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Efectos de las decisiones de política del Banco Central sobre los retornos de la Bolsa de Comercio en Chile

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  • Andrés A. Acuna
  • Cristián F. Pinto

Abstract

Resumen: Este artículo analiza la respuesta de la Bolsa de Comercio a las decisiones que toma el Banco Central de Chile en cuanto a política monetaria. Utilizamos una metodología disenada para el estudio de eventos poco frecuentes y datos mensuales desde Septiembre de 2001 hasta Diciembre de 2013 con el fin de estimar el efecto de cambios anticipados y no anticipados en la política monetaria chilena sobre la tasa de interés de los retornos de la Bolsa. En contraste con los resultados de investigaciones en la literatura de Estados Unidos, no encontramos evidencia alguna que demuestre que las sorpresas monetarias afectan los retornos chilenos en la Bolsa. Abstract: This paper analyzes the stock-market response to monetary policy decisions made by the Central Bank of Chile. We use a methodology designed for the study of low frequency events and monthly data from September 2001 to December 2013 to estimate the effect of anticipated and unanticipated changes in the Chilean monetary policy interest rate on stock returns. In contrast to the research findings in the literature for the U.S., we find no evidence that monetary surprises affect Chilean stock returns.

Suggested Citation

  • Andrés A. Acuna & Cristián F. Pinto, 2015. "Efectos de las decisiones de política del Banco Central sobre los retornos de la Bolsa de Comercio en Chile," Revista Ecos de Economía, Universidad EAFIT, vol. 19(40), pages 48-65, June.
    • Handle: RePEc:col:000442:013825
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    References listed on IDEAS

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    Cited by:

    1. Mario González & Raúl Tadle, 2018. "Monetary Policy Effects on the Chilean Stock Market: An Automated Content Approach," Working Papers Central Bank of Chile 817, Central Bank of Chile.

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    More about this item

    Keywords

    Estudio de eventos; metas de inflación; política monetaria; retorno accionario; Chile;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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