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Cambios recientes en la transmisión de la tasa de política monetaria a la estructura de tasas en Uruguay

Author

Listed:
  • Gerardo Licandro

    (Banco Central del Uruguay)

  • Miguel Mello

    (Banco Central del Uruguay)

Abstract

The purpose of this paper is to investigate whether, with learning in the development of monetary policy on the basis of the interest rate, lhe changes in the microstructure of the banking system and the recent development of markets in pesos, there has been a strengthening in the passage of the monetary policy rate to the peso denominated interest rate strucructure of the economy. Using micro founded- Monti-Klein style- models of interest rate setting in the banking industry applied to the period of inflation targeting with interest rates as an instrument we are able to show that the passthrough of interest rates has strengthened in the comparison between 2007-2009 and 2010-to the present. This evidence is found both in the average level of rates as in the different sectoral rates.

Suggested Citation

  • Gerardo Licandro & Miguel Mello, 2012. "Cambios recientes en la transmisión de la tasa de política monetaria a la estructura de tasas en Uruguay," Documentos de trabajo 2012014, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2012014
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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/14.2012.pdf
    File Function: First version, 2012
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    Citations

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    Cited by:

    1. Mr. Rafael A Portillo & Ms. Yulia Ustyugova, 2015. "A Model for Monetary Policy Analysis in Uruguay," IMF Working Papers 2015/170, International Monetary Fund.

    More about this item

    Keywords

    monetary policy; interest rates; interest-rate pass-through; Uruguay;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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