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Commodity price shocks and inflation within an optimal monetary policy framework : the case of Colombia

Luis Eduardo
Arango-Thomas
Ximena
Chavarro-Sanchez
Eliana Rocío
González-Molano
Lunes, 1 Diciembre 2014

A small open macroeconomic model, in which an optimal interest rate rule emerges to drive the inflation behavior, is used to model inflation within an inflation targeting framework. This set up is used to estimate the relationship between commodity prices