This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect credibility, in the spirit of Bertola and Svensson (1993) is derived, and is used to explain why the exchange rate in Colombia has remained for prolonged periods neathe borders of the zone. The main feature of the model is that central parity depreciation expectations are endogenous with respect to the position of the exchange rate inside the target zone. The Krugman (1991) perfectly credible setup turns out to be a particular case of this general model. One of the main impliations of the model is that depreciation expectations increase rather than decrease as the exchange rate approaches the upper band. Hence a model as the one presented in thi...
Abstract: An econometric examination of interest rate differentials reveáis the existence of a signi...
En este trabajo se utilizan tasas marginales de interés, tasas de cambio forwards y encuestas sobre ...
Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after ...
This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect cre...
This paper measures inflation persistence in Colombia for the period 1990-2010 and estimates the imp...
This paper measures inflation persistence in Colombia for the period1990-2010 and estimates the impl...
This paper measures inflation persistence in Colombia for the period1990-2010 and estimates the impl...
Central banks in emerging countries frequently build-up (diminish) reserves while attempting to depr...
A credible target zone regime with a given exchange rate band implies bounds on the amount of deprec...
A credible target zone regime with a given exchange rate band implies bounds on the amount of deprec...
It In this paper, we use the largest exchange rate survey in Colombia to test for the rational expec...
Abstract. This paper studies the credibility of the Venezuela crawling-band exchange rate regime dur...
Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after ...
We estimate a model of real exchange rate determination which is based on interest rate, term struct...
It In this paper, we use the largest exchange rate survey in Colombia to test for the rational expec...
Abstract: An econometric examination of interest rate differentials reveáis the existence of a signi...
En este trabajo se utilizan tasas marginales de interés, tasas de cambio forwards y encuestas sobre ...
Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after ...
This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect cre...
This paper measures inflation persistence in Colombia for the period 1990-2010 and estimates the imp...
This paper measures inflation persistence in Colombia for the period1990-2010 and estimates the impl...
This paper measures inflation persistence in Colombia for the period1990-2010 and estimates the impl...
Central banks in emerging countries frequently build-up (diminish) reserves while attempting to depr...
A credible target zone regime with a given exchange rate band implies bounds on the amount of deprec...
A credible target zone regime with a given exchange rate band implies bounds on the amount of deprec...
It In this paper, we use the largest exchange rate survey in Colombia to test for the rational expec...
Abstract. This paper studies the credibility of the Venezuela crawling-band exchange rate regime dur...
Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after ...
We estimate a model of real exchange rate determination which is based on interest rate, term struct...
It In this paper, we use the largest exchange rate survey in Colombia to test for the rational expec...
Abstract: An econometric examination of interest rate differentials reveáis the existence of a signi...
En este trabajo se utilizan tasas marginales de interés, tasas de cambio forwards y encuestas sobre ...
Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after ...