Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia

Juan Camilo Anzoátegui Zapata; Juan Camilo Galvis Ciro

doi:10.14718/revfinanzpolitecon.v14.n2.2022.4

Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia

Translated title of the contribution: Effects of the central bank communication on the expectations disagreements of the monetary policy rate: evidence for Colombia

Juan Camilo Anzoátegui Zapata
, Juan Camilo Galvis Ciro

Research output: Contribution to scientific journal › Article in an indexed scientific journal › peer-review

2 Scopus citations

Abstract

The aim of this paper is to research the effects of the central bank’s communication on the forecast of the monetary policy interest rate. To do this, we analyze the case of the Colombian economy for the period 2014-2020. The methodology used consists of evaluating the information provided in the minutes, the volume of news and the central bank’s publications and evaluating their effects on the disagreements in the expectations of the financial market. Through econometric regressions and using the GMM method and the impulse-response VAR methodology, it is found that policy decisions made by consensus, as well as clarity in the drafting of minutes, reduce uncertainty among agents.

Translated title of the contribution	Effects of the central bank communication on the expectations disagreements of the monetary policy rate: evidence for Colombia
Original language	Spanish
Pages (from-to)	375-409
Number of pages	35
Journal	Revista Finanzas y Politica Economica
Volume	14
Issue number	2
DOIs	https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.4
State	Published - 2022

Bibliographical note

Publisher Copyright:
© 2022 Universidad Católica de Colombia.

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Artículos de investigación con calidad Q4

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10.14718/revfinanzpolitecon.v14.n2.2022.4

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title = "Efectos de la comunicaci{\'o}n del banco central sobre el desacuerdo en las expectativas de la tasa de pol{\'i}tica monetaria: evidencias para Colombia",

abstract = "The aim of this paper is to research the effects of the central bank{\textquoteright}s communication on the forecast of the monetary policy interest rate. To do this, we analyze the case of the Colombian economy for the period 2014-2020. The methodology used consists of evaluating the information provided in the minutes, the volume of news and the central bank{\textquoteright}s publications and evaluating their effects on the disagreements in the expectations of the financial market. Through econometric regressions and using the GMM method and the impulse-response VAR methodology, it is found that policy decisions made by consensus, as well as clarity in the drafting of minutes, reduce uncertainty among agents.",

keywords = "Colombia, central bank, communication, disagreements, econometrics, interest rate expectations, monetary policy",

author = "\{Anzo{\'a}tegui Zapata\}, \{Juan Camilo\} and \{Galvis Ciro\}, \{Juan Camilo\}",

note = "Publisher Copyright: {\textcopyright} 2022 Universidad Cat{\'o}lica de Colombia.",

year = "2022",

doi = "10.14718/revfinanzpolitecon.v14.n2.2022.4",

language = "Espa{\~n}ol",

volume = "14",

pages = "375--409",

journal = "Revista Finanzas y Politica Economica",

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publisher = "Universidad Catolica de Colombia",

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Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia. / Anzoátegui Zapata, Juan Camilo; Galvis Ciro, Juan Camilo.
In: Revista Finanzas y Politica Economica, Vol. 14, No. 2, 2022, p. 375-409.

Research output: Contribution to scientific journal › Article in an indexed scientific journal › peer-review

TY - JOUR

T1 - Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria

T2 - evidencias para Colombia

AU - Anzoátegui Zapata, Juan Camilo

AU - Galvis Ciro, Juan Camilo

PY - 2022

Y1 - 2022

N2 - The aim of this paper is to research the effects of the central bank’s communication on the forecast of the monetary policy interest rate. To do this, we analyze the case of the Colombian economy for the period 2014-2020. The methodology used consists of evaluating the information provided in the minutes, the volume of news and the central bank’s publications and evaluating their effects on the disagreements in the expectations of the financial market. Through econometric regressions and using the GMM method and the impulse-response VAR methodology, it is found that policy decisions made by consensus, as well as clarity in the drafting of minutes, reduce uncertainty among agents.

AB - The aim of this paper is to research the effects of the central bank’s communication on the forecast of the monetary policy interest rate. To do this, we analyze the case of the Colombian economy for the period 2014-2020. The methodology used consists of evaluating the information provided in the minutes, the volume of news and the central bank’s publications and evaluating their effects on the disagreements in the expectations of the financial market. Through econometric regressions and using the GMM method and the impulse-response VAR methodology, it is found that policy decisions made by consensus, as well as clarity in the drafting of minutes, reduce uncertainty among agents.

KW - Colombia

KW - central bank

KW - communication

KW - disagreements

KW - econometrics

KW - interest rate expectations

KW - monetary policy

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DO - 10.14718/revfinanzpolitecon.v14.n2.2022.4

M3 - Artículo en revista científica indexada

AN - SCOPUS:85148037820

SN - 2248-6046

VL - 14

SP - 375

EP - 409

JO - Revista Finanzas y Politica Economica

JF - Revista Finanzas y Politica Economica

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ER -

Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia

Abstract

Bibliographical note

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