The Transmission Mechanism of Monetary Policy in Colombia Major Changes and Current Features

Borradores de Economia
Number: 
431
Published: 
Classification JEL: 
E42, E44, E52, E66
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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The Colombian economy experienced several shocks in the past ten years. The permanent fall of inflation, the adoption of inflation targeting (IT) and a financial crisis altered the transmission mechanism of monetary policy. Low inflation and IT reduced in