Monetary Policy and Transmission Mechanisms: New Elements for an old Debate
This article begins by reviewing the current state of the arts in monetary transmission, focusing on the empirical evidence for the Chilean case. Then, it highlights two aspects that have not been given much attention in previous studies, namely the evolution of the monetary policy impact on output and prices over the past decade, and its breakdown by sector. A basic uniequational model is estimated, in order to study i) temporary shifts in the effectiveness of monetary policy and ii) shifts in regimes occurred in the late nineties. Then, VAR models are used—similar to those of previous studies—to analyze impulse-response functions. Finally, a comparative analysis is made on the impact of monetary policy on various productive sectors, for which output and price variables are incorporated into the traditional VAR model.
Year of publication: |
2002
|
---|---|
Authors: | Verónica Mies M. ; Felipe Morandé L. ; Matías Tapia G. |
Published in: |
Journal Economía Chilena (The Chilean Economy). - Banco Central de Chile. - Vol. 5.2002, 3, p. 29-66
|
Publisher: |
Banco Central de Chile |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Política monetaria y mecanismos de trasmisión : nuevos elementos para una vieja discusión
Mies, Verónica, (2002)
-
Política monetaria y mecanismos de trasmisión : nuevos elementos para una vieja discusión
Mies M., Verónica, (2002)
-
Heterogeneidad de la transmisión monetaria : efectos sectoriales y regionales
Bravo L., Héctor, (2003)
- More ...