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On the Quantitative Effects of Unconventional Monetary Policies

  • Javier García-Cicco

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.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 573.

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Date of creation: Apr 2010
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Handle: RePEc:chb:bcchwp:573
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  1. 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.
  2. Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 1999. "Monetary Policy and Multiple Equilibria," CEPR Discussion Papers 2316, C.E.P.R. Discussion Papers.
  3. Volker Wieland & Gunter Coenen, 2003. "The Zero-Interest-Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan," Computing in Economics and Finance 2003 138, Society for Computational Economics.
  4. Vasco Cúrdia & Michael Woodford, 2008. "Credit frictions and optimal monetary policy," Working Paper Research 146, National Bank of Belgium.
  5. Samuel Reynard & Andreas Schabert, 2010. "Modeling Monetary Policy," Working Papers 2010-04, Swiss National Bank.
  6. 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.
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