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

Borradores de Economia
Number: 
858
Published: 
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