<?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>0120-3053</journal-id>
<journal-title><![CDATA[Apuntes del Cenes]]></journal-title>
<abbrev-journal-title><![CDATA[Apuntes del Cenes]]></abbrev-journal-title>
<issn>0120-3053</issn>
<publisher>
<publisher-name><![CDATA[Universidad Pedagógica y Tecnológica de Colombia (UPTC)]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-30532019000100073</article-id>
<article-id pub-id-type="doi">10.19053/01203053.v38.n67.2019.7912</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efectos de los anuncios de política monetaria y la credibilidad sobre las expectativas de inflación: evidencia para Colombia]]></article-title>
<article-title xml:lang="en"><![CDATA[Effects of Monetary Policy Announcements and Credibility on Inflation Expectations: Evidence for Colombia]]></article-title>
<article-title xml:lang="pt"><![CDATA[Efeitos dos anúncios de política monetária e credibilidade sobre as expectativas de inflação: evidência para a Colômbia]]></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[Anzoátegui 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[,Universidad Autónoma Latinoamericana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>38</volume>
<numero>67</numero>
<fpage>73</fpage>
<lpage>94</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-30532019000100073&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-30532019000100073&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-30532019000100073&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este documento analiza los efectos de los anuncios del banco central sobre las expectativas de inflación para la economía colombiana. En particular, son estudiados los impactos de los pronunciamientos sobre la tasa de interés y los choques macroeconómicos sobre las tasas de inflación compensadas, dado el escenario de credibilidad de la política monetaria. La evidencia empírica es abordada por medio de un análisis de regresión con un modelo EGARCH para el período 2008-2016. Los resultados muestran que las expectativas de inflación responden a los anuncios de política. Además, los pronunciamientos fueron más efectivos en anclar las expectativas durante el período 2012-2016 y la mayor credibilidad de la política permitió que las expectativas fueran más estables frente a los choques externos.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper refers to the literature on the effects of central bank announcements on inflation expectations in developing countries. In particular, based on the Colombian experience, we study the impact of interest rate announcements and macroeconomic shocks on breakeven inflation rates, given the monetary policy credibility scenario. The empirical evidence is implemented by regression analysis using an EGARCH model between 2008-2016. We find that inflation expectations respond to policy statements in Colombia. Our results show that the central bank pronouncements were more effective in anchoring expectations in the period 2012-2016 and the greater monetary policy credibility allows inflation expectations to be more stable before external shocks.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este trabalho analisa os efeitos dos anúncios do banco central sobre as expectativas de inflação para a economia colombiana. Em particular, são avaliados os efeitos dos anúncios da taxa de juros e choques macroeconômicos sobre as taxas de inflação compensadas em diferentes cenários de credibilidade da política monetária. A evidência empírica é abordada por meio de analises de regressão com um modelo EGARCH para o período 2008-2016. Os resultados mostram que as expectativas de inflação reagem aos anúncios de política. Além disso, os anúncios do banco central foram mais eficaz para ancorar as expectativas durante o período 2012-2016 e sua maior credibilidade na política monetária permitiu que as expectativas foram mais estáveis frente a choques externos.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[banco central]]></kwd>
<kwd lng="es"><![CDATA[expectativas de inflación]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[modelización econométrica]]></kwd>
<kwd lng="en"><![CDATA[central bank]]></kwd>
<kwd lng="en"><![CDATA[inflation expectations]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[econometric modeling]]></kwd>
<kwd lng="pt"><![CDATA[banco central]]></kwd>
<kwd lng="pt"><![CDATA[expectativas de inflação]]></kwd>
<kwd lng="pt"><![CDATA[política monetária]]></kwd>
<kwd lng="pt"><![CDATA[modelagem econométrica]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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