Impactos y canales de transmisión de la política monetaria en Colombia: 2008-2019

Impacts and transmission channels of monetary policy in colombia: 2008-2019

Nicolás Rivera Garzón

Econógrafos, Escuela de Economía from Universidad Nacional de Colombia, FCE, CID

Abstract: The objective of the article is to identify the impacts and transmission channels of monetary policy in the Colombian economy for the period 2008:M2 to 2019:M2. With this objective in mind, we estimate a model of autoregressive vectors augmented with two exogenous variables (VAR-X) for each channel with their respective impulse response functions and Granger causality tests. The results obtained show the existence of transmission channels of interest rate, exchange rate and bank loan; in addition, they deny the existence of the balance sheet channel. The most significant impacts on industrial production and the percentage variation of the CPI are generated by the exchange rate channel; followed in magnitude by the interest rate and bank loan channels.

Keywords: monetary policy; transmission channels; monetary impacts; autoregressive vectors (search for similar items in EconPapers)
JEL-codes: C32 E52 N16 (search for similar items in EconPapers)
Pages: 33
Date: 2019-10
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Published in Econografos

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Persistent link: https://EconPapers.repec.org/RePEc:col:000176:022727

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