The objective of this paper is to analyze how international cycles affect the real GDPcycle and so monetary policy decisions in Colombia. We estimate that cycles in worldGDP, export prices and capital inflows are strongly associated with the Colombianbusiness cycle both on impact and even during...

This paper propose indicator variables for the implementation of monetary policy in an inflation targeting regime. Using constant interest rate projections, the notion of a target-compatible interest rate is presented. This variable allows to extract some characteristics that the expected future...

This short paper addresses the issues of objectives, organizational arrangements and policy instruments of autonomous central banks, with particular reference to Colombia. Instead of resorting to mechanical extrapolations of other countries’ experiences, we discuss the institutional “checks...