IDEAS home Printed from https://ideas.repec.org/a/rce/rvceco/31746.html
   My bibliography  Save this article

Estimación de la tasa de interés real neutral para Costa Rica

Author

Listed:
  • Muñoz-Salas, Evelyn
  • Rodríguez-Vargas, Adolfo

Abstract

Un banco central que utilice la tasa de interés como instrumento de control monetario requiere contar con una estimación de la tasa de interés real neutral (TIRN) como referencia para tomar las decisiones de política conducentes a lograr su objetivo de inflación. Este documento aborda por primera vez la estimación de la tasa de interés real neutral, utilizando datos de una tasa de política monetaria para Costa Rica, establecida en junio del 2011 por el Banco Central de Costa Rica como su instrumento de control monetario. Considerando información mensual para el período 2009-2015 y combinando las estimaciones provenientes de diversas metodologías, la TIRN para Costa Rica se estima en torno a 1,4%.

Suggested Citation

  • Muñoz-Salas, Evelyn & Rodríguez-Vargas, Adolfo, 2017. "Estimación de la tasa de interés real neutral para Costa Rica," Revista de Ciencias Económicas, Instituto de Investigaciones en Ciencias Económicas, Universidad de Costa Rica, vol. 35(2), December.
  • Handle: RePEc:rce:rvceco:31746
    as

    Download full text from publisher

    File URL: https://revistas.ucr.ac.cr/index.php/economicas/article/view/31746
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-673, September.
    2. Michał Brzoza-Brzezina, 2002. "Estimating the Natural Rate of Interest: A SVAR Approach," NBP Working Papers 27, Narodowy Bank Polski.
    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. Michal Brzoza-Brzezina, 2004. "The Information Content of the Natural Rate of Interest: The Case of Poland," Macroeconomics 0402007, University Library of Munich, Germany.
    2. Michał Brzoza‐Brzezina, 2006. "The information content of the neutral rate of interest," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(2), pages 391-412, April.
    3. Dobromił Serwa & Piotr Wdowiński, 2017. "Modeling Macro-Financial Linkages: Combined Impulse Response Functions in SVAR Models," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 9(4), pages 323-357, December.
    4. Evans, Charles L. & Marshall, David A., 2007. "Economic determinants of the nominal treasury yield curve," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1986-2003, October.
    5. Bonhomme, Stphane & Robin, Jean-Marc, 2009. "Consistent noisy independent component analysis," Journal of Econometrics, Elsevier, vol. 149(1), pages 12-25, April.
    6. Friday Osemenshan Anetor, 2020. "Foreign Capital Inflows, Financial Development and Growth In Nigeria: A Structural VAR Approach," Journal of Developing Areas, Tennessee State University, College of Business, vol. 54(3), pages 69-86, July-Sept.
    7. An, Lian & Kim, Gil & Ren, Xiaomei, 2014. "Is devaluation expansionary or contractionary: Evidence based on vector autoregression with sign restrictions," Journal of Asian Economics, Elsevier, vol. 34(C), pages 27-41.
    8. Kiptui, Moses, 2015. "Sources of Exchange Rate Fluctuations in Kenya: The Relative Importance of Real and Nominal Shocks," MPRA Paper 61515, University Library of Munich, Germany.
    9. Hartikainen, Johanna, 1995. "Dynamic effects of demand and supply disturbances on the Finnish economy: Did liberalization of capital movements matter?," Bank of Finland Research Discussion Papers 36/1995, Bank of Finland.
    10. Konstantins Benkovskis, 2006. "The Effect of Latvian Pension Reform on Savings and Government Budget," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 6(1), pages 3-21, July.
    11. Candelon, Bertrand & Lieb, Lenard, 2013. "Fiscal policy in good and bad times," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 2679-2694.
    12. Britta Gehrke & Fang Yao, 2016. "Persistence and volatility of real exchange rates: the role of supply shocks revisited," Reserve Bank of New Zealand Discussion Paper Series DP2016/02, Reserve Bank of New Zealand.
    13. van Amano, Robert A & Norden, Simon, 1998. "Exchange Rates and Oil Prices," Review of International Economics, Wiley Blackwell, vol. 6(4), pages 683-694, November.
    14. Sellin, Peter, 1998. "Monetary Policy and the Stock Market: Theory and Empirical Evidence," Working Paper Series 72, Sveriges Riksbank (Central Bank of Sweden).
    15. Michael Funke, 2000. "Macroeconomic Shocks in Euroland vs. the UK: Supply, Demand, or Nominal?," EUI-RSCAS Working Papers 37, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    16. repec:hal:wpspec:info:hdl:2441/2525 is not listed on IDEAS
    17. Stephen McKnight & Marco Robles Sánchez, 2014. "Is a monetary union feasible for Latin America? Evidence from real effective exchange rates and interest rate pass-through levels," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 29(2), pages 225-262.
    18. J.P.G. Reijnders, 2007. "Impulse or propagation? How the tides turned in Business Cycle Theory," Working Papers 07-07, Utrecht School of Economics.
    19. Croushore, Dean & Evans, Charles L., 2006. "Data revisions and the identification of monetary policy shocks," Journal of Monetary Economics, Elsevier, vol. 53(6), pages 1135-1160, September.
    20. Richard H. Clarida & Mark P. Taylor, 2003. "Nonlinear Permanent - Temporary Decompositions in Macroeconomics and Finance," Economic Journal, Royal Economic Society, vol. 113(486), pages 125-139, March.
    21. Mr. Kadima D. Kalonji & Jan Gottschalk & Mr. Ken Miyajima, 2008. "Analyzing Determinants of Inflation When There Are Data Limitation: The Case of Sierra Leone," IMF Working Papers 2008/271, International Monetary Fund.

    More about this item

    Keywords

    MONETARY POLICY; INFLATION; UNOBSERVABLE VARIABLES; POLÍTICA MONETARIA; INFLACIÓN; VARIABLES NO OBSERVABLES;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

    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:rce:rvceco:31746. 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: Luis J. Hall (email available below). General contact details of provider: https://edirc.repec.org/data/iiucrcr.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.