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dc.creatorGómez-Pineda, Javier G.
dc.creatorUribe, José Darío
dc.creatorVargas-Herrera, Hernando
dc.date.created2002-03-18
dc.date.issued2002-03-18
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/5220
dc.description.abstractExplicit inflation targets have existed in Colombia since the early nineties1 . The Colombian authorities announced a quantitative in‡ation target for the first time in 1991. The announcement was made by the Minister of Finance, at a time when there was no clear distinction between the tasks of the central bank and those of the government with respect to macroeconomic management, nor there was any autonomy in the design and execution of monetary policy. In 1991, a new Constitution assigned the design and conduct of monetary, exchange, and credit policies exclusively to the Board of Directors of Banco de la República and made the central bank independent from the central government. According to the Constitution, ”The State, through Banco de la República must preserve the purchasing power of currency”. In addition to the constitutional mandate, in 1992 the Central Bank Law stated that the Board of Directors must announce each year a quantitative inflation target. The reduction of inflation in Colombia has faced several hurdles. To begin, the introduction of explicit inflation targets in Colombia had two special features. First, unlike other countries, the inflation target was not initially announced as part of a policy framework to achieve price stability. Second, there was a marked deviation between observed inflation and the first announced target. Thus, inflation targeting in Colombia started with low credibility and confusion about its nature and operational meaning.
dc.format.mimetypePDF
dc.language.isospa
dc.publisherBanco de la República
dc.relation.ispartofDocumentos de Trabajo
dc.relation.ispartofseriesBorradores de Economía
dc.relation.isversionofBorradores de Economía; No. 202
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.titleThe implementation of inflation targeting in Colombia
dc.typeWorking Paper
dc.subject.jelE50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
dc.subject.jelE37 - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Application
dc.subject.jelE17 - General Aggregative Models: Forecasting and Simulation: Models and Application
dc.subject.jelE58 - Central Banks and Their Policies
dc.subject.keywordInflation
dc.subject.keywordTargeting
dc.subject.lembInflación -- Colombia
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaE50 - Política monetaria, bancos centrales, oferta de dinero y crédito: Generalidades
dc.subject.jelspaE17 - Modelos agregados generales: Predicción y simulación; Modelos y aplicación
dc.subject.jelspaE37 - Precios, fluctuaciones y ciclos económicos: Predicción y simulación; Modelos y aplicación
dc.subject.jelspaE58 - Bancos centrales y sus políticas
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.relation.doihttps://doi.org/10.32468/be.202
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/202.html
dc.relation.dotechttps://ideas.repec.org/p/col/000094/003603.html
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/5220
dc.creator.firmaJavier G. Gómez-Pineda
dc.source.handleRepecRePEc:col:000094:003603
dc.source.handleRepecRePEc:bdr:borrec:202


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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit