IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Estimación de una función de reacción para la política monetaria en Bolivia

  • Luis F. Cernadas

    (Banco Central Bolivia)

  • E. René Aldazosa

    (Banco Central Bolivia)

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.

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.cemla.org/PDF/monetaria/PUB_MON_XXXIV-01.pdf
Download Restriction: no

Article provided by Centro de Estudios Monetarios Latinoamericanos in its journal Monetaria.

Volume (Year): XXXIV (2011)
Issue (Month): 1 (enero-marzo)
Pages: 1-36

as
in new window

Handle: RePEc:cml:moneta:v:xxxiv:y:2011:i:1:p:1-36
Contact details of provider: Postal: Durango 54, Col. Roma, México D. F., 06700
Phone: 52 (55) 5061 6680
Web page: http://www.cemla.org
Email:


More information through EDIRC

Order Information: Web: http://www.cemla.org Email:


References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Eduardo Moron & Juan F. Castro, 2002. "Uncovering Central Bank Monetary Policy Objectives: Going Beyond Fear of Floating," Macroeconomics 0205002, EconWPA.
  2. Erick Lahura, 2005. "El efecto traspaso de la tasa de interés y la política monetaria en el Perú: 1995-2004," Documentos de Trabajo / Working Papers 2005-244, Departamento de Economía - Pontificia Universidad Católica del Perú.
  3. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2002. "Instrumental variables and GMM: Estimation and testing," Boston College Working Papers in Economics 545, Boston College Department of Economics, revised 14 Feb 2003.
  4. 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, vol. 12(1), pages 81-146, June.
  5. Eric Parrado & Luis Ignacio Jácome, 2007. "The Quest for Price Stability in Central America and the Dominican Republic," IMF Working Papers 07/54, International Monetary Fund.
  6. 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 inv173, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  7. Shengzu Wang & Jagdish Handa, 2007. "Monetary policy rules under a fixed exchange rate regime: empirical evidence from China," Applied Financial Economics, Taylor & Francis Journals, vol. 17(12), pages 941-950.
  8. Eduardo Morón & Diego Winkelried, 2003. "Monetary Policy Rules for Financially Vulnerable Economies," IMF Working Papers 03/39, International Monetary Fund.
  9. Mehrotra, Aaron & Koivu, Tuuli & Nuutilainen, Riikka, 2008. "McCallum rule and Chinese monetary policy," BOFIT Discussion Papers 15/2008, Bank of Finland, Institute for Economies in Transition.
  10. Bennett T. McCallum, 2003. "Japanese monetary policy, 1991-2001," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-31.
  11. Carvalho, Alexandre & Moura, Marcelo L., 2008. "What Can Taylor Rules Say About Monetary Policy in Latin America?," Insper Working Papers wpe_126, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
  12. Leonardo Leiderman & Rodolfo Maino & Eric Parrado, 2008. "Metas de inflación en economías dolarizadas," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 10(1), pages 45-71, December.
  13. Eric Parrado, 2004. "Singapore's Unique Monetary Policy: How Does it Work?," IMF Working Papers 04/10, International Monetary Fund.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:cml:moneta:v:xxxiv:y:2011:i:1:p:1-36. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ana Laura Sibaja-Jiménez)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.