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Transparency: can central banks commit to truthful communication?
POlanía, Julian A. Parra - Banco de la Republica de Colombia - 2012
To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two … options, opacity versus truthful communication. However, the monetary policymaker may have incentives to misrepresent private … inflation announcements. Therefore, even if transparency is preferred over secrecy the central bank cannot credibly commit to …
Persistent link: https://www.econbiz.de/10010862644
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Interest Rate Setting and the Colombian Monetary Transmission Mechanism
Amaya, Carlos Andrés - Banco de la Republica de Colombia
This paper is concerned with interest rate setting by commercial banks and how the transmission of monetary policy is re°ected in these rates. For this purpose we study the case of the Colombian banking industry for the period 1996-2004. Using microdata, the Certi¯cate of Deposit(CD) market...
Persistent link: https://www.econbiz.de/10005650548
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The Use of Reserve Requirements in an Optimal Monetary Policy Framework
Vargas, Hernando; Cardozo, Pamela - Banco de la Republica de Colombia - 2012
We analyse three models to determine the conditions under which reserve requirements are used as a part of an optimal monetary policy framework in an inflation targeting regime. In all cases the Central Bank (CB) minimizes an objective function that depends on deviations of inflation from its...
Persistent link: https://www.econbiz.de/10010562200
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The Impact of Pre-announced Day-to-day Interventions on the Colombian Exchange Rate
Echavarría, Juan José; velandia, Luis Fernando Melo; … - Banco de la Republica de Colombia - 2013
The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocate their use and maintain that their...
Persistent link: https://www.econbiz.de/10010862650
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The Impact of Different Types of Foreign Exchange Intervention: An Event Study Approach
Echavarría, Juan José; Velandia, Luis Fernando Melo; … - Banco de la Republica de Colombia - 2013
To date, there is still great controversy as to which exchange rate model should be used or which monetary channel should be considered, when measuring the effects of monetary policy. Since most of the literature relies on structural models to address identification problems, the validity of...
Persistent link: https://www.econbiz.de/10010862655
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Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia
Vargas, Hernando; González, Andrés; Lozano, Ignacio - Banco de la Republica de Colombia - 2012
In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements...
Persistent link: https://www.econbiz.de/10010543170
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Mercado interbancario colombiano y manejo de liquidez del Banco de la República
Ortiz, Pamela cardozo; Campos, carlos A. Huertas; … - Banco de la Republica de Colombia - 2011
El documento tiene como objetivo describir algunos de los elementos fundamentales del mercado interbancario colombiano y del manejo de liquidez por parte del Banco de la República (BR). El documento explica las diferencias entre las principales operaciones en este mercado y describe los...
Persistent link: https://www.econbiz.de/10009325851
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El uso de encajes en un marco de política monetaria óptima?
Vargas, Hernando; Cardozo, Pamela - Banco de la Republica de Colombia - 2012
Se analizan tres tipos de modelos para determinar cuándo, bajo un esquema de inflación objetivo, el Banco Central (BC) debe utilizar los encajes como una herramienta de política monetaria óptima. En todos los casos el BC busca minimizar una función objetivo que consta de las desviaciones de...
Persistent link: https://www.econbiz.de/10010554732
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The Stickiness of Colombian Consumer Prices
Julio, Juan Manuel; Zárate, Héctor Manuel; … - Banco de la Republica de Colombia
The price setting behavior of Colombian retailers of goods and services was studied based on a unique dataset containing 12,052,970 individual price reports covering all items in the Colombian CPI from March 1999 to May 2008. The main results are summarized as follows: 1. Colombian consumer...
Persistent link: https://www.econbiz.de/10008460553
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The Price Setting Behavior in Colombia: Evidence from PPI Micro Data
Julio, Juan Manuel; Zárate, Héctor Manuel - Banco de la Republica de Colombia
In this paper we explore the price setting behavior of Colombian producers and importers using a unique database containing the monthly price reports underlying the Colombian PPI from Jun-1999 to Oct-2006. We focus on five particular questions: 1. Are prices sticky or flexible? 2. Is a price...
Persistent link: https://www.econbiz.de/10005783910