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El tamano de las empresas y la transmisión de la política monetaria en Colombia: una aplicación con la encuesta mensual de expectativas económicas

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  • Héctor Zárate
  • Norberto Rodríguez
  • Margarita Marín

Abstract

En este artículo se incorpora información obtenida de las encuestas de expectativas económicas realizadas a los empresarios para comprobar si el efecto de la política monetaria difiere de acuerdo con el tamano de las empresas. El análisis se basa en las funciones impulso-respuesta, calculadas con la metodología de Vectores Autorregresivos con cambio de régimen MS-BVAR. Los resultados sugieren que ante un choque en la tasa de interés de política, el clima de los negocios tanto de las empresas grandes como pequenas responde en forma positiva en régimen de expansión, mientras en períodos de contracción se observan respuestas negativas y más pronunciadas. Así, las empresas grandes son más sensibles a los choques de tasas de interés, probablemente como consecuencias del bajo grado de profundización financiera.

Suggested Citation

  • Héctor Zárate & Norberto Rodríguez & Margarita Marín, 2013. "El tamano de las empresas y la transmisión de la política monetaria en Colombia: una aplicación con la encuesta mensual de expectativas económicas," Revista de Economía del Rosario, Universidad del Rosario, June.
    • Handle: RePEc:col:000151:012877
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    More about this item

    Keywords

    Política monetaria; modelos Markov-Switching; modelos VAR; muestreo de gibbs; clima de negocios;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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