Effects of the United States interest rate innovations on Colombia, Peru and Chile

Authors

  • Carlos Fernando Daza Moreno Estudiante del Departamento de Economía de la Universidad del Valle.
  • Jorge Mario Uribe Gil Profesor del Departamento de Economía de la Universidad del Valle. Integrante del Grupo de Macroeconomía Aplicada y Economía Financiera de esa misma universidad.

Keywords:

SVAR, XVAR, Monetary Policy, USA, Emerging economies

Abstract

We explore the impacts of changes in the monetary policy conditions in the United States on emerging economies such as Colombia, Chile and Peru. We used SVAR-X models. The model uses instead a partial identification strategy. We find divergent and small effects on the analyzed economic variables. In Colombia, a contraction in the monetary policy of USA is followed by a small increment in the economic activity, a couple of months after its implementation, a decreasing in inflation, and a nominal appreciation of the exchange rate. In Chile and Peru, we found small and significant effects with opposite signs.

Author Biographies

Carlos Fernando Daza Moreno, Estudiante del Departamento de Economía de la Universidad del Valle.

Estudiante del Departamento de Economía de la Universidad del Valle. Integrante del Grupo de Macroeconomía Aplicada y Economía Financiera de esa misma universidad

Jorge Mario Uribe Gil, Profesor del Departamento de Economía de la Universidad del Valle. Integrante del Grupo de Macroeconomía Aplicada y Economía Financiera de esa misma universidad.

Profesor del Departamento de Economía de la Universidad del Valle. Integrante del Grupo de Macroeconomía Aplicada y Economía Financiera de esa misma universidad.

Maestría de Investigación en Economía, European University Institute, Firenze.

Magíster en Economía, Universidad de los Andes, Bogotá.

Economista, Universidad del Valle, Cali.

Profesional en Finanzas y Negocios Internacionales, Universidad Santiago de Cali, Cali.  

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Published

2016-05-13

Issue

No. 17: JAN-JUN 2016

Section

Science article

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