Colombia: Selected Issues

January 28, 2008

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Format: Chicago

Colombia: Selected Issues, (USA: International Monetary Fund, 2008) accessed September 23, 2024

Summary

This paper quantifies the dynamic effects of fiscal policy using a structural model, the Global Integrated Monetary and Fiscal Model (GIMF). The analysis finds that success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and the length of fiscal policy implementation lags. The paper also presents the basic structure of the Bayesian VAR describing its empirical implementation and the estimation results and results from the conditional forecasting exercise and remarks. It also assesses Colombia’s experience with central bank foreign exchange intervention between 2004 and 2007.

Subject: Central bank operations, Central banks, Currencies, Exchange rates, Fiscal policy, Fiscal stance, Foreign exchange, National accounts, Return on investment

Keywords: Central bank intervention, Central bank operations, CR, Exchange rates, Fiscal policy response, Fiscal stance, GDP growth, Global, Implementation lag, Inflation-output volatility tradeoff, ISCR, Lending rate, Monetary policy shock, Return on investment, Treasury bill

Publication Details

Pages:

77
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/032
Stock No:

1COLEA2008002
ISBN:

9781451808940
ISSN:

1934-7685

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