Resumen

RHENALS M., Remberto  y  SALDARRIAGA, Juan Pablo. An Optimal Taylor Rule for Colombia, 1991-2006. Lect. Econ. [online]. 2008, n.69, pp.11-40. ISSN 0120-2596.

In this article, an open-economy optimal monetary rule is estimated for Colombia over the period 1991-2006 using the Generalized Method of Moments (GMM). The results show that in 1991-1999 the monetary authorities had two targets: one for the inflation rate and another for the exchange rate. In contrast, the exchange rate did not seem to be a concern for the monetary authorities during 2000-2006, or at least they did not use the interest rate to address such a goal. The output gap is statistically significant in both sub-periods, but the magnitude of its coefficient is practically negligible.

Palabras clave : Rules; Discretion; Monetary Policy Reaction Function; Optimal Taylor Rule; Inflation Rate; Interest Rate.

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