La Inflación en Colombia: Una Aproximación desde las Redes Neuronales

Citation data:

BANCO DE LA REPÚBLICA, BORRADORES DE ECONOMIA, No: 003029

Publication Year:
2002
Usage 3782
Abstract Views 3366
Downloads 416
Citations 15
Citation Indexes 15
Repository URL:
http://repositorio.banrep.gov.co/handle/20.500.12134/5217
RePec URLs:
https://ideas.repec.org/p/col/000094/003029.html; https://ideas.repec.org/p/bdr/borrec/199.html
Author(s):
Misas A., Martha; López-Enciso, Enrique Antonio; Querubín-Borrero, Pablo
Publisher(s):
Banco de la República
Tags:
Inflación; Redes neuronales; E31 - Price Level; Inflation; Deflation; C45 - Neural Networks and Related Topics; Inflación -- Colombia; Redes neurales (Informática); E31 - Nivel de precios; Inflación; Deflación; C45 - Redes neuronales y temas relacionados
paper description
A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analize the differing slope of the output inflation trade oo for different specifications of wage indexation. The disinflation experiments the effect of monetary policy, and increases the cost of disinflation. Shorter wage contracts and more frequent wage negotiations do not appear to have important effects on the cost of disinflation. Higher central bank credibility and the use of forward looking inflation expectations in wage negotiations decrease the cost of disinflation and may eventually lead to a boom.