industrial impact of monetary policy shocks: Some stylised facts". Bank of England. Working Paper 68.Gordon, R. J. y King, S. R. (1982). "The output cost of disinflation in traditional and vector autoregressive models". Brooking papers on Economic Activity 1: 205-42.Hayo, B., y Uhlenbrock, B. (1999). "Industry effects of monetary policy in Germany". Center for European Inte¬gration Studies. zei Working Paper B14.Jordan, T. (1997). "Disinflation costs, accelerating inflation gains, and central bank independence". Weltwirtschaftliches Arch. 133. p.p. 1–21.Mankiw, G. (1991). "Macroeconomics". New York: Worth Publishers.Nachane, D. M., Ray, P. y Ghosh, S. (2002). "Does monetary policy have differential state-level effects? An empirical evaluation". Economic and Political Weekly. 47. p.p. 4723–4728.Okun, A.M. (1962). "Potential GNP & its measurement and significance". American Statistical Association. Proceedings of the Business and Economics Statistics Section. p.p. 98-104.Okun, A. M. (1978). "Efficient disinflationary policies". American Economic Review. 68. p.p. 348 –52.Phelps, E. S. (1967). "Phillips Curves, expectations of inflation and optimal unemployment over time". Economica. vol. 34, No. 135. pp. 254–281.Philips, A. (1958). "The relation between unemployment and the rate of change of money wages in the united kingdom, 1861-1957". Económica. Vol 25. p.p 138-299.Quintero, J. (2017). "Industrial structure and transmission of monetary policy in Latin American countries". Investigación Económica. vol. LXXVI, núm. 302. pp. 103-129.Reyes, J. D. (2003). "The cost of disinflation in Colombia – a sacrifice ratio approach". Archivos de Macroeconomía. 243. Departamento Nacional de Planeación.Romer, D. (1993). "Openness and inflation: theory and evidence". Quarterly Journal of Economics. 108 (4). p.p. 869-903.Samuelson, P. A. y Solow, R. M. (1960). "Analytical aspects of anti-inflation policy". American Economic Review. Papers and Proceedings. vol. 50, No. 2. pp. 177–194.Taylor, J. B (1980). "Aggregate Dynamics and Staggered Contracts". 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