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On the Quantitative Effects of Unconventional Monetary Policies

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  • Javier García-Cicco

Abstract

I use a unique micro price data to estimate the pass-through from commodity prices to retail prices in several countries. The paper presents and develops a simple methodology to estimate the pass-through from the prices of different commodities into various sectors across several countries. This is the first exercise of this type. As expected, countries respond differently to the different shocks; and sectors respond differently across countries and commodities. A third of all the explained variation is driven by sectoral characteristics, which is a dimension mostly disregarded by the literature.

Suggested Citation

  • Javier García-Cicco, 2010. "On the Quantitative Effects of Unconventional Monetary Policies," Working Papers Central Bank of Chile 573, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:573
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    File URL: http://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc573.pdf
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    References listed on IDEAS

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    1. Cúrdia, Vasco & Woodford, Michael, 2016. "Credit Frictions and Optimal Monetary Policy," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 30-65.
    2. Stephanie Schmitt-Grohe & Jess Benhabib & Martin Uribe, 2001. "Monetary Policy and Multiple Equilibria," American Economic Review, American Economic Association, vol. 91(1), pages 167-186, March.
    3. Samuel Reynard & Andreas Schabert, 2009. "Modeling Monetary Policy," Tinbergen Institute Discussion Papers 09-094/2, Tinbergen Institute.
    4. Eggertsson, Gauti B., 2006. "The Deflation Bias and Committing to Being Irresponsible," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(2), pages 283-321, March.
    5. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
    6. Coenen, Gunter & Wieland, Volker, 2003. "The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1071-1101, July.
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    Cited by:

    1. Kotaro Ishi & Kenji Fujita & Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 11/145, International Monetary Fund.
    2. Egor S. Malkov, 2014. "The Effects Of Robo-Signing On The Economy And Unconventional Monetary Policy," HSE Working papers WP BRP 65/EC/2014, National Research University Higher School of Economics.

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