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Monetary policy independence under flexible exchange rates : an illusion?

Author: Sebastian Edwards; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 20893.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
I analyze whether countries with flexible exchange rates are able to pursue an independent monetary policy, as suggested by traditional theory. I use data for three Latin American countries with flexible exchange rates, inflation targeting, and capital mobility -- Chile, Colombia and Mexico -- to investigate the extent to which Federal Reserve actions are translated into local central banks' policy rates. The  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Sebastian Edwards; National Bureau of Economic Research,
OCLC Number: 901582016
Notes: "January 2015"
Description: 1 online resource (20 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20893.
Responsibility: Sebastian Edwards.

Abstract:

I analyze whether countries with flexible exchange rates are able to pursue an independent monetary policy, as suggested by traditional theory. I use data for three Latin American countries with flexible exchange rates, inflation targeting, and capital mobility -- Chile, Colombia and Mexico -- to investigate the extent to which Federal Reserve actions are translated into local central banks' policy rates. The results indicate that there is significant "policy contagion," and that these countries tend to "import" Fed policies. The degree of monetary policy independence is lower than what traditional models suggest.

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