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Non-Conventional Monetary Policy: The Case of Bolivia

Roger Banegas Rivero (), Marco Alberto Núñez Ramírez and Sacnicté Valdez del Río
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Marco Alberto Núñez Ramírez: Department of Management, Instituto Tecnológico de Sonora, México
Sacnicté Valdez del Río: Department of Management, Instituto Tecnológico de Sonora, México.

International Journal of Economics and Financial Issues, 2018, vol. 8, issue 3, 59-67

Abstract: In this paper, we quantify the role of non-conventional monetary policy for Bolivia. The results suggest that changes in the real assets of the central bank show differentiated effects: contractive policy has more negative and significant effects on the real business cycle, in contrast to its expansive orientation. These results are robust to an econometric battery by alternative models (VAR, SVAR Short-Run, SVAR Long-Run, BVAR), for the quarterly period from 2000 (Q1) to 2015 (Q4). The excess growth of the M2 aggregate in relation to M1 exerts greater variability in the short-term fluctuations of output gap, in comparison with the real assets of central bank.

Keywords: Non-Conventional Monetary Policy; Output Gap; Asset of Central Bank Inflation; Interest Rate; SVAR. (search for similar items in EconPapers)
JEL-codes: C36 E31 E32 E43 E52 E58 (search for similar items in EconPapers)
Date: 2018
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