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Monetary Policy Report - April 2020

dc.creatorOffice of the Deputy Technical Governor
dc.creatorVargas-Herrera, Hernando
dc.creatorOffice of the Deputy Governor for Monetary Policy and Economic Information
dc.creatorOspina-Tejeiro, Juan Jose
dc.creatorProgramming and Inflation Department
dc.creatorHuertas-Campos, Carlos Alfonso
dc.creatorCobo-Serna, Adolfo León
dc.creatorCaicedo-García, Edgar
dc.creatorCote-Barón, Juan Pablo
dc.creatorMartínez-Cortés, Nicolás
dc.creatorRojas, Carlos Daniel
dc.creatorPulido, Karen
dc.creatorMacroeconomic Programming Section
dc.creatorGaravito-Acosta, Aarón Levi
dc.creatorCalderón, Luis Hernán
dc.creatorGonzález, Camilo
dc.creatorSalazar-Diaz, Andrea
dc.creatorGaleano, Franky
dc.creatorAdvisors and Associate Researcher with the Programming and Inflation Department
dc.creatorGaitán-Maldonado, Celina
dc.creatorRestrepo-Ángel, Sergio
dc.creatorParra-Amado, Daniel
dc.creatorMacroeconomic Modeling Department
dc.creatorHamann-Salcedo, Franz
dc.creatorForecasting Section
dc.creatorPérez-Amaya, Julián Mauricio
dc.creatorRomero-Chamorro, José Vicente
dc.creatorForero, Santiago
dc.creatorMoreno, Nicolás
dc.creatorDe Castro, Marcela
dc.creatorNaranjo, Sara
dc.creatorConsultant and Researchers associated with the Macro-Economic Models Department
dc.creatorGuarín-López, Alexander
dc.creatorAnzola, César
dc.creatorMéndez-Vizcaíno, Juan Camilo
dc.date.created2020-05-04
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/9878
dc.description.abstractBanco de la República (the Central Bank of Colombia) is required by the Constitution to maintain the purchasing power of Colombia’s currency in coordination with general economic policy1. In order to fulfill this mandate, the Central Bank of Colombia’s Board of Directors (hereafter BDBR) has adopted a flexible inflation targeting scheme, by which monetary policy actions (MP) seek to lead inflation to a specific target and achieve maximum levels of sustainable output and employment. The flexibility of this scheme allows the BDBR to maintain an adequate balance between reaching its inflation target and smoothing output and employment fluctuations around their sustainable growth paths. The BDBR has set a 3.0% inflation target based on annual change in the consumer price index (CPI). In the short term, inflation may be affected by factors outside of monetary policy control, such as changes in food prices due to climate-related phenomena. To factor in this reality, the BDBR has also set a ±1 percentage point range outside its inflation target (i.e., 3.0 ± 1 pp). This range does not represent a monetary policy target, but rather reflects the fact that inflation can fluctuate around the target and will not always be equal to 3.0%. The main instrument of the BDBR to control inflation is the policy interest rate (overnight repo rate, or benchmark interest rate). Given that monetary policy actions take time to have their full effect on the economy and inflation2, the BDBR assesses the inflation forecast and inflation expectations vis-à-vis the inflation target, as well as the current situation and outlook of the economy, in order to determine their value. The BDBR meets once a month, producing monetary policy decisions in eight of its meetings (January, March, April, June, July, September, October, and December). In principle, no such decisions are made in the BDBR’s four remaining meetings (February, May, August, and November)3. At the end of the meetings in which monetary policy decisions are produced, a press release is published and a press conference held by the Governor of the Central Bank and the Minister of Finance. The minutes of the meeting describing the positions that led the BDBR to its decision are published on the following business day. Additionally, the Monetary Policy Report (MPR)4, produced by the Central Bank’s technical staff, is published in January, April, July, and October, together with the minutes. On the Wednesday of the week following the Board meeting, the Governor clarifies concerns about the minutes, and the Bank’s Deputy Technical Governor presents the MPR. This dissemination scheme5 seeks to deliver relevant and up-to-date information to contribute to better decision-making by the agents of the economy. 1 Political Constitution of Colombia (1991), Article 373 and Decision C-481/99 of the Constitutional Court. 2 For further details, see M. Jalil and L. Mahadeva (2010). “Transmission Mechanisms of Monetary Policy in Colombia”, Universidad Externado de Colombia, Faculty of Finance, Government, and International Relations, ed. 1, vol. 1, no. 69, October. 3 A Board Member may request an extraordinary meeting at any time to make MP decisions. 4 Formerly known as the Inflation Report. 5 The current communication scheme was approved by the BDBR in its August 2019 meeting.
dc.format.extent47 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isoeng
dc.publisherBanco de la República de Colombia
dc.relation.ispartofReportes, Boletines e Informes
dc.relation.ispartofseriesMonetary Policy Report
dc.relation.isversionofMonetary Policy Report - April 2020
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectBancos centrales
dc.subjectCrecimiento económico
dc.subjectAlimentos
dc.subjectPrecios
dc.subjectColombia
dc.titleMonetary Policy Report - April 2020
dc.typeReport
dc.subject.jelE31 - Price Level; Inflation; Deflation
dc.subject.jelE39 - Prices, Business Fluctuations, and Cycles: Other
dc.subject.jelE30 - Prices, Business Fluctuations, and Cycles: General
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordCentral banks
dc.subject.keywordEconomic growth
dc.subject.keywordFoods
dc.subject.keywordPrices
dc.subject.keywordColombia
dc.subject.lembBanco de la República (Bogotá) -- 2020 -- Informes
dc.subject.lembInflación -- Colombia -- 2020 -- Informes
dc.subject.lembPolítica monetaria -- Colombia -- 2020 -- Informes
dc.subject.lembBalanza de pagos -- Colombia -- 2020 -- Informes
dc.subject.lembProducto interno bruto -- Colombia -- 2020 -- Informes
dc.type.spaInforme
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.relation.issn2711 - 2128
dc.relation.doihttps://doi.org/10.32468/inf-pol-mont-eng.tr2-2020
dc.rights.ObjetoObjeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal de Investigaciones del Banco de la República e incluirla en el repositorio institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.
dc.rights.HabeasDatos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, filiación académica, perfil académico, entre otros) en el Portal de Investigaciones o la obra remitida para publicación, y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación de la obra en el Portal de Investigaciones, dar a conocer su perfil académico y medios de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal de Investigaciones. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/9878
dc.relation.shortdoihttp://doi.org/d3dm
local.descargahttps://doi.org/10.32468/inf-pol-mont-eng.tr2-2020


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