Gómez, Javier; Julio, Juan Manuel - In: Revista de Analisis Economico – Economic Analysis Review 18 (2003) 2, pp. 109-133
Colombia has been on a steady disinflation path since the early 1990s. In this paper, we model the transmission mechanism of monetary policy during this disinflation. We describe how inflation evolves in response to important shocks that occurred during disinflation such as the terms of trade...