<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962017000200067</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n87a03</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efectos de los anuncios de política monetaria sobre la volatilidad de la tasa de cambio: un análisis para Colombia, 2008-2015]]></article-title>
<article-title xml:lang="en"><![CDATA[Effects of monetary policy announcements on exchange rate volatility: an analysis for Colombia, 2008-2015]]></article-title>
<article-title xml:lang="fr"><![CDATA[Les effets des annonces de politique monétaire sur la volatilité du taux de change: une analyse pour le cas de l&#8217;économie colombienne, 2008-2015]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Galvis Ciro]]></surname>
<given-names><![CDATA[Juan Camilo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Oliveira de Moraes]]></surname>
<given-names><![CDATA[Claudio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arizoátegui Zapata]]></surname>
<given-names><![CDATA[Juan Camilo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Pontificia Bolivariana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco Central de Brasil área de Estabilidad Financiera ]]></institution>
<addr-line><![CDATA[Rio de Janeiro ]]></addr-line>
<country>Brasil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Latinoamericana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<numero>87</numero>
<fpage>67</fpage>
<lpage>95</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962017000200067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962017000200067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962017000200067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo busca evidencia sobre los efectos de la comunicación de los bancos centrales. Para ello, se evalúa la capacidad de los mercados financieros para anticipar las decisiones de política monetaria en la economía colombiana. Además, se estiman los efectos que traen las sorpresas en las decisiones del banco central de Colombia sobre la volatilidad de la tasa de cambio. Los resultados muestran que la comunicación del banco central disminuye esta volatilidad; así mismo, se encuentra que otras variables como el riesgo externo, el precio del petróleo y las tasas de interés externas la afectan.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper seeks evidence on the effects of central bank communication. To do this, the ability of financial markets to predict monetary policy decisions in Colombia is evaluated. Also, the effects of surprise decisions by the central bank of Colombia on exchange rate volatility are estimated. The results show that central bank communication decreases the volatility of the exchange rate. In addition, it is found that other variables such as external risk, the price of oil and external interest rates affect exchange rate volatility in Colombia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Cet article analyse les évidences empiriques sur les effets des annonces de la politique monétaire mise en pratique par la banque centrale. Pour ce faire, nous évaluons la capacité des marchés financiers à anticiper les décisions de politique monétaire dans l&#8217;économie colombienne. Nous estimons les effets qui entraînent les décisions inattendues de la part de la banque centrale de Colombie sur la volatilité du taux de change. Les résultats montrent que les annonces de la banque centrale concernant sa politique monétaire diminuent cette volatilité. Enfin, nous montrons que d&#8217;autres variables ont aussi un effet sur la volatilité, telles que le risque externe, les prix du pétrole et les taux d&#8217;intérêt externes.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[comunicación del banco central]]></kwd>
<kwd lng="es"><![CDATA[tasa de cambio]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[central bank communication]]></kwd>
<kwd lng="en"><![CDATA[exchange rate]]></kwd>
<kwd lng="fr"><![CDATA[politique monétaire]]></kwd>
<kwd lng="fr"><![CDATA[annonces de la banque centrale]]></kwd>
<kwd lng="fr"><![CDATA[taux de change]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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