Biblioteca Digital de VanguardiaMonetary Theory: Rules and Discretion
Over the last three decades, modern monetary theory has been developed within the framework of the “Rules vs Discretion” debate, based on the works of Kydland and Prescott (1977). However, in practice, the distinction becomes less clear, allowing monetary authorities have mixed decisions based on “R...
| Autores principales: | , , |
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| Formato: | Revistas |
| Lenguaje: | Español |
| Publicado: |
Universidad de Cartagena
2015
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| Acceso en línea: | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1375 |
| _version_ | 1782340304225959936 |
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| author | Clavijo-Vera, Sergio Vera-Sandoval, Alejandro Vera-Concha, Nelson |
| author_facet | Clavijo-Vera, Sergio Vera-Sandoval, Alejandro Vera-Concha, Nelson |
| author_sort | Clavijo-Vera, Sergio |
| collection | Revista |
| description | Over the last three decades, modern monetary theory has been developed within the framework of the “Rules vs Discretion” debate, based on the works of Kydland and Prescott (1977). However, in practice, the distinction becomes less clear, allowing monetary authorities have mixed decisions based on “Rules and Discretion” relying on the different stages of the economic cycle. This debate has had a great significance over the last five years, since the political challenges of the Great Recession have led Central Banks to these kinds of situations, which is particularly visible in developed countries where Central Banks have introduced unconventional monetary policies. In Colombia, this Rules and Discretion framework is useful for the Banco de la República in order to face the end of the economic boom of the miningand energy sector. |
| format | Revistas |
| id | oai:revistas.unicartagena.edu.co:article-1375 |
| institution | Revista Panorama Económico |
| language | Español |
| publishDate | 2015 |
| publisher | Universidad de Cartagena |
| record_format | ojs |
| spelling | oai:revistas.unicartagena.edu.co:article-13752020-04-17T08:58:37Z Monetary Theory: Rules and Discretion Política Monetaria: Reglas y Discreción Clavijo-Vera, Sergio Vera-Sandoval, Alejandro Vera-Concha, Nelson Monetary policy discretion monetary rule Política monetaria discrecionalidad regla monetaria Over the last three decades, modern monetary theory has been developed within the framework of the “Rules vs Discretion” debate, based on the works of Kydland and Prescott (1977). However, in practice, the distinction becomes less clear, allowing monetary authorities have mixed decisions based on “Rules and Discretion” relying on the different stages of the economic cycle. This debate has had a great significance over the last five years, since the political challenges of the Great Recession have led Central Banks to these kinds of situations, which is particularly visible in developed countries where Central Banks have introduced unconventional monetary policies. In Colombia, this Rules and Discretion framework is useful for the Banco de la República in order to face the end of the economic boom of the miningand energy sector. La teoría monetaria moderna de las últimas tres décadas se ha desarrollado en el marco del debate "Reglas versus Discreción", según los lineamientos de Kydland y Prescott (1977). Sin embargo, en la práctica, la distinción no es tan evidente, generando que las autoridades monetarias mezclen en sus decisiones las "Reglas" con la "Discreción", de acuerdo a las diferentes etapas del ciclo económico. Todo este debate ha cobrado gran relevancia durante el último quinquenio, pues los desafíos de política de la Gran Recesión han llevado a los Bancos Centrales a mezclar, como nunca antes, las Reglas y la Discreción. Ello es particularmente evidente en los países desarrollados, donde sus Bancos Centrales emprendieron políticas monetarias no convencionales. Pero también resultará crucial en la respuesta que el Banco de la República (Colombia) deberá adoptar frente al fin del auge minero-energético que enfrenta la economía colombiana. Universidad de Cartagena 2015-09-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1375 10.32997/2463-0470-vol.23-num.1-2015-1375 Panorama Económico Journal; Vol. 23 (2015); 31-38 Panorama Económico; Vol. 23 (2015); 31-38 Panorama Económico; v. 23 (2015); 31-38 2463-0470 0122-8900 10.32997/2463-0470-vol.23-num.1-2015 spa https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1375/1269 /*ref*/Anif (2007). "Los controles de capital: una solución de segundo mejor". Informe Semanal No. 907 de noviembre de 2007. /*ref*/Anif (2011). "Crisis financiera internacional e Inflación Objetivo Comprensiva (IO-C): el legado Greenspan". Informe Semanal No. 1090 de septiembre de 2011. /*ref*/Anif (2012). "Costos y lecciones del salvamento financiero de los Estados Unidos (2007-2012)". Comentario Económico del Día 18 de septiembre de 2012. /*ref*/Anif (2015a). "Inyecciones de liquidez, deflación y devaluación". Comentario Económico del Día 12 de marzo de 2015. /*ref*/Anif (2015b). "La Regla de Taylor aplicada a Colombia: 2006-2015". Informe Semanal No. 1269 de junio de 2015. /*ref*/Anif (2015c). "La Regla de Taylor aplicada a Colombia: 2006-2015". Informe Semanal No. 1274 de julio de 2015. /*ref*/Clavijo S. y Vera A. (2007). "Rethinking Monetary Theory: Rules and Discretion (Not Rules vs. Discretion)". Anif, marzo de 2007. /*ref*/Irwin N. (2013). "The Alchemists: Three Central Bankers and a World on Fire". The Penguin Press, 2013. /*ref*/Kydland F. E. y Prescott E. C. (1977). "Rules Rather Than Discretion: The Inconsistency of Optimal Plans". Journal of Political Economy, vol 85, junio de 1977. /*ref*/Rudebusch G. y J. C. Williams. (2006). "Revealing the secrets of the temple: The value of publishing Central Bank Interest Rate Projections". Federal Reserve Bank of San Francisco. Working Paper. /*ref*/Taylor J. B. (1993). "Discretion versus Policy Rules in Practice". Carnegie-Rochester Conference Series on Public Policy (No.39). Derechos de autor 2015 Panorama Económico |
| spellingShingle | Clavijo-Vera, Sergio Vera-Sandoval, Alejandro Vera-Concha, Nelson Monetary Theory: Rules and Discretion |
| title | Monetary Theory: Rules and Discretion |
| title_full | Monetary Theory: Rules and Discretion |
| title_fullStr | Monetary Theory: Rules and Discretion |
| title_full_unstemmed | Monetary Theory: Rules and Discretion |
| title_short | Monetary Theory: Rules and Discretion |
| title_sort | monetary theory: rules and discretion |
| url | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1375 |