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The Central Bank in Colombia
"In the last decade the issue of the optimal degree of central bank independence has been at the center of attention of academics and policymakers in many countries. The direction of institutional reform has almost universally been toward making central banks more independent from political pressure. The motivation of this move is linked to an increased emphasis on price stability as the main or only goal of monetary ...
Does independence matter: the case of the Colombia Central Bank
"Why has Colombia been a case of low outputvariability and moderate-to-high inflation? This paper argues that regardless of the institutional arrangement, monetary authorities have stabilized the business cycle, and inflation control has not been the only objective of monetary policy, The goverment-controlled Junta Monetaria (1963-1991) often ignored the advice of the Asesores, an anti-inflation group of technocrats ...