Transmission Mechanisms and Inflation Targeting: The Case of Colombia's Disinflation

Borradores de Economia
Number: 
168
Published: 
Classification JEL: 
E17, E37, E50, E58
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Colombia has been on a steady disinflation path since the early 1990s. The paper presents a model of the transmission mechanisms of monetary policy in Colombia, in order to examine this disinflation. The model is used to describe the evolution of inflatio