dc.audience	Policymakers	eng
dc.audience	Researchers	eng
dc.audience	Teachers	eng
dc.audience	Students	eng
dc.creator	Office of the Deputy Technical Governor
dc.creator	Vargas-Herrera, Hernando
dc.creator	Office of the Deputy Governor for Monetary Policy and Economic Information
dc.creator	Ospina-Tejeiro, Juan José
dc.creator	Programming and Inflation Department
dc.creator	Huertas-Campos, Carlos Alfonso
dc.creator	Cobo-Serna, Adolfo León
dc.creator	Caicedo-García, Edgar
dc.creator	Cote-Barón, Juan Pablo
dc.creator	Martínez-Cortés, Nicolás
dc.creator	Rojas, Carlos Daniel
dc.creator	Garavito-Acosta, Aarón Levi
dc.creator	Calderón-López, Luis Hernán
dc.creator	González, Camilo
dc.creator	Salazar-Diaz, Andrea
dc.creator	Galeano-Ramírez, Franky
dc.creator	Gaitán-Maldonado, Celina
dc.creator	Restrepo-Ángel, Sergio
dc.creator	Parra-Amado, Daniel
dc.creator	Hamann-Salcedo, Franz Alonso
dc.creator	Pérez-Amaya, Julián Mauricio
dc.creator	Romero-Chamorro, José Vicente
dc.creator	Forero-Alvarado, Santiago
dc.creator	Moreno-Arias, Nicolás
dc.creator	Guarín-López, Alexander
dc.creator	Anzola, César
dc.creator	Méndez-Vizcaíno, Juan Camilo
dc.creator.firma	Juan Ospina
dc.date.accessioned	2020-01-24T23:31:12Z	spa
dc.date.available	2020-01-24T23:31:12Z	spa
dc.date.created	2020-01-24	spa
dc.description.abstract	Monetary Policy in Colombia As per its constitutional mandate, Banco de la República must ensure that the purchasing power of the currency is maintained in coordination with the general economic policy. In order to fulfill this mandate, the Board of Direc¬tors of Banco de la República (hereinafter BDBR) adopted a flexible inflation targeting scheme, by which monetary policy actions (MP) seek to lead infla¬tion to a specific target and achieve the maximum levels of sustainable out¬put and employment. The flexibility of this scheme allows the BDBR to maintain an adequate balance between the achievement of the inflation target and the purpose of smoothing output and employment fluctuations around their sustainable growth path. The BDBR set a 3.0% inflation target based on the annual variation in the consumer price index (CPI). In the short term, inflation may be affected by factors that are not under control of the monetary policy such as changes in food prices due to climatic phenomena. To incorporate this, the BDBR announces, along with the inflation target, a ±1 percentage point range (i.e., 3.0 ± 1 pp) which is not a target of the monetary policy, but reflects the fact that inflation can fluctuate around the target, and not always be equal to 3.0%. The main instrument of the BDBR to control inflation is the policy interest rate (overnight repo rate, or benchmark interest rate). Given that monetary policy actions take time to have a full effect on the economy and inflation, in order to determine their value, the BDBR assesses the inflation forecast and inflation expectations vis-à-vis the inflation target, as well as the current situation and outlook of the economy. The BDBR meets once a month, but it produces monetary policy decisions only in eight of its meetings (in January, March, April, June, July, September, October, and December). In the remaining four months (February, May, Au¬gust, and November), in principle, no such decisions are made. At the end of the meetings where monetary policy decisions are produced, a press release is published and a press conference by the Governor of the Central Bank and the Minister of Finance is held. The minutes of the meeting describing the positions that led the Board to its decision are published on the following business day. Additionally, the Monetary Policy Report (MPR) produced by the Central Bank’s technical staff is published in January, April, July, and Oc¬tober, together with the minutes. On the Wednesday of the week following the Board meeting, the Governor clarifies concerns about the minutes, and the Bank’s Deputy Technical Governor presents the MPR. This dissemination scheme seeks to deliver relevant and up-to-date information that contributes to better decision-making by the agents of the economy.	eng
dc.description.abstract	Box 1. Banco de la República’s Monetary Policy Decision-Making Process and Dissemination Strategy	eng
dc.description.abstract	Box 2. The 4G Model. Authors: Alexander Guarín, José Vicente Romero	eng
dc.format.extent	48 páginas : gráficas, tablas	spa
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/9800	eng
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/9800	spa
dc.language.iso	eng	eng
dc.publisher	Banco de la República	spa
dc.relation.ispartof	Reportes, Boletines e Informes	spa
dc.relation.ispartofseries	Informe de Política Monetaria	eng
dc.relation.isversionof	Monetary Policy Report - October 2019	eng
dc.relation.number	Monetary Policy Report - Oct2019	eng
dc.rights.Habeas	Datos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, cargo, entre otros) en el Reporte, informe o boletín y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación del documento en el Repositorio Institucional, dar a conocer su medio de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal del Banco de la República. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.	spa
dc.rights.Objeto	Objeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal del Banco de la República e incluirla en el repositorio institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	spa
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.subject	Bancos centrales	spa
dc.subject	Crecimiento económico	spa
dc.subject	Alimentos	spa
dc.subject	Precios	spa
dc.subject	Colombia	spa
dc.subject.jel	E31 - Price Level; Inflation; Deflation	eng
dc.subject.jel	E39 - Prices, Business Fluctuations, and Cycles: Other	eng
dc.subject.jel	E30 - Prices, Business Fluctuations, and Cycles: General	eng
dc.subject.keyword	Central banks	eng
dc.subject.keyword	Economic growth	eng
dc.subject.keyword	Foods	eng
dc.subject.keyword	Prices	eng
dc.subject.keyword	Colombia	eng
dc.subject.lemb	Banco de la República (Bogotá) -- 2019 -- Informes	spa
dc.subject.lemb	Inflación -- Colombia -- 2019 -- Informes	spa
dc.subject.lemb	Política monetaria -- Colombia -- 2019 -- Informes	spa
dc.subject.lemb	Balanza de pagos -- Colombia -- 2019 -- Informes	spa
dc.subject.lemb	Producto interno bruto -- Colombia -- 2019 -- Informes	spa
dc.title	Monetary Policy Report - October 2019	eng
dc.title.alternative	Monetary Policy Repport - October 2019	eng
dc.type	Report	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Informe	spa

Monetary Policy Report - October 2019

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