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Una estimación de los impactos de la tasa de interés en el ciclo económico de Colombia: 1986-2010Keywords: natural real interest rate, market interest rates, monetary policy, economiccycles, hodrick and prescott filter, kalman filter, taux d'intérêt réel naturel, taux d'intérêt du marché, politique monétaire, cycles économiques, hodrick et prescott, filtre de kalman. Abstract: the aim of this work is to establish the relationshipbetween the colombian business cycle and monetary policy through the study ofthe natural real interest rate. pair this purpose, we calculate the naturalreal interest rate (tirn) for colombia using two different methodologies. once the natural real interest rate, an analysis of the effects of monetary policy over the business cycle in colombia, based on the neowicksellianas. it is concluded that the gap, due to the difference in market interest rates and natural, have effects on the colombian business cycle causing changes in gdp.
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