Abstract

GIRALDO PALOMINO, Andrés Felipe. AVERSIÓN A LA INFLACIÓN Y REGLA DE TAYLOR EN COLOMBIA 1994-2005. Cuad. Econ. [online]. 2008, vol.27, n.49, pp.225-257. ISSN 0121-4772.

This article provides an estimation of inflation aversion and cycles on the part of the Banco de la República (Colombia’s central bank) for the period 1994-2005, using a space-state structure and the Kalman Filter method. It shows that the parameter that measures aversion to the product gap is not significant. It concludes that the inflation aversion parameter fulfills the Taylor Principle (it takes on a value greater than one) and that according to the sample and the estimation carried out on it, the only variable to which the central bank reacts is the inflationary gap.

Keywords : Inflation; monetary policy rules; Colombia.

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