La tasa de interés natural en Colombia

Juan Carlos Parra-Alvarez; Juan Jose Echavarria; Martha Misas Arango; Enrique Lopez Enciso; Juana Tellez

La tasa de interés natural en Colombia

Juan Carlos Parra-Alvarez, Juan Jose Echavarria, Martha Misas Arango, Enrique Lopez Enciso, Juana Tellez

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › peer review

Abstract

In this article we estimate the natural real rate of interest (NRI) in Colombia for 1982 to 2005 based on the methodologies proposed by Laubach and Williams (2001) and Méssonier and Renne (2004). The NRI is estimated as a time varying latent variable within a Kalman Filter alongside the output gap. A Keynesian framework is used to identify these variables. The results suggest that monetary policy was contractionary in 1998 and 1999, and relatively expansive in recent years. The output gap has been positive in 2003 and 2004, confirming the results of of ther research.

Bidragets oversatte titel	The natural rate of interest in Colombia
Originalsprog	Spansk
Tidsskrift	Ensayos sobre Política Económica
Vol/bind	25
Udgave nummer	54
Sider (fra-til)	44-89
ISSN	0120-4483
Status	Udgivet - 2007
Udgivet eksternt	Ja

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Citationsformater

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title = "La tasa de inter{\'e}s natural en Colombia",

abstract = "In this article we estimate the natural real rate of interest (NRI) in Colombia for 1982 to 2005 based on the methodologies proposed by Laubach and Williams (2001) and M{\'e}ssonier and Renne (2004). The NRI is estimated as a time varying latent variable within a Kalman Filter alongside the output gap. A Keynesian framework is used to identify these variables. The results suggest that monetary policy was contractionary in 1998 and 1999, and relatively expansive in recent years. The output gap has been positive in 2003 and 2004, confirming the results of of ther research.",

keywords = "Natural rate of interest, Latent variables, Potential output, Kalman Filter",

author = "Parra-Alvarez, {Juan Carlos} and Echavarria, {Juan Jose} and {Misas Arango}, Martha and {Lopez Enciso}, Enrique and Juana Tellez",

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TY - JOUR

T1 - La tasa de interés natural en Colombia

AU - Parra-Alvarez, Juan Carlos

AU - Echavarria, Juan Jose

AU - Misas Arango, Martha

AU - Lopez Enciso, Enrique

AU - Tellez, Juana

PY - 2007

Y1 - 2007

N2 - In this article we estimate the natural real rate of interest (NRI) in Colombia for 1982 to 2005 based on the methodologies proposed by Laubach and Williams (2001) and Méssonier and Renne (2004). The NRI is estimated as a time varying latent variable within a Kalman Filter alongside the output gap. A Keynesian framework is used to identify these variables. The results suggest that monetary policy was contractionary in 1998 and 1999, and relatively expansive in recent years. The output gap has been positive in 2003 and 2004, confirming the results of of ther research.

AB - In this article we estimate the natural real rate of interest (NRI) in Colombia for 1982 to 2005 based on the methodologies proposed by Laubach and Williams (2001) and Méssonier and Renne (2004). The NRI is estimated as a time varying latent variable within a Kalman Filter alongside the output gap. A Keynesian framework is used to identify these variables. The results suggest that monetary policy was contractionary in 1998 and 1999, and relatively expansive in recent years. The output gap has been positive in 2003 and 2004, confirming the results of of ther research.

KW - Natural rate of interest

KW - Latent variables

KW - Potential output

KW - Kalman Filter

M3 - Tidsskriftartikel

SN - 0120-4483

VL - 25

SP - 44

EP - 89

JO - Ensayos sobre Política Económica

JF - Ensayos sobre Política Económica

IS - 54

ER -

La tasa de interés natural en Colombia

Abstract

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