Monetary Policy in Colombia

Javier Gómez-Pineda

Revista ESPE - Ensayos Sobre Política Económica, 2006, vol. 24, issue 50, No 3249, 12-47

Abstract: This article is a historical account of monetary policy inColombia. Since it is an account of monetary policy in anopen economy, the emphasis is on the concepts of the“trilema” of monetary policy, nominal anchor, and monetaryregimes. In addition, the account includes the current periodof inflation targeting regime, presents the academicantecedents and the definition of inflation targeting, anddescribes the current characteristics of this regime in Co-lombia. The main policy implication is that the mostimportant requirement for maintaining price stability is forthe Banco de la República to keep the inflation target firm, and, steerinterest rates to meet the inflation objective in the face of increases ininflation caused by demand pressure, devaluation and increases in the in-flation of food prices.

Keywords: monetary policy; nominal anchor; inflation (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:col:000107:003249

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