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 target, the output gap and deviations of reserve requirements from its …

inflation targeting regime are not as straightforward as those under a monetary targeting regime. Conceptually, those effects …

The Colombian economy experienced several shocks in the past ten years. The permanent fall of inflation, the adoption … of inflation targeting (IT) and a financial crisis altered the transmission mechanism of monetary policy. Low inflation … and IT reduced inflation persistence and contributed to anchor inflation expectations. The evidence is less conclusive …

mechanism of the monetary policy, and determines the final effects on aggregated demand and inflation rates of exogenous … scenarios, totally different reactions on economic activity, and little quantitative effects on inflation rates and aggregate …

information so as to reduce economic volatility by manipulating inflation expectations. Using a standard model, this paper points … inflation announcements. Therefore, even if transparency is preferred over secrecy the central bank cannot credibly commit to …

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 …