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Política monetaria convencional y no convencional: un modelo de equilibrio general dinámico estocástico para Colombia

Author

Listed:
  • Jesús Alonso Botero

    (Universidad Eafit)

  • Nataly Rendón González

    (Universidad Pontificia Bolivariana)

Abstract

En este trabajo se aborda un modelo de equilibrio general dinámico estocástico neoclásico para comprobar el efecto de la política monetaria convencional y no convencional sobre la actividad económica y los precios. Los resultados muestran que en una economía abierta y pequeña con tipo de cambio flexible, un choque negativo de política monetaria no convencional, generado a través de una disminución en las reservas internacionales, disminuye el producto, el empleo, empeora la balanza comercial y tiene efectos sobre los precios vía disminución del circulante. Por su parte, un choque negativo de política monetaria convencional (aumento de la tasa de interés) afecta negativamente el producto, disminuye la inflación y genera una reevaluación de la tasa de cambio. Lo anterior es evidencia de que los bancos centrales disponen no solo de la tasa de interés como instrumento principal de política, sino también de intervenciones no convencionales, vía la hoja balance, que pueden afectar también a otras variables, como la tasa de cambio.

Suggested Citation

  • Jesús Alonso Botero & Nataly Rendón González, 2015. "Política monetaria convencional y no convencional: un modelo de equilibrio general dinámico estocástico para Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 33(76), pages 4-17, April.
    • Handle: RePEc:bdr:ensayo:v:33:y:2015:i:76:p:4-17
    DOI: 10.1016/j.espe.2015.02.002
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    Cited by:

    1. Pavel Vidal & Gilberto Ramírez & Lya Paola Sierra, 2018. "¿Por qué el Valle del Cauca ha crecido más que el promedio nacional? Un análisis regional de los ciclos y los choques económicos," Working Papers 33, Faculty of Economics and Management, Pontificia Universidad Javeriana Cali.

    More about this item

    Keywords

    Política monetaria; Hoja de balance; Banco central; Modelo de equilibrio general dinámico estocástico;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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