Looking Inside the Black Box: Monetary Policy in Chile

Autor:	Luis Felipe Lagos, Ángel Cabrera
Rok vydání:	1999
Předmět:	Macroeconomics Bank rate Credit channel Inflation targeting media_common.quotation_subject Monetary policy Economics Fisher hypothesis Monetary economics Real interest rate Forward guidance Interest rate media_common
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068
DOI:	10.2139/ssrn.156634
Popis:	This paper studies monetary policy in Chile during the 1986-1997 period. We concentrate in understanding the monetary transmission mechanism by which the Central Bank instrument - a real interest rate - affects total expenditure, output and the inflation rate. The methodology used is structural VARS. We find a weak effect of the interest rate on all the variables. The interest rate has a significant effect on the expenditure-output gap. Both the interest rate and the expenditure-output gap have a significant effect on the price of non traded goods, in line with the dependent economy model (the Australian model).
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::f1281a22b17284419f9a9120f574abaa https://doi.org/10.2139/ssrn.156634 Zobrazit plný text záznamu