Many central banks, particularly in the developing world, aim for exchange rate stability as a macroeconomic goal. However, most are reluctant to relinquish monetary policy autonomy, so they end up operating through both interest rate and foreign exchange interventions. But the use of multiple...

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...

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...

Este trabajo evalúa los determinantes de las compras de divisas y su impacto sobre la tasa de cambio nominal en Colombia durante 2000-2008. Estimaciones Tobit muestran que el Banco Central compró divisas para compensar las reevaluaciones frente al día anterior y para corregir tendencias...

En este trabajo se utilizan tasas marginales de interés, tasas de cambio forwards y encuestassobre expectativas de devaluación con el fin de verificar las hipótesis de paridad cubierta(PC) y no cubierta (PNC) de las tasas de interés en Colombia en el período 2000-2007. Seencuentra evidencia...