Cambios recientes en la transmisión de la tasa de política monetaria a la estructura de tasas en Uruguay

Gerardo Licandro and Miguel Mello (mmello@bcu.gub.uy)
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Miguel Mello: Banco Central del Uruguay
Authors registered in the RePEc Author Service: Miguel Martin Mello (mmellocosta@icloud.com) and Miguel Mello Costa (mmellocosta@yahoo.com)

No 2012014, Documentos de trabajo from Banco Central del Uruguay

Abstract: The purpose of this paper is to investigate whether, with learning in the development of monetary policy on the basis of the interest rate, lhe changes in the microstructure of the banking system and the recent development of markets in pesos, there has been a strengthening in the passage of the monetary policy rate to the peso denominated interest rate strucructure of the economy. Using micro founded- Monti-Klein style- models of interest rate setting in the banking industry applied to the period of inflation targeting with interest rates as an instrument we are able to show that the passthrough of interest rates has strengthened in the comparison between 2007-2009 and 2010-to the present. This evidence is found both in the average level of rates as in the different sectoral rates.

Keywords: monetary policy; interest rates; interest-rate pass-through; Uruguay; política monetaria; tasas de interés; pasaje de tasas de interés; Uruguay (search for similar items in EconPapers)
JEL-codes: E43 E44 E52 E58 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2012
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Citations: View citations in EconPapers (1)

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