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Efectos de la tasa de los fondos federales de los Estados Unidos en una economía pequeña, abierta y dolarizada. El caso de Puerto Rico

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Author Info

  • Rodríguez, Carlos A.

    (Universidad de Puerto Rico)

  • Toledo, Wilfredo

    (Universidad de Puerto Rico)

Abstract

This paper examines the impact of the monetary policy of the United States, using the interest rate as instrument, on unemployment and inflation rates of Puerto Rico: an economy with special features. We discuss a theoretical model that support the construction of a VAR system defined by the three variables mentioned. The empirical estimations indicated that the U.S. monetary policy actions precede the movements of the two economics indicators of the Island. Any implementation of the monetary policy is transmitted directly to prices in short run, and to the real sector, in the long run.// En este trabajo se examina los efectos de la política monetaria de Estados Unidos, mirada a través de la tasa de interés, en el desempleo y la tasa de inflación en una economía con características particulares: el caso de Puerto Rico. Se analiza un modelo teórico que fundamenta la construcción de un sistema de vectores autorregresivos con las tres variables mencionadas. Los resultados de la estimación revelan que las acciones de política monetaria de Estados Unidos anteceden y afectan significativamente los movimientos de las dos variables económicas de la isla consideradas. Cualquier implantación de política monetaria estadounidense, por medio de la tasa de interés, se trasmite a corto plazo a los precios y a largo plazo al sector real.

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Bibliographic Info

Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXIV (1) (2007)
Issue (Month): 293 (enero-marzo)
Pages: 223-246

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Handle: RePEc:elt:journl:v:74:y:2007:i:293:p:223-246

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Related research

Keywords: monetary policy; time series models; quantitative methods; política monetaria; modelos de series de tiempo; métodos cuantitativos;

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