Abstract

PARDO PARDO, Germán Oswaldo  and  CLAVIJO CORTES, Pedro Hugo. An evaluation of the inflation targeting strategy in Colombia. Finanz. polit. econ. [online]. 2018, vol.10, n.1, pp.189-210. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.2018.10.1.8.

This document aims to establish whether the inflation targeting strategy modified the economic structure in Colombia, causing a structural change in it. To do this, a vector autoregressive model (VAR) and, subsequently, two structural change tests were used: the Chow test and the maximum likelihood test. A VAR model with four variables was estimated for the period 1995M04 to 2015M05. The regression results allow concluding that the adoption of the inflation targeting strategy did represent a structural change for the Colombian economy and it helped to maintain a low and stable inflation.

Keywords : inflation targeting; economic policy; structural change; VAR models.

        · abstract in Spanish | Portuguese     · text in Spanish     · Spanish ( pdf )