What Can Taylor Rules Say About Monetary Policy in Latin America?

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dc.contributor.authorMoura, Marcelo L.
dc.contributor.authorCarvalho, Alexandre de
dc.coverage.paisBrasilpt_BR
dc.creatorMoura, Marcelo L.
dc.creatorCarvalho, Alexandre de
dc.date.accessioned2023-07-15T03:21:48Z
dc.date.available2023-07-15T03:21:48Z
dc.date.issued2008
dc.description.otherThis paper examines the way monetary policy has been conducted recently in the seven largest Latin American economies, the LAC-7 group. We run eight alternative specifications for the Taylor rule and select the most appropriate functional form through out-of-sample measures of forecasting performance. The comparison indicates that backward-looking rules slightly outperform forward-looking ones in forecasting interest rates, hinting that past inflation is still an important determinant of expected inflation in emerging countries. As regards the interest rate setting, we find evidence that only Mexico has followed the Taylor principle in recent years, and even so not all the time. Seemingly, although Brazil and Chile have followed the principle marginally, the remaining countries have carried out neutral monetary policies with respect to inflation. Our results also suggest that, for most countries, the interest rate setting is symmetric and does not take into account exchange rate changes or the output gap.pt_BR
dc.format.extent24 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 005/2008
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5795
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC - São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsTaylor rulept_BR
dc.subject.keywordsout-of-sample forecastingpt_BR
dc.subject.keywordsmonetary policypt_BR
dc.subject.keywordsemerging economiespt_BR
dc.titleWhat Can Taylor Rules Say About Monetary Policy in Latin America?pt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR

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