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Una regla de Taylor óptima para Colombia, 1997-2006

Author(s): Remberto Rhenals | Juan Pablo Saldarriaga

Journal: Lecturas de Economía
ISSN 0120-2596

Volume: 69;
Issue: 69;
Start page: 9;
Date: 2008;
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Keywords: Rules | Discretion | Monetary Policy Reaction Function | Optimal Taylor Rule | Inflation Rate | Interest Rate

In this article, an open-economy optimal monetary rule is estimated for Colombia over the period 1991-2006 using the Generalized Method of Moments (GMM). The results show that in 1991-1999 the monetary authorities had two targets: one for the inflation rate and another for the exchange rate. In contrast, the exchange rate did not seem to be a concern for the monetary authorities during 2000-2006, or at least they did not use the interest rate to address such a goal. The output gap is statistically significant in both sub-periods, but the magnitude of its coefficient is practically negligible.
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