Since 2014
No Linealidades en la Regla de PolÃtica Monetaria del Banco Central de Chile: Una Evidencia EmpÃrica
Economic Analysis Review
View Archive Info| Field | Value | |
| Title |
No Linealidades en la Regla de PolÃtica Monetaria del Banco Central de Chile: Una Evidencia EmpÃrica
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| Creator |
González, Pablo
Tejada, Mauricio |
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| Description |
This paper analyzes the evidence of non-linearities in the reaction function of the Central Bank of Chile as it relates to its final objective, inflation, and/or to its intermediate objectives defined by the monetary policy transmission channels. The study uses the flexible approach to non-linear inference proposed by Hamilton (2001), which allows the estimation of non-linear functions by using the data to determine the specific form of the non-linearity to be adopted instead of making any prior assumption of a particular functional form. It is observed that even though the Central Bank’s response is linear in relation to the deviations of the inflation rate from its target, there is evidence of non-linearities with respect to the business cycle. Contrary to previous studies, in particular Corbo (2002), the current account gap does not have any predictive role in the reaction function for the period being analyzed.
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| Publisher |
Universidad Alberto Hurtado - Facultad de Economía y Negocios
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| Contributor |
—
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| Date |
2010-03-02
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — — |
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| Format |
application/pdf
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| Identifier |
http://www.rae-ear.org/index.php/rae/article/view/55
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| Source |
Revista de Análisis Económico - Economic Analysis Review; Vol 21, No 1 (2006); 81-115
Revista de Análisis Económico – Economic Analysis Review; Vol 21, No 1 (2006); 81-115 0718-8870 0716-5927 |
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| Language |
spa
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| Relation |
http://www.rae-ear.org/index.php/rae/article/view/55/107
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