| Revista: | Cuadernos de economía (Santiago) |
| Base de datos: | CLASE |
| Número de sistema: | 000317045 |
| ISSN: | 0716-0046 |
| Autors: | Becerra, Oscar Reinaldo Melo Velandia, Luis Fernando2 |
| Institucions: | 1Fundación para la Educación Superior y el Desarrollo, Bogotá. Colombia 2Banco de la República, Bogotá. Colombia |
| Any: | 2009 |
| Període: | May |
| Volum: | 46 |
| Número: | 133 |
| Paginació: | 107-134 |
| País: | Chile |
| Idioma: | Español |
| Tipo de documento: | Artículo |
| Enfoque: | Analítico, descriptivo |
| Resumen en inglés | This paper describes the dynamics of the monetary policy decisions enacted by the Central Bank of Colombia and the transmission to other interest rates, in order to identify the effectiveness and backwardness of such monetary policy measures. Based on a theoretical model, a VECX-MGARCH model is used to analyze the interactions among different interest rates and model the relationship between the volatilities of the endogenous variables of the model. Impulse-response functions suggest that the effect of a monetary shock on interest rates closely follow the objectives set by the Central Bank, both in sign and magnitude |
| Disciplines | Economía |
| Paraules clau: | Economía descriptiva, Colombia, Tasas de interés, Metas de inflación, Modelos econométricos |
| Text complet: | Texto completo (Ver PDF) |
