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

Luis E. Arango; Ximena Chavarro-Sanchez; Eliana Rocío González-Molano

Number:

858

Published:

Monday, 1 December 2014

Classification JEL:

E43, E58

Keywords:

Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

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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