Respuesta del retorno accionario a la politica monetaria: Evidencia para el mercado chileno

Stock return response to monetary policy: Evidence from the Chilean market

Andrés Acuña-Duarte () and Cristian F. Pinto

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyzes the response of the stock market returns to monetary policy decisions by the Central Bank of Chile. It adopts the event-study methodology in order to gauge the influence of anticipated and unanticipated changes in the Chilean monetary policy interest rate (TPM), decided in every meeting of Monetary Policy Comitee, on the return of stocks traded at Santiago Stock Exchange in the monthly period 2001-2012. Unlike most the literature on this subject, mainly associated with US Federal Reserve monetary policy, no evidence is found on the impact of monetary surprises on stock returns, when surprise is measured using the Economic Expectations Survey.

Keywords: event study; inflation targeting; monetary policy; stock returns (search for similar items in EconPapers)
JEL-codes: E52 E58 G14 (search for similar items in EconPapers)
Date: 2012-07
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/41091/1/MPRA_paper_41091.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:41091

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().