PDF (Español (España))
FLIP
This journal is licensed by a Creative Commons Attribution License (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. For the CC licenses, the principle isthe creative freedom. This system complements the copyright without opposing it, conscious of its importance in our culture. The content of the articles is the responsibility of each author, and does not compromise in any way, to the journal or the university. It allows the transmission and reproduction of titles, abstracts and full content, with academic, scientific, cultural ends, provided acknowledgment of the respective source. This work cannot be used for commercial purposes.
They journal does not charge authors for submission or publication.
Abstract
To develops an adequate an monetary policy, in a small open economy like the Colombian, must take in to account, the Trilema of monetary policy and the nominal anchor of the economy, in this context, the central bank role is that the decide which is the nominal anchor to the economy, however exist simultaneously a close relationship between the monetary policy and the gross domestic product gap, the goal of this study is to illustrate this dynamic thought of an monetary policy model, the results show that the behavior of an optimal interest rate like a function of the subjacent inflation and the gross domestic product gap, one of the principal characteristics of the solutions is that the restrictions of no negativity over the interest rate is necessary to lowers levels of gross domestic product gap and lowers rates of inflation.
Keywords:
References
Ball; Laurence, and Seridan. Niamh (2005). Does Inflation Targeting Matter? In: BERNANKE, Ben S. and WOODFORD, Michael. The Inflation-Targeting Debate. University of Chicago Press.
Christiano; Lawrence. J; Eichenbaum. Martin; and Charles. Evans. L (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy. Journal of Political Economy, 113(1): 1-45.
Carrasquilla. Alberto (1998). Monetary Policy Transmission: The Colombian Case. In: The Transmission of Monetary Policy In Emerging Market Economies. Bank for International Settlements, BIS Policy Papers No. 3. January.
Clavijo. S. (2003). Política monetaria y cambiaria en Colombia: progresos y desafíos (1991-2002). Borradores de Economía. Marzo. 201: 1-52.
Gómez. Javier. P; Uribe. Jose. E; Vargas. Hernando. H. (2002) The Implementation of Inflation Targeting in Colombia. Borradores Semanales de Economía. Marzo. 202: 1-62.
Gómez. Javier. P. (2006). Capital Flows and Monetary Policy. Borradores Semanales de Economía. Diciembre. 395: 1-38.
Gómez. Javier. P. (2006). Monetary Policy in Colombia. Ensayos sobre Política Económica. Junio. 50. 1-36.
Kydland. Finn; and Prescoot. Edward. C. (1997). Rules Rather Than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy. June. 85 (3): 473-492.
Levin; Andrew [et al.] (2005) Monetary Policy under Uncertainty in Micro-Founded Macroeconometric Models. Macroeconomics Annual, NBER. 20: 229-287.
López. Martha. (2006). Algunos criterios para evaluar la meta de inflación de largo plazo. Borradores Semanales de Economía. Marzo. 386: 1-27.
Lucas. Robert. E. (2000). Inflation and Welfare. Econometric Society. Econometrica, March 68 (2): 247-274.
Mundell. Robert. (1961). A Theory of Optimum Currency Areas. American Economic Review. September; 51: 657-665.
Mundell. Robert. (1963). Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates. Canadian Journal of Economics.29: 475-485.
Rotemberg. Julio. J. And Woodford. Michael. (1997). An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy. Macroeconomics Annual NBER, 12: 297-346.
Truman. Edwin. (2003). Inflation Targeting in the World Economy. Washington D.C.: Institute for International Economics.
