Abstract

DAZA, Carlos Fernando  and  URIBE, Jorge Mario. Effects of the United States interest rate innovations on Colombia, Peru and Chile. rev. econ. Caribe [online]. 2016, n.17, pp.143-162. ISSN 2011-2106.  https://doi.org/10.14482/ecoca.17.7158.

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

Keywords : SVAR; VARX; Monetary Policy; USA; Emerging Economies.

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