Munich Personal RePEc Archive

Impacto de política monetaria: una revisión empírica 2000 – 2013

Anzoategui Zapata, Juan Camilo (2015): Impacto de política monetaria: una revisión empírica 2000 – 2013. Published in: Revista Libre Empresa , Vol. 1, No. Revista Libre Empresa. 12(1) (15 January 2015): pp. 185-206.


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This paper analyzes for the period 2000 - 2013 the transmission mechanism of monetary policy in Colombia, focusing on how the Bank of the Republic and its inflation targeting strategy affects through the intervention interest rate, the M2 and the consumer loans to total inflation and therefore the purchasing power. This is done through a procedure Johansen cointegration analyzing and short –and long– term vector autoregression model - VECM. For the period of analysis is evidence of price paradox, ie, against increases in the intervention interest rate total inflation responds with a persistent increase. It is also found that for the long term there is an inverse relationship between consumer credit and inflation, the above reflected in a greater financial deepening accompanied by a strong disinflationary policy by the issuer.

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