The sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents…
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Monetary policy implications for an oil-exporting economy of lower long-run international oil prices
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In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones’s (2008) idea that macroeconomic aggregates contain valuable information to…
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Banco de la República’s FX intervention policy is described, with a focus on its objectives and main features. Then, based on a survey of the effectiveness of sterilized intervention in Colombia, it is argued that this tool is not useful to cope with the challenges posed by medium term external…
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In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones (2008)’s idea that macroeconomic aggregates other than the credit growth rate contain…
- Publicación |
This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the Non-Ricardian…
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This paper propose indicator variables for the implementation of monetary policy in an inflation targeting regime. Using constant interest rate projections, the notion of a target-compatible interest rate is presented. This variable allows to extract some characteristics that the expected future…
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A basic theoretical of a small open economy within the framework of intertemporal maximization is used to analyze the effects of nominal export shocks. The model helps in explaining the close relationship that is found between export shocks and short run fluctuations of domestic savings in the…
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Transmission mechanisms and inflation targeting: the case of Colombias desinflation
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Bayesian Model Estimation and Selection for the Colombian Exchange Rate Bayesian Model Estimation and Selection for the Colombian Exchange Rate Norberto Rodríguez Niño */
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An Estimation Of the Nonlinear Phillips Curve in Colombia An Estimation Of the Neonlinear Phillips Curve in Colombia Javier Gómez and Juan Manuel Julio */
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Financial Inefficiency and Real Business Cycle in Colombia Financial Inefficiency and Real Business Cycle in Colombia Camilo Zea*
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Our current implementation of the Fan Chart follows the original Britton Fisher and Whitley [2] and Blix and Sellin [1] proposal in which the inputs enter at the fourth and ninth quarters and are distributed within the forecasting horizon according to pre established weights. This procedure does…