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Modelling the monetary policy reaction function of the Colombian Central Bank

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dc.creatorOtero Cardona, Jesús Gilberto
dc.creatorRamírez Gómez, Manuel
dc.date.accessioned2015-09-16T13:37:12Z
dc.date.available2015-09-16T13:37:12Z
dc.date.created2008-04
dc.date.issued2008
dc.description.abstractThis paper proposes a simple Ordered Probit model to analyse the monetary policy reaction function of the Colombian Central Bank. There is evidence that the reaction function is asymmetric, in the sense that the Bank increases the Bank rate when the gap between observed inflation and the inflation target (lagged once) is positive, but it does not reduce the Bank rate when the gap is negative. This behaviour suggests that the Bank is more interested in fulfilling the announced inflation target rather than in reducing inflation excessively. The forecasting performance of the model, both within and beyond the estimation period, appears to be particularly good.eng
dc.format.extent12spa
dc.format.mediumRecurso electrónicospa
dc.format.mimetypeapplication/pdf
dc.format.tipoDocumentospa
dc.identifier.citationOtero, J., & Ramírez, M. (2008). Modeling the monetary policy reaction function of the colombian central bank. Bogotá: Universidad del Rosario.
dc.identifier.doihttps://doi.org/10.48713/10336_10795
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/10795
dc.language.isospa
dc.publisherUniversidad del Rosariospa
dc.publisher.departmentFacultad de Economíaspa
dc.relation.citationIssueNo. 35
dc.relation.citationTitleSerie Documentos de trabajo. Economía
dc.relation.ispartofSerie documentos de trabajo. No 35 (Abril 2008)spa
dc.relation.urihttps://ideas.repec.org/p/col/000092/004650.html
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto completo)spa
dc.rights.ccAtribución-NoComercial-SinDerivadas 2.5 Colombiaspa
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dc.source.bibliographicCitationDolado, J. J., Maria-Dolores, R. and Naveira, M. (2005) Are monetary-policy reaction functions asymmetric? The role of nonlinearity in the Phillips curve, European Economic Review, 49, 485–503.
dc.source.bibliographicCitationEichengreen, B., Watson, M. W. and Grossman, R. S. (1985) Bank rate policy under the interwar gold standard: a dynamic probit model, Economic Journal, 95, 725–45.
dc.source.bibliographicCitationSvensson, L.E.O. (1999) Inflation targeting as a monetary policy rule, Journal of Monetary Economics, 43, 607–654.
dc.source.bibliographicCitationTaylor, J. B. (1993) Discretion versus policy rules in practice, Carnegie-Rochester Conference Series on Public Policy, 39, 195–214.
dc.source.bibliographicCitationWilliamson, J. (1996) The Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia, and Israel, Institute for International Economics, Washington, DC.
dc.source.bibliographicCitationWooldridge, J. M. (2002) Econometric Analysis of Cross Section and Panel Data, MIT Press, Cambridge, MA.
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.ddcEconomía financiera
dc.subject.keywordMonetary policy reaction functioneng
dc.subject.keywordOrdered Probit modeleng
dc.subject.keywordCentral Bank independenceeng
dc.subject.keywordColombiaeng
dc.subject.lembPolítica monetariaspa
dc.subject.lembTasas de interésspa
dc.subject.lembPolítica económicaspa
dc.subject.lembMoneda y bancaspa
dc.titleModelling the monetary policy reaction function of the Colombian Central Bankspa
dc.typeworkingPapereng
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.type.spaDocumento de trabajospa
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