Central Bank of Colombia paper finds delayed monetary policy responses

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A working paper, published by the Central Bank of Colombia on August 3, suggests Colombian monetary policy is slow to respond to changes in the output gap.

The authors, Andrés González, Sergio Ocampo, Julián Pérez and Diego Rodríguez construct two new models of the output gap based on Colombian economic indicators from 1994–2011, one assuming adaptive expectations and the other rational expectations. The paper finds the new models are in line with previous research and identify all the turning

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