Reinhart, Carmen (1993): Output fluctuations and monetary shocks in Colombia: A reply to Garcia. Published in: IMF Staff Papers , Vol. 40, No. 4 (December 1993): pp. 876-877.
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We highlight in this note how an application of a similar estimation approach as ours to Colombian data for a more recent period following financial and capital account liberalization may find that the money supply is "endogenous" (i.e. demand-determined as long as the exchange rate is heavily managed.
|Item Type:||MPRA Paper|
|Original Title:||Output fluctuations and monetary shocks in Colombia: A reply to Garcia|
|Keywords:||inflation money Colombia capital controls|
|Subjects:||F - International Economics > F0 - General
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
|Depositing User:||Carmen Reinhart|
|Date Deposited:||14. Feb 2009 14:35|
|Last Modified:||15. Feb 2013 00:09|
Campbell, John r:., and Pierre Perron, "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots," NBER Macroeconomics Annual 6 (1991), pp. 144-200.
Reinhart, Carmen M. and Vincent R. Reinhart, “Output Fluctuations and Monetary Shocks: Evidence from Colombia,” (with Vincent R. Reinhart), IMF Staff Papers, Vol. 38 No. 4, December 1991, 705-735.