Efficient policy rule for Inflation Targeting in Colombia

Martha Rosalba López-Piñeros

Borradores de Economia

Number:

240

Published:

Thursday, 1 May 2003

Classification JEL:

E31

Keywords:

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

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In a small macroeconomic model of the Colombian economy I investigate the problem of selecting a policy rule that is consistent with inflation targeting. I spell out the characteristics of the optimal feedback and output parameters in the rule, as well as