Does independence matter: the case of the Colombia Central Bank
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Abstract
"Why has Colombia been a case of low outputvariability and moderate-to-high inflation? This paper argues that regardless of the institutional arrangement, monetary authorities have stabilized the business cycle, and inflation control has not been the only objective of monetary policy, The goverment-controlled Junta Monetaria (1963-1991) often ignored the advice of the Asesores, an anti-inflation group of technocrats who had no voting powers."
Abstract
"Why has Colombia been a case of low outputvariability and moderate-to-high inflation? This paper argues that regardless of the institutional arrangement, monetary authorities have stabilized the business cycle, and inflation control has not been the only objective of monetary policy, The goverment-controlled Junta Monetaria (1963-1991) often ignored the advice of the Asesores, an anti-inflation group of technocrats who had no voting powers."
Serie
Documentos de Trabajo (Working Papers). No. 06. Mayo 1998
Palabras clave
Política Monetaria
Bancos Centrales
Inflación
JEL
E31
E50
E52
E58