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Inflación y apertura: evidencia para Colombia (1980-2005)
Carlos Esteban Posada P.; Camilo Morales J. - Banco de la Republica de Colombia
En los últimos años se ha desarrollado en la literatura internacional una corriente de estudio enfocada a examinar los efectos del libre comercio sobre la inflación. Este trabajo pone a prueba la hipótesis de una conexión entre el grado de apertura de la economía colombiana y su tasa de...
Persistent link: https://www.econbiz.de/10005650584
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Exchange Rate Pass-Through Effects: A Disaggregate Analysis of Colombian Imports of Manufactured Goods
Rincón, Hernán; Caicedo, Edgar; Rodríguez, Norberto - Banco de la Republica de Colombia
sample of manufactured imports. Also, whether the foreign exchange and inflation regimes affect the degree of pass-through is … that under a floating regime there is a low degree of pass-through and the hypothesis that a low inflation environment has …
Persistent link: https://www.econbiz.de/10005113915
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Evaluación de Reglas de Tasa de Interés en un Modelo de Economía Pequeña y Abierta
Amaya, Julian Pérez - Banco de la Republica de Colombia
Empleando un modelo de equilibrio general dinámico y estocástico para una economía pequeña y abierta con imperfecciones y rigideces en el sector no transable calibrado para Colombia, se estudia la conveniencia de que la autoridad monetaria fije como medida de inflación objetivo en su...
Persistent link: https://www.econbiz.de/10005113933
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Disinflation Costs Under Inflation Targeting in Small Open Economy Economy
Echavarría, Paulina Restrepo - Banco de la Republica de Colombia
Since 1991, inflation in Colombia was reduced from 25% on average to about 6% more recently. Although this performance … is in line with a long run inflation target of 3%, some analysts ask whether the Central Bank should continue … disinflating. In this paper we present a dynamic stochastic general equilibrium model of inflation targeting for a small open …
Persistent link: https://www.econbiz.de/10005113958
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Capital Flows and Financial Assets in Colombia: Recent Behavior, Consequences and Challenges for the Central Bank
Vargas, Hernando; Varela, Carlos - Banco de la Republica de Colombia
This paper analyzes the evolution and impact of capital flows in Colombia over the past five years. An examination of the nature and composition of the capital flows indicates that to large extent they have originated in foreign direct investment, especially in the oil and mining sectors. The...
Persistent link: https://www.econbiz.de/10005650607
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Budget Deficit, Money Growth and Inflation: Evidence from the Colombian Case
Lozano, Ignacio - Banco de la Republica de Colombia
Evidence of the causal long-term relationship between budget deficit, money growth and inflation in Colombia is … relationship between inflation and money growth on the one hand, and between money growth and fiscal deficit, on the other. The …
Persistent link: https://www.econbiz.de/10005274432
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A Model of the Nominal and Real Exchange Rates in Colombia
Gómez, Javier - Banco de la Republica de Colombia
Using the Johansen's cointegration techique we develop an empirical model of the nominal and real exchange rates of Colombia. We find that the nominal exchange rate is deremined by the nominal variables and the fundamentals and that the real exchange rate is determined by the fundamentals but...
Persistent link: https://www.econbiz.de/10005035891
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La Política Monetaria en Colombia
Pineda, Javier Gómez - Banco de la Republica de Colombia
El artículo hace una narración de la política monetaria en Colombia. Por ser una narración de la política monetaria en una economía abierta, el artículo hace énfasis en los conceptos de "trilema"de la política monetaria, ancla nominal y regimenes monetarios. Además, la narración...
Persistent link: https://www.econbiz.de/10005650547
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The international cycle and Colombian monetary policy
Mahadeva, Lavan; Pineda, Javier Gómez - Banco de la Republica de Colombia
The objective of this paper is to analyze how international cycles affect the real GDP cycle and so monetary policy decisions in Colombia. We estimate that cycles in world GDP, export prices and capital inflows are strongly associated with the Colombian business cycle both on impact and even...
Persistent link: https://www.econbiz.de/10005650576
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Optimical Commodity Price Stabilizador Over the Business Cycle
Rodrigo Suescún M. - Banco de la Republica de Colombia
This paper develops a model to study the design, characterization and dynamic implications of stabilization policies in a dynamic general equilibrium model of the business cycle for an economy tainted by the Dutch disease. The model incorporates a stabilization scheme for the producer price of...
Persistent link: https://www.econbiz.de/10005274339