The Communication Effects on Inflation Forecast Errors: Empirical Evidence from Colombia

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dc.contributor.authorJuan Camilo Anzoátegui Zapata
dc.contributor.authorJuan Camilo Galvis Ciro
dc.date.accessioned2024-12-03T18:21:32Z
dc.date.available2024-12-03T18:21:32Z
dc.date.issued2022
dc.description.abstractABSTRACT: The purpose of this article is to explore the central bank’s ability to management inflation forecast errors in Colombia. We present empirical evidence based on the Colombian experience with data from the period of 2008 to 2020. The communication channel selected for analysis is the press releases. The empirical evidence is divided into three steps: (i) regression analysis using an EGARCH model; (ii) use of VAR models; and (iii) variance decomposition analysis. The communications effects are significant for several months and that close to half of the forecast error variance can be explained by innovations in central bank communication. The results obtained allow monetary policymakers to develop more efficient strategies for anchoring expectations and strengthening the central bank credibility.
dc.description.researchareaEconomía y desarrollo
dc.description.researchgroupidCOL0087561
dc.format.extent19
dc.format.mimetypeapplication/pdf
dc.identifier.citationAnzoátegui Zapata, J. C., & Galvis Ciro, J. C. (2022). The Communication Effects on Inflation Forecast Errors: Empirical Evidence from Colombia. Panoeconomicus, 69(3),427-445.
dc.identifier.doi10.2298/PAN180101016Z
dc.identifier.urihttp://repositorio.unaula.edu.co:4000/handle/123456789/3369
dc.language.isoen
dc.publisherRevista Panoeconomicus
dc.publisher.groupInvestigaciones económicas - Ginveco
dc.relatedidentifier.urlhttps://doi.org/10.2298/PAN180101016Z
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.accessrightshttp://purl.org/coar/access_right/c_abf2
dc.rights.creativecommonshttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/2.5/co/
dc.subject.proposalCentral bank communication
dc.subject.proposalForecast errors
dc.subject.proposalMonetary policy
dc.titleThe Communication Effects on Inflation Forecast Errors: Empirical Evidence from Colombia
dc.typeinfo:eu-repo/semantics/article
dc.type.coarhttp://purl.org/coar/resource_type/c_6501
dc.type.hasversioninfo:eu-repo/semantics/publishedVersion
dc.type.localArtículo de revista
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
oaire.citationissue3
oaire.citationtitleRevista Panoeconomicus
oaire.citationvolume69
oaire.funderidentifier.local0000 0001 0179 9190
oaire.fundernameUniversidad Autónoma Latinomericana UNAULA
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
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