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Estimación de una Función de Reacción para la Política Monetaria en Bolivia
[Estimating a Monetary Policy Reaction Function for Bolivia]

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  • Cernadas, Luis
  • Aldazosa, René

Abstract

The paper models the behavior of the Central Bank of Bolivia, through the estimation of reaction functions. According to the monetary program, the central bank implements its policy through the use of monetary aggregates. However, given the crawling peg exchange rate regime, the nominal exchange rate became a very important variable for economic policy management. Additionally, the reduction in levels of dollarization have caused an improvement in the transmission mechanism from interest rates to prices. Thus, we estimate three reaction functions: one for the nominal exchange rate, other for the interest rate and other for the net loans. The results indicate that this variable adequately explains the stance of the monetary authority.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40592.

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Date of creation: Jan 2011
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Publication status: Published in Revista Monetaria Centro de Estudios Monetarios Latinoamericanos.Vol. X(2011): pp. 1-36
Handle: RePEc:pra:mprapa:40592

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Keywords: Política Monetaria; Mecanismos de Transmisión; Función de Reacción; Bolivia;

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  1. Lahura, Erick, 2006. "El efecto traspaso de la tasa de interés y la política monetaria en el Perú: 1995-2004," Revista Estudios Económicos, Banco Central de Reserva del Perú, Banco Central de Reserva del Perú, issue 13.
  2. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2003. "Instrumental variables and GMM: Estimation and testing," Stata Journal, StataCorp LP, StataCorp LP, vol. 3(1), pages 1-31, March.
  3. Pablo Gonzalez & Mauricio Tejada, 2006. "No Linealidades en la Regla de Política Monetaria del Banco Central de Chile: Una Evidencia Empírica," ILADES-Georgetown University Working Papers, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines inv173, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  4. Eduardo Morón & Diego Winkelried, 2003. "Monetary Policy Rules for Financially Vulnerable Economies," IMF Working Papers, International Monetary Fund 03/39, International Monetary Fund.
  5. Eduardo Moron & Juan F. Castro, 2002. "Uncovering Central Bank Monetary Policy Objectives: Going Beyond Fear of Floating," Macroeconomics, EconWPA 0205002, EconWPA.
  6. Luis Fernando Cernadas Miranda & Lorena Rodrigo Vargas & Hugo Rodríguez Gonzales & Vladimir Fernández Quiroga & Vanesa Paz G. & René Aldazosa Inchauste, 2010. "Instrumentación de la política monetaria por medio de un corredor de tasas de interés," Revista de Análisis del BCB, Banco Central de Bolivia, Banco Central de Bolivia, vol. 12(1), pages 81-146, June.
  7. Luis Jácome & Eric Parrado, 2006. "The Quest for Price Stability in Central America and the Dominican Republic," Working Papers Central Bank of Chile, Central Bank of Chile 390, Central Bank of Chile.
  8. Shengzu Wang & Jagdish Handa, 2007. "Monetary policy rules under a fixed exchange rate regime: empirical evidence from China," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(12), pages 941-950.
  9. Bennett T. McCallum, 2003. "Japanese monetary policy, 1991-2001," Economic Quarterly, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond, issue Win, pages 1-31.
  10. Moura, Marcelo L. & de Carvalho, Alexandre, 2010. "What can Taylor rules say about monetary policy in Latin America?," Journal of Macroeconomics, Elsevier, Elsevier, vol. 32(1), pages 392-404, March.
  11. Mehrotra, Aaron & Koivu, Tuuli & Nuutilainen, Riikka, 2008. "McCallum rule and Chinese monetary policy," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 15/2008, Bank of Finland, Institute for Economies in Transition.
  12. Leonardo Leiderman & Rodolfo Maino & Eric Parrado, 2008. "Metas de inflación en economías dolarizadas," Revista de Análisis del BCB, Banco Central de Bolivia, Banco Central de Bolivia, vol. 10(1), pages 45-71, December.
  13. Eric Parrado, 2004. "Singapore's Unique Monetary Policy," IMF Working Papers, International Monetary Fund 04/10, International Monetary Fund.
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