Munich Personal RePEc Archive

¿Tienen Efectos las Acciones de Política Monetaria? Un análisis de Intencionalidad

Pagliacci, Carolina and Ruda, Mario (2004): ¿Tienen Efectos las Acciones de Política Monetaria? Un análisis de Intencionalidad.


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The objective of this paper is to evaluate the short run effects of monetary policy actions during the period April 2002 – January 2004. Narrative indicators are used to characterize monetary policy actions, since they reflect the intentionality of decisions from the information contained in Central Bank’s discussions. According to the results, monetary policy starts its transmission mechanism throughout the movement in market interest rates, in particular, the short term (overnight) fund rate for commercial banks. Also, when the Central Bank makes several consecutive decisions with the same intentionality, the effects over interest rates are much more significant and persistent. The impact of policy actions on monetary aggregates is indirect: an expansionary decision leads to an increase in bank reserves because of the contemporary reduction that occurs in the overnight rate. Nonetheless, this reaction in bank reserves might have potential spreading effects over the rest of the economy in the long run, especially through the growth of banking credit.

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