How well does a monetary dynamic equilibrium model account for chilean data?

Since Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of th...

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Autor principal:	Duncan, Roberto
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	EQUILIBRIO (ECONOMÍA) CICLOS ECONÓMICOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3697
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spelling	oai-20.500.12580-36972021-04-24T10:30:10Z How well does a monetary dynamic equilibrium model account for chilean data? Duncan, Roberto EQUILIBRIO (ECONOMÍA) CICLOS ECONÓMICOS Since Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of this paper is to determine how well a money-in-theutility-function model with a Taylor rule can match some particular monetary stylized facts from the Chilean data between 1986 and 2000. In particular, it focuses on a theoretical explanation for what the empirical literature calls the price puzzle, namely, the comovement between the interest rate and the inflation rate. This is considered a puzzle because the traditional Mundell-Fleming model predicts that a positive change in the interest rate—that is, a restrictive monetary policy—should cause a decrease in private spending and thus a fall in the inflation rate. 2019-11-01T00:02:50Z 2019-11-01T00:02:50Z 2005 Artículo 956-7421-21-8 https://hdl.handle.net/20.500.12580/3697 eng Series on Central Banking, Analysis, and Economic Policies, no. 9 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 189-220 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	EQUILIBRIO (ECONOMÍA) CICLOS ECONÓMICOS
spellingShingle	EQUILIBRIO (ECONOMÍA) CICLOS ECONÓMICOS Duncan, Roberto How well does a monetary dynamic equilibrium model account for chilean data?
description	Since Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of this paper is to determine how well a money-in-theutility-function model with a Taylor rule can match some particular monetary stylized facts from the Chilean data between 1986 and 2000. In particular, it focuses on a theoretical explanation for what the empirical literature calls the price puzzle, namely, the comovement between the interest rate and the inflation rate. This is considered a puzzle because the traditional Mundell-Fleming model predicts that a positive change in the interest rate—that is, a restrictive monetary policy—should cause a decrease in private spending and thus a fall in the inflation rate.
format	Artículo
author	Duncan, Roberto
author_facet	Duncan, Roberto
author_sort	Duncan, Roberto
title	How well does a monetary dynamic equilibrium model account for chilean data?
title_short	How well does a monetary dynamic equilibrium model account for chilean data?
title_full	How well does a monetary dynamic equilibrium model account for chilean data?
title_fullStr	How well does a monetary dynamic equilibrium model account for chilean data?
title_full_unstemmed	How well does a monetary dynamic equilibrium model account for chilean data?
title_sort	how well does a monetary dynamic equilibrium model account for chilean data?
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3697
work_keys_str_mv	AT duncanroberto howwelldoesamonetarydynamicequilibriummodelaccountforchileandata
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How well does a monetary dynamic equilibrium model account for chilean data?

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