International Monetary Policy Spillover in Colombia: An SVAR Analysis
Abstract/Contents
- Abstract
- United States monetary policy plays an oversized role in determining worldwide financial conditions. Recent research has demonstrated that emerging markets economies are vulnerable to pressure from the policy stance of the Federal Reserve. Furthermore, monetary authorities in these countries have been shown to systematically respond to the Federal Funds rate, indicating that international monetary policy spillovers have eroded these nations’ monetary policy independence. This paper examines the transmission dynamics underlying these spillovers by estimating various structural vector autoregressions (SVARs) in an emerging market economy, Colombia. The analysis finds that U.S. monetary policy shocks are a significant determinant of Colombia’s central bank policy rate. In addition, it is shown that the transmission process of these spillovers changed after the global financial crisis of 2008.
Description
| Type of resource | text |
|---|---|
| Date created | May 2017 |
Creators/Contributors
| Author | Sánchez-Ordóñez, Daniel Ernesto |
|---|---|
| Primary advisor | Taylor, John B. |
| Degree granting institution | Stanford University, Department of Economics |
Subjects
| Subject | International monetary policy spillover |
|---|---|
| Subject | Monetary policy independence |
| Subject | Colombian central bank |
| Subject | Structural vector autoregression |
| Subject | Stanford Department of Economics |
| Genre | Thesis |
Bibliographic information
| Related item | |
|---|---|
| Location | https://purl.stanford.edu/zz441xh3430 |
Access conditions
- Use and reproduction
- User agrees that, where applicable, content will not be used to identify or to otherwise infringe the privacy or confidentiality rights of individuals. Content distributed via the Stanford Digital Repository may be subject to additional license and use restrictions applied by the depositor.
Preferred citation
- Preferred Citation
- Sánchez-Ordóñez, Daniel Ernesto. (2017). International Monetary Policy Spillover in Colombia: An SVAR Analysis. Stanford Digital Repository. Available at: https://purl.stanford.edu/zz441xh3430
Collection
Stanford University, Department of Economics, Honors Theses
View other items in this collection in SearchWorksContact information
- Contact
- econ@stanford.edu
Also listed in
Loading usage metrics...