Does independence matter: the case of the Colombia Central Bank

Abstract

"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 who had no voting powers."