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Latin American Natural Rates of Interest

Author

Listed:
  • Luciano Campos

    (CONICET/IIEP)

Abstract

This paper estimates the natural rate of interest for the six biggest Latin American economies. Considering the fact that money velocity is the permanent component of the nominal interest rate, both the nominal and real natural rates are estimated simply by running an OLS regression. It is evidenced a downward trend in the real natural rate since the 2010s, comparable with the decline displayed by potential output once the favorable conditions of the 2000s commodity boom were over. This result has direct implications for the monetary stance evaluation in the region, which is analyzed as well in this work.

Suggested Citation

  • Luciano Campos, 2023. "Latin American Natural Rates of Interest," Working Papers 271, Red Nacional de Investigadores en Economía (RedNIE).
    • Handle: RePEc:aoz:wpaper:271
    as

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    File URL: https://rednie.eco.unc.edu.ar/files/DT/271.pdf
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    More about this item

    Keywords

    Natural rate of interest; money velocity; Latin America;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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