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Efectos de una nueva medida de shock monetario bajo el esquema de metas de inflación en Chile

Arend, Mario (2005): Efectos de una nueva medida de shock monetario bajo el esquema de metas de inflación en Chile.

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Abstract

As monetary policy decisions under inflation targeting are based on the projections of the target variables, a new measure of monetary shock is needed to solve the problems of bias and inconsistency in regression which try to explain the effects of monetary policy on activity and inflation. In this work I propose a new measure of monetary shock which control for the anticipatory components of the instrument rate using a simple monetary rule as the framework. The empirical work for the new measure is tested for Chile. The results obtained with the new measure indicate that the effects of monetary policy on activity and inflation are larger than those obtained with measures that do not control for the anticipatory component of the instrument rate.

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