Measuring Monetary Policy and Pass-Through in Chile

Héctor Bravo L. and Carlos García

Journal Econom a Chilena (The Chilean Economy), 2002, vol. 5, issue 3, 5-28

Abstract: First, this paper reviews the most important literature based on money VAR, which explains monetarytransmission mechanisms and pass-through from depreciation to inflation in Chile and other countries. Second, it estimates three structural VAR models with short-run restrictions and one VEC with long-run restrictions. The results indicate that monetary-transmission has become less powerful in the last years than in the period 1986-1997 and that the low pass-through depends on economic activity, inflation and the inflation target.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchec:v:5:y:2002:i:3:p:5-28

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