Understanding the monetary transmission mechanism is crucial to central bankers. The way monetary policy is transmitted to the economy through different channels and the time it needs to take effect are both important. In this paper, I analyzed the monetary transmission mechanism in Peru, using the structural vector autoregression approach (SVAR) for the period when the COVID crisis happened and without considering this period in order to compare if there are major distortions in the transmission channels. I found evidence that monetary policy can affect output and price level, and that the effect of monetary policy on those variables react like the theory established. It can be concluded that the interest rate channel and the exchange rate channel are still relevant and there are no major distortions in the transmission channels for the peruvian economy before and after the COVID period, except in the exchange rate channel, which shows a stronger response when the interest rate increase when we consider the data with the COVID period.
| la date de réponse | 15 sept. 2022 |
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| langue originale | Anglais |
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| L'institution diplômante | |
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| Superviseur | Yuliya Rychalovska (Promoteur) & Julia Jesionek (Copromoteur) |
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Investigating the monetary policy and transmission mechanism in Peru: consequences of the Covid crisis
GALDOS ESLAVA, J. (Auteur). 15 sept. 2022
Student thesis: Master types › Master de spécialisation en économie internationale et du développement