Pass-through of Large Changes in Monetary Policy Rate – Evidence for Chile

We examine consumption and commercial lending rates evolution, identifying the main determinants of their movements. Our objective is to distinguish effects related to monetary policy rate from those due to higher risk; this is done through counterfactual simulations around relevant variables. Results indicate that monetary policy rate cuts have compensated the lending rate increase caused by higher uncertainty, both domestic and external.

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Year of publication:	2009-08
Authors:	Becerra, J. Sebastián ; Ceballos, Luis ; Córdova, Felipe ; Pedersen, Michael
Institutions:	Banco Central de Chile

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Extent:	application/pdf
Series:	Working Papers Central Bank of Chile.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004963464