Commodity price shocks and inflation within an optimal monetary policy framework : the case of Colombia

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Borradores de Economía; No. 858
Date published
2014-12-22
Date of last update
2014-12-22
Author
Arango-Thomas, Luis Eduardo
Chavarro-Sanchez, Ximena
González-Molano, Eliana Rocío
Document language
spa
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Las 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.
Abstract
A small open macroeconomic model, in which an optimal interest rate rule emerges to drive the inflation behavior, is used to model inflation within an inflation targeting framework. This set up is used to estimate the relationship between commodity prices
JEL Codes
E58 - Central Banks and Their PoliciesE43 - Interest Rates: Determination, Term Structure, and Effects
Keywords
Commodity prices ; Inflation-targeting regime ; Optimal monetary policy ; Expectations ;
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6146
https://hdl.handle.net/20.500.12134/6146
https://doi.org/10.32468/be.858
https://ideas.repec.org/p/bdr/borrec/858.html
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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