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

2014-12-22

Authors

Arango-Thomas, Luis Eduardo
Chavarro-Sanchez, Ximena
González-Molano, Eliana Rocío

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ISSN

ISBN

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.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

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

Description

JEL Codes

E58 - Central Banks and Their Policies
E43 - Interest Rates: Determination, Term Structure, and Effects

Temática

Keywords

Keywords

Commodity prices , Inflation-targeting regime , Optimal monetary policy , Expectations

Citation

URI

https://repositorio.banrep.gov.co/handle/20.500.12134/6146
 https://hdl.handle.net/20.500.12134/6146
 https://ideas.repec.org/p/bdr/borrec/858.html
 https://doi.org/10.32468/be.858

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Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial 4.0.

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