01715cas a2200241 a 4500 AALejournalIMF002895 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858136 1018-5941 BD-DhAAL BD-DhAAL Clavijo, Sergio. Monetary and Exchange Rate Policies in Colombia : Progress and Challenges / Sergio Clavijo. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper focuses on monetary and exchange rate policies in Colombia, with particular emphasis on the period 1999-2002, when flotation of the peso and inflation targeting were adopted. We argue, first, in favor of adopting "operational inflation target ranges" and, second, in favor of strengthening the current scheme of foreign exchange options. The impact of reductions in the reference rates of the Central Bank of Colombia is also assessed. We find that a lower central bank policy interest rate is likely to affect demand only if mortgage refinancing takes place. We present preliminary estimates of Taylor rules in an openeconomy framework for Colombia. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2004/166 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/166/001.2004.issue-166-en.xml IMF e-Library