IDEAS home Printed from https://ideas.repec.org/a/nax/conyad/v63y2018i4p41-42.html

¿Existe alguna relación entre la base monetaria y la tasa de interés de la Reserva Federal de los Estados Unidos?

Author

Listed:
  • Nancy Muller Durán

    (Universidad Nacional Autónoma de México, México)

  • Ignacio Perrotini Hernández

    (Universidad Nacional Autónoma de México, México)

Abstract

En este artículo analizamos la forma en que la Reserva Federal de los Estados Unidos (Fed) ajusta la tasa de interés (i) en una economía con oferta monetaria endógena, tasa de interés exógena y objetivos de inflación. Sostenemos la hipótesis de que la Fed manipula la base monetaria (H) para realizar los movimientos de la tasa de interés de los fondos federales. Este problema no ha sido suficientemente explorado en la literatura relevante y consideramos que representa la aportación fundamental de este estudio. Para documentar nuestra hipótesis, realizamos un análisis empírico con datos de la economía de los Estados Unidos para el periodo 1990-2017. Los resultados muestran que existe una relación de largo plazo entre las fluctuaciones de H e i. Además, se observa que la volatilidad de H influye significativamente en el comportamiento de i.

Suggested Citation

  • Nancy Muller Durán & Ignacio Perrotini Hernández, 2018. "¿Existe alguna relación entre la base monetaria y la tasa de interés de la Reserva Federal de los Estados Unidos?," Contaduría y Administración, Accounting and Management, vol. 63(4), pages 41-42, Octubre-D.
    • Handle: RePEc:nax:conyad:v:63:y:2018:i:4:p:41-42
    as

    Download full text from publisher

    File URL: http://www.cya.unam.mx/index.php/cya/article/view/1905/1289
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Richard G. Anderson, 2009. "The curious case of the U.S. monetary base," The Regional Economist, Federal Reserve Bank of St. Louis, issue Jul, pages 12-13.
    2. John B. Taylor, 2007. "Housing and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 463-476.
    3. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    4. Craig P. Aubuchon, 2009. "The Fed's response to the credit crunch," Economic Synopses, Federal Reserve Bank of St. Louis.
    5. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 689-709.
    6. Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22.
    7. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    8. Charles Goodhart, 1989. "Money, Information and Uncertainty: 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262071223, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nancy Muller Durán & Ignacio Perrotini Hernández, 2018. "Is there any relationship between the monetary base and the interest rate of the US Federal Reserve?," Contaduría y Administración, Accounting and Management, vol. 63(4), pages 43-44, Octubre-D.
    2. Bletzinger, Tilman & Wieland, Volker, 2013. "Estimating the European Central Bank's "Extended Period of Time"," IMFS Working Paper Series 74, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    3. Alejandro Justiniano & Giorgio E. Primiceri, 2010. "Measuring the equilibrium real interest rate," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 34(Q I), pages 14-27.
    4. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    5. Bletzinger, Tilman & Wieland, Volker, 2016. "Forward guidance and "lower for longer": The case of the ECB," IMFS Working Paper Series 102, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    6. Giri, Federico & Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2019. "Monetary policy and large crises in a financial accelerator agent-based model," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 42-58.
    7. Enrico Sergio Levrero, 2022. "The Taylor Rule and its Aftermath: Elements for an Interpretation along Classical-Keynesian lines," Centro Sraffa Working Papers CSWP59, Centro di Ricerche e Documentazione 'Piero Sraffa'.
    8. Nishi, Hiroshi & Stockhammer, Engelbert, 2020. "Distribution shocks in a Kaleckian model with hysteresis and monetary policy," Economic Modelling, Elsevier, vol. 90(C), pages 465-479.
    9. Elena Afanasyeva & Jochen Güntner, 2014. "Lending Standards, Credit Booms and Monetary Policy," Economics working papers 2014-11, Department of Economics, Johannes Kepler University Linz, Austria.
    10. Hughes Hallett, Andrew & Rannenberg, Ansgar & Schreiber, Sven, 2014. "New Keynesian versus old Keynesian government spending multipliers: A comment," Discussion Papers 2014/6, Free University Berlin, School of Business & Economics.
    11. Olivier Coibion & Yuriy Gorodnichenko & Lorenz Kueng & John Silvia, 2012. "Innocent Bystanders? Monetary Policy and Inequality in the U.S," NBER Working Papers 18170, National Bureau of Economic Research, Inc.
    12. Nikolsko-Rzhevskyy, Alex & Papell, David H. & Prodan, Ruxandra, 2019. "The Taylor principles," Journal of Macroeconomics, Elsevier, vol. 62(C).
    13. Athanasios Orphanides & Volker W. Wieland, 2008. "Economic projections and rules of thumb for monetary policy," Review, Federal Reserve Bank of St. Louis, vol. 90(Jul), pages 307-324.
    14. Tarne, Ruben, 2018. "Proposals for monetary reform: A critical assessment using the general quantity equation by Wolfgang Stützel," IPE Working Papers 102/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    15. Fang‐Shuo Chang & Shiu‐Sheng Chen & Po‐Yuan Wang, 2020. "Politics and the UK's monetary policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(5), pages 486-522, November.
    16. Nikolsko-Rzhevskyy, Alex & Papell, David H. & Prodan, Ruxandra, 2014. "Deviations from rules-based policy and their effects," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 4-17.
    17. Michael D. Bordo & John Landon-Lane, 2014. "What Explains House Price Booms? History and Empirical Evidence," International Symposia in Economic Theory and Econometrics, in: Macroeconomic Analysis and International Finance, volume 23, pages 1-36, Emerald Group Publishing Limited.
    18. Boris Hofmann & Bilyana Bogdanova, 2012. "Taylor rules and monetary policy: a global "Great Deviation"?," BIS Quarterly Review, Bank for International Settlements, September.
    19. Azadeh Rahimi & Ba M. Chu & Marc Lavoie, 2017. "Linear and Non-Linear Granger Causality Between Short-Term and Long-Term Interest Rates: A Rolling Window Strategy," Metroeconomica, Wiley Blackwell, vol. 68(4), pages 882-902, November.
    20. ZHENG, Tingguo & WANG, Xia & GUO, Huiming, 2012. "Estimating forward-looking rules for China's Monetary Policy: A regime-switching perspective," China Economic Review, Elsevier, vol. 23(1), pages 47-59.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nax:conyad:v:63:y:2018:i:4:p:41-42. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alberto García-Narvaez (Technical Editor) (email available below). General contact details of provider: https://edirc.repec.org/data/fcunamx.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.