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Seleccion Y Control De Agregados Monetarios Optimos

Author

Listed:
  • Sergio Clavijo V.
  • Hernando J. Gómez R

Abstract

El obhjetivo de este trabajo es analizar los criterios de selección y control de los agregados monetarios en Colombia en el período 1972-1986 utilizando para ello técnicas econométricas en los llamados "Criterios de Información", "Predictibilidad Óptima" y "Principio de Inclusión". Las conclusiones básicas con respecto a la selección de los agregados son: i) si las autoridades monetarias buscan alcanzar una determinada tasa de crecimiento del PIB real deberían fijar metas monetarias en términos de M1B=M1 + UPAC (cuentas hipotecarias indexadas=, ii) si el objetivo es en cambio, una determinada tasa de crecimiento del PIB nominal o la estabilidad de precios, las metas monetarias deberían fijarse en términos de billetes y M2. Con relación al control, encontramos que al fijar metas en términos agregados más amplios que el tradicional M1 tiende a dificultar el manejo de los encajes, pero ello hacer que las OMAS se vuelvam aún más importantes que en el pasado, a pesar de su mayor costo financiero

Suggested Citation

  • Sergio Clavijo V. & Hernando J. Gómez R, 1988. "Seleccion Y Control De Agregados Monetarios Optimos," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 7(14), pages 39-64, December.
    • Handle: RePEc:col:000107:003491
    DOI: 10.32468/Espe.1402
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    Cited by:

    1. Sergio Clavijo, 2000. "Reflexiones Sobre Política Monetaria e "Inflación Objetivo" en Colombia," Borradores de Economia 141, Banco de la Republica de Colombia.
    2. Carmen M. Reinhart & Vincent R. Reinhart, 1991. "Output Fluctuations and Monetary Shocks: Evidence from Colombia," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 705-735, December.

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    Keywords

    AGREGADOS MONETARIOS;

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