Abstract

ANZOATEGUI-ZAPATA, Juan Camilo  and  GALVIS-CIRO, Juan Camilo. Effects of the central bank communication on the expectations disagreements of the monetary policy rate: evidence for Colombia. Finanz. polit. econ. [online]. 2022, vol.14, n.2, pp.375-409.  Epub Oct 12, 2022. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.4.

The aim of this paper is to research the effects of the central bank's communication on the forecast of the monetary policy interest rate. To do this, we analyze the case of the Colombian economy for the period 2014-2020. The methodology used consists of evaluating the information provided in the minutes, the volume of news and the central bank's publications and evaluating their effects on the disagre-ements in the expectations of the financial market. Through econometric regressions and using the GMM method and the impulse-response VAR methodology, it is found that policy decisions made by consensus, as well as clarity in the drafting of minutes, reduce uncertainty among agents.

Keywords : disagreements; interest rate expectations; communication; monetary policy; central bank; Colombia; econometrics.

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