Efectos de los cambios estructurales en la economía colombiana sobre la regla de política monetaria (1987-2014)
This paper evaluates the role and stability in the Monetary Policy Rules in Colombia during 1987-2014. Specifically, studies whether the structural changes in the Colombian economy did affect the behavior of the Central Bank (CB). The analysis is done through the estimation of an open-economy dynami...
- Autores:
-
Cadavid Sánchez, Sebastián
- Tipo de recurso:
- Fecha de publicación:
- 2017
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/61329
- Acceso en línea:
- http://hdl.handle.net/1992/61329
- Palabra clave:
- Política monetaria
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
| Summary: | This paper evaluates the role and stability in the Monetary Policy Rules in Colombia during 1987-2014. Specifically, studies whether the structural changes in the Colombian economy did affect the behavior of the Central Bank (CB). The analysis is done through the estimation of an open-economy dynamic stochastic general equilibrium (DSGE) model using Bayesian methods and allowing for Markov switching of the parameters of the monetary policy rule, nominal rigidities, and shocks volatilities. Results suggest that the CB used and implicit policy function characterized by a high response on inflation changes once the inflation targeting scheme was adopted. For the whole sample, the CB utilized various policy instruments to accomplish different goals and several conclusions can be made... |
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