Anzoategui Zapata, Juan Camilo (2015): Impacto de política monetaria: una revisión empírica 2000 – 2013. Published in: Revista Libre Empresa , Vol. 1, No. Revista Libre Empresa. 12(1) (15 January 2015): pp. 185-206.
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Abstract
This paper analyzes for the period 2000 - 2013 the transmission mechanism of monetary policy in Colombia, focusing on how the Bank of the Republic and its inflation targeting strategy affects through the intervention interest rate, the M2 and the consumer loans to total inflation and therefore the purchasing power. This is done through a procedure Johansen cointegration analyzing and short –and long– term vector autoregression model - VECM. For the period of analysis is evidence of price paradox, ie, against increases in the intervention interest rate total inflation responds with a persistent increase. It is also found that for the long term there is an inverse relationship between consumer credit and inflation, the above reflected in a greater financial deepening accompanied by a strong disinflationary policy by the issuer.
| Item Type: | MPRA Paper |
|---|---|
| Original Title: | Impacto de política monetaria: una revisión empírica 2000 – 2013 |
| English Title: | Impact of monetary policy: an empirical review 2000 - 2013 |
| Language: | Spanish |
| Keywords: | Impact of monetary policy, VAR model, inflation, price paradox. |
| Subjects: | E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies |
| Item ID: | 69349 |
| Depositing User: | Juan Camilo Anzoategui Zapata |
| Date Deposited: | 15 Mar 2016 14:18 |
| Last Modified: | 27 Sep 2019 23:34 |
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| URI: | https://mpra.ub.uni-muenchen.de/id/eprint/69349 |
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