Effects of reputation and monetary policy communication on exchange rate uncertainty: evidence from an emerging market economy
https://doi.org/10.3326/pse.50.1.6 | Published online: March 18, 2026 Graph 1
Evolution of the exchange rate, inflation, and the policy rate in Colombia, 2007-2021 Graph 2
Disagreement in expectations and forecast errors for the COP/USD exchange rate Table 1
Inflesz perspicuity scale Graph 3
Indicators of central bank reputation, clarity of communication and disagreement among monetary policymakers Table 2
Effects of monetary policy reputation and communication on disagreements of the exchange rate Table 3
Effects of monetary policy reputation and communication on forecast errors of the exchange rate Table 4
ARDL – Level relationships obtained from Equation (5) – Dis_Ext Table 5
ARDL – Level relationships obtained from Equation (6) – Errort Table A1
Descriptive statistics and correlations among variables Table A2
Unit root and stationarity tests Table A3
Unit root with break test Table A4
Serial correlation and heteroskedasticity tests Graph 1 Evolution of the exchange rate, inflation, and the policy rate in Colombia, 2007-2021 DISPLAY Graph Graph 2 Disagreement in expectations and forecast errors for the COP/USD exchange rate DISPLAY Graph Table 1 Inflesz perspicuity scale DISPLAY Table Graph 3 Indicators of central bank reputation, clarity of communication and disagreement among monetary policymakers DISPLAY Graph Table 2 Effects of monetary policy reputation and communication on disagreements of the exchange rate DISPLAY Table Table 3 Effects of monetary policy reputation and communication on forecast errors of the exchange rate DISPLAY Table Table 4 ARDL – Level relationships obtained from Equation (5) – Dis_Ext DISPLAY Table Table 5 ARDL – Level relationships obtained from Equation (6) – Errort DISPLAY Table Table A1 Descriptive statistics and correlations among variables DISPLAY Table Table A2 Unit root and stationarity tests DISPLAY Table Table A3 Unit root with break test DISPLAY Table Table A4 Serial correlation and heteroskedasticity tests DISPLAY Table |
March, 2026 I/2026 |
