The implementation of inflation targeting in Colombia

dc.coverage.sucursalBogotáspa
dc.creatorGómez-Pineda, Javier G.
dc.creatorUribe, José Darío
dc.creatorVargas-Herrera, Hernando
dc.creator.firmaJavier G. Gómez-Pineda
dc.date.accessioned2002-03-18T08:30:10Zeng
dc.date.available2002-03-18T08:30:10Z
dc.date.created2002-03-18
dc.date.issued2002-03-18
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.eng
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/5220spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/5220
dc.language.isospaspa
dc.publisherBanco de la Repúblicaspa
dc.relation.doihttps://doi.org/10.32468/be.202spa
dc.relation.dotechttps://ideas.repec.org/p/col/000094/003603.htmlspa
dc.relation.ispartofDocumentos de Trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 202
dc.relation.numberBorrador 202spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/202.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
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.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.handleRepecRePEc:col:000094:003603spa
dc.subject.jelE50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: Generaleng
dc.subject.jelE37 - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applicationeng
dc.subject.jelE17 - General Aggregative Models: Forecasting and Simulation: Models and Applicationeng
dc.subject.jelE58 - Central Banks and Their Policieseng
dc.subject.jelspaE50 - Política monetaria, bancos centrales, oferta de dinero y crédito: Generalidadesspa
dc.subject.jelspaE17 - Modelos agregados generales: Predicción y simulación; Modelos y aplicaciónspa
dc.subject.jelspaE37 - Precios, fluctuaciones y ciclos económicos: Predicción y simulación; Modelos y aplicaciónspa
dc.subject.jelspaE58 - Bancos centrales y sus políticasspa
dc.subject.keywordInflationeng
dc.subject.keywordTargetingeng
dc.subject.lembInflación -- Colombiaspa
dc.titleThe implementation of inflation targeting in Colombiaspa
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

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