1. Pandemia y política económica: la política monetaria en discusión.
- Author
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Baquero Beltrán, Amy and Villamil, Jaime
- Subjects
- *
COVID-19 pandemic , *ECONOMIC policy , *MONETARY policy , *ECONOMIC expansion , *UNEMPLOYMENT , *PRICE inflation , *CENTRAL banking industry - Abstract
This paper explores the credibility of monetary policy in Colombia and its evolution after the adoption of the inflation targeting system. To do so, a non-linear Phillips curve is estimated based on unemployment for an open economy, which incorporates the direct effect of past inflation rate on price formation and a prospective component. It shows a deeper trade-off between inflation and unemployment and lower inflationary persistence. Consequently, the country could emphasize the greater responsibility of the central bank in economic growth and employment. [ABSTRACT FROM AUTHOR]
- Published
- 2022
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