Buscando simetrías y asimetrías en la política monetaria de la Reserva Federal, 1966-2012

  1. Esther Barros-Campello 1
  2. Carlos Pateiro-Rodríguez 1
  3. Jesús Manuel García-Iglesias 2
  1. 1 Universidade da Coruña Facultad de Economía Departamento de Análisis Económico
  2. 2 Universidad de Extremadura Departamento de Economía
Revista:
Investigación económica

ISSN: 0185-1667

Año de publicación: 2015

Volumen: 74

Número: 291

Páginas: 21-52

Tipo: Artículo

DOI: 10.1016/J.INVECO.2015.07.001 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Investigación económica

Resumen

Los bancos centrales pueden adoptar un comportamiento asimétrico cuando establecen los tipos de interés a corto plazo. Esta posibilidad existe si la autoridad monetaria asume una función de preferencias asimétrica o si la estructura económica presenta una curva de Phillips no lineal. En tal caso, el banco central responde con desigual intensidad ante las desviaciones positivas de la inflación respecto de su objetivo, que ante desviaciones negativas. Lo mismo cabría esperar de las respuestas ante las desviaciones de la producción respecto de la producción potencial. Mediante el MGM realizamos la contrastación de diferentes reglas óptimas de política monetaria. Y con el propósito de probar la robustez de los resultados, investigamos la presencia de asimetrías a través de variables ficticias para las desviaciones de la inflación y la brecha del producto. En ambos enfoques, el principal resultado es la ausencia de comportamientos asimétricos en la conducción de la política monetaria por parte de la Fed.

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