Los productos financieros derivados y la política monetariaevidencia para la Reserva Federal (2000-2015)

  1. Esther Barros-Campello 1
  2. Carlos Pateiro-Rodríguez 1
  3. José Venancio Salcines-Cristal 1
  1. 1 Universidade da Coruña
    info

    Universidade da Coruña

    La Coruña, España

    ROR https://ror.org/01qckj285

Revista:
Cuadernos de economía: Spanish Journal of Economics and Finance

ISSN: 2340-6704 0210-0266

Ano de publicación: 2017

Volume: 40

Número: 112

Páxinas: 31-41

Tipo: Artigo

DOI: 10.1016/J.CESJEF.2016.02.001 DIALNET GOOGLE SCHOLAR lock_openBiblos-e Archivo editor

Outras publicacións en: Cuadernos de economía: Spanish Journal of Economics and Finance

Resumo

While the use of money market derivative products was increasing, many research studies were published on how derivative products affect the implementation of monetary policies. In the theoretical framework of an interest rate forecasting model (Taylor rules), we will use the generalised method of moments (GMM) to compare the influence of financial derivative products over the Federal monetary policy carried out from the year 2000 to 2015. By means of this analysis we may conclude that the implicit volatility of the derivatives markets is an explanatory variable of the behaviour of the short-term nominal interest rate.

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