Time-Inconsistency and Inflation: Empirical Evidence for Colombian Economy

Galvis Ciro, Juan Camilo

DSpace Principal
→
Colección de los Centros Asociados
→
Colombia
→
Facultad de Ciencias Humanas y Económicas - FCHE/UNAL - Cosecha
→
Ver ítem

dc.creator	Galvis Ciro, Juan Camilo
dc.date	2018-01-01
dc.date.accessioned	2022-03-23T15:10:22Z
dc.date.available	2022-03-23T15:10:22Z
dc.identifier	https://revistas.unal.edu.co/index.php/ede/article/view/71748
dc.identifier	10.15446/ede.v28n52.71748
dc.identifier.uri	http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/109706
dc.description	This paper takes Colombia as a case-study and seeks to verify the constraints that the Time-inconsistency problem imposes on the time series corresponding to inflation and unemployment. The Colombian economy is analyzed in the period 1976-2006 and the results of the statistical tests show that the constraints were confirmed during the period 1976-1991. In particular, it is possible that errors in monetary policy management were partly responsible for the inflation growth in that period.	en-US
dc.description	Este trabajo toma como estudio de caso a Colombia y busca verificar las restricciones que el problema de la incoherencia temporal impone sobre las series de tiempo de inflación y desempleo. Es analizado el período 1976-2006 para la economía colombiana y los resultados de las pruebas estadísticas muestran que durante el periodo 1976-1991 se comprueban las restricciones del problema de la incoherencia dinámica. En particular, es posible que los errores en la conducción de la política monetaria fueran en parte los responsables por el crecimiento de la inflación en dicho período.	es-ES
dc.format	application/pdf
dc.language	spa
dc.publisher	Universidad Nacional de Colombia - Sede Medellín - Facultad de Ciencias Humanas y Económicas - Departamento de Economía	es-ES
dc.relation	https://revistas.unal.edu.co/index.php/ede/article/view/71748/67310
dc.relation	/ref/Akay, H. y Nargelecekenler, M. (2007). Is There the Time-Inconsistency Problem in Turkey?. Journal of Economic Studies, 34(5), 389-400. https://doi.org/10.1108/01443580710823202
dc.relation	/ref/Albuquerque, J.C., de Mendonça, H. y Montes, G. (2014). Time-Inconsistency Problem: Less Common than We Think. Journal of Economic Studies, 41(5), 708 – 720. https://doi.org/10.1108/JES-12-2012-0168
dc.relation	/ref/Barro, R. y Gordon, D. (1983). Rules, Discretion and Reputation in a Model of Monetary Policy. Journal of Monetary Economics, 12(1), 101-121. https://doi.org/10.1016/0304-3932(83)90051-X
dc.relation	/ref/Blinder, A. (1998). Central Banking in Theory and Practice. Cambridge: MIT Press.
dc.relation	/ref/Cukierman, A. y Gerlach, S. (2003). The Inflation Bias Revisited: Theory and Some International Evidence. The Manchester School, 71, 541-565. https://doi.org/10.1111/1467-9957.00366
dc.relation	/ref/Doyle, M. y Falk, B. (2008), Testing Commitment Models of Monetary Policy: Evidence from OECD Economies. Journal of Money, Credit and Banking, 40(2/3), 409-425. https://doi.org/10.1111/j.1538-4616.2008.00119.x
dc.relation	/ref/Engle, R. y Granger, C. (1987). Co-integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55(2), 251-276.
dc.relation	/ref/Galvis, J.C. y De Mendonça, H. (2017). Effect of Credibility and Reputation on Discretionary Fiscal Policy: Empirical Evidence from Colombia. Empirical Economics, 53(4), 1529–1552.
dc.relation	/ref/Gómez, J. P., Uribe, J. y Vargas, H. (2002). The Implementation of Inflation Targeting in Colombia. Borradores de Economía, 202, 1-62.
dc.relation	/ref/Hamilton, J.D. (1994). Time Series Analysis. Princeton: Princeton University Press.
dc.relation	/ref/Ireland, P.N. (1999). Does the Time-Consistency Problem Explain the Behavior of Inflation in the United Sates? Journal of Monetary Economics, 44(2), 279-291. https://doi.org/10.1016/S0304-3932(99)00026-4
dc.relation	/ref/Johansen, S. (1991). Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models. Econometrica, 59(6), 1551-1580.
dc.relation	/ref/Kwiatkowski, D., Phillips, P. C. B., Schmidt, P. y Shin, Y. (1992). Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root. Journal of Econometrics, 54(1), 159–178. https://doi.org/10.1016/0304-4076(92)90104-Y
dc.relation	/ref/Kydland, F. y Prescott, E. (1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85(3), 473-491.
dc.relation	/ref/Mackinnon, J., Haug, A. y Michelis, L. (1999) Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration. Journal of Applied Econometrics, 14(5), 563-77.
dc.relation	/ref/Phillips, P.C.B. y Ouliaris, S. (1990). Asymptotic Properties of Residual Based Tests for Cointegration. Econometrica, 58(1), 165-193.
dc.relation	/ref/Pierdzioch, C. y Stadtmann, G. (2011). Does the ECB Have a Time-Inconsistency Problem? A Note. Scottish Journal of Political Economy, 58(2), 189-199. https://doi.org/10.1111/j.1467-9485.2011.00542.x
dc.relation	/ref/Sargent, T. y Wallace, N. (1981). Some Unpleasant Monetarist Arithmetic. Federal Reserve Bank of Minneapolis, Quarterly Review, 1–17.
dc.relation	/ref/Taylor, J.B. (1997). Comment. En Romer, C.D., Romer, D.H. (Eds.), Reducing Inflation: Motivation and Strategy (pp. 276-280). Chicago: University of Chicago Press.
dc.rights	Derechos de autor 2018 Ensayos de Economía	es-ES
dc.rights	https://creativecommons.org/licenses/by-nc-nd/4.0	es-ES
dc.source	Ensayos de Economía; Vol. 28 No. 52 (2018); 63-76	en-US
dc.source	Ensayos de Economía; Vol. 28 Núm. 52 (2018); 63-76	es-ES
dc.source	Ensayos de Economía; Vol. 28 No. 52 (2018); 63-76	fr-CA
dc.source	2619-6573
dc.source	0121-117X
dc.subject	time-inconsistency problem	en-US
dc.subject	inflation	en-US
dc.subject	unemployment.	en-US
dc.subject	incoherencia temporal	es-ES
dc.subject	inflación	es-ES
dc.subject	desempleo	es-ES
dc.title	Time-Inconsistency and Inflation: Empirical Evidence for Colombian Economy	en-US
dc.title	La inconsistencia temporal y la inflación: evidencias empíricas para la economía colombiana	es-ES
dc.type	info:eu-repo/semantics/article
dc.type	info:eu-repo/semantics/publishedVersion