Política Monetaria y Mecanismos de Transmisión: Nuevos Elementos para una Vieja Discusión

Abstract

This article starts by reviewing the current state of the arts in monetary transmission, emphasizing the empirical evidence for the Chilean case. Then, it focuses on two aspects that have not been given much attention in previous studies, namely the evolution of the monetary policy impact on output and prices over the past decade, and its breakdown by sectors. A basic uniequational model is estimated, in order to study i) temporal shifts in the effectiveness of monetary policy and ii) shifts in regimes occurred in the late nineties. Then, VAR models are used—similar to those of previous studies—to analyze the temporal development of impulse-response functions. Finally, a comparative analysis is made on the impact of monetary policy on various productive sectors, for which output and price variables are incorporated into the traditional VAR model.