2014-08-042014-08-042014-08-042014-08-04https://repositorio.banrep.gov.co/handle/20.500.12134/6122Many central banks, particularly in the developing world, aim for exchange rate stability as a macroeconomic goal. However, most are reluctant to relinquish monetary policy autonomy, so they end up operating through both interest rate and foreign exchangePDFspaOpen AccessWorking PaperF31 - Foreign ExchangeE58 - Central Banks and Their PoliciesE52 - Monetary PolicyE43 - Interest Rates: Determination, Term Structure, and EffectsE31 - Price Level; Inflation; DeflationCentral bank interventionSimultaneous policiesMonetary shocksPrice puzzleMonetary policy trilemmaForeign exchange interventionPolítica monetaria -- Colombia -- 1999-2012Inflación -- Colombia -- 1999-2012Cambio exterior -- Colombia -- 1999-2012Acceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0F31 - Tipos de cambioE43 - Tipos de interés: determinación, estructura temporal y efectosE52 - Política monetariaE58 - Bancos centrales y sus políticasE31 - Nivel de precios; Inflación; DeflaciónLas 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.https://hdl.handle.net/20.500.12134/6122