Lack of Credibility, Inflation Persistence and Disinflation in Colombia
This paper measures inflation persistence in Colombia for the period1990-2010 and estimates the implied speed at which agents learn about the central bank’s inflation target. We estimate Erceg and Levin’s (2003) imperfect credibility model using Bayesian techniques and compare the posterior odds of...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Universidad de los Andes (Bogotá)
2011-06-01
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| Series: | Desarrollo y Sociedad |
| Subjects: | |
| Online Access: | http://economia.uniandes.edu.co/revistadys/67/02_Credibility.pdf |