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Los productos financieros derivados y la política monetaria: evidencia para la Reserva Federal (2000-2015)

Author

Listed:
  • Esther Barros-Campello

    (Departamento de Análisis Económico y ADE, Facultad de Economía y Empresa, Universidade da Coruña)

  • Carlos Pateiro-Rodríguez

    (Departamento de Análisis Económico y ADE, Facultad de Economía y Empresa, Universidade da Coruña)

  • José Venancio Salcines-Cristal

    (Departamento de Análisis Económico y ADE, Facultad de Economía y Empresa, Universidade da Coruña)

Abstract

Al tiempo que el uso de los productos financieros derivados se hacía cada vez más frecuente, numerosos trabajos de investigación analizan sus efectos sobre la puesta en práctica de la política monetaria. En el marco teórico de las reglas monetarias de tipos de interés (Taylor rules), a través del método generalizado de los momentos (MGM) contrastamos la influencia de los productos financieros derivados sobre la gestión de la política monetaria por parte de la Reserva Federal entre 2000 y 2015. El análisis realizado nos permite concluir que la volatilidad implícita del mercado de derivados es una variable explicativa del comportamiento del tipo de interés nominal de corto plazo.

Suggested Citation

  • Esther Barros-Campello & Carlos Pateiro-Rodríguez & José Venancio Salcines-Cristal, 2017. "Los productos financieros derivados y la política monetaria: evidencia para la Reserva Federal (2000-2015)," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 40(112), pages 31-41, Enero.
    • Handle: RePEc:cud:journl:v:40:y:2017:i:112:p:31-41
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    More about this item

    Keywords

    Banco Central; Reglas monetarias; Productos derivados;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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