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¿Existe alguna relación entre la base monetaria y la tasa de interés de la Reserva Federal de los Estados Unidos?

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  • Nancy Muller Durán

    (Universidad Nacional Autónoma de México, México)

  • Ignacio Perrotini Hernández

    (Universidad Nacional Autónoma de México, México)

Abstract

En este artículo analizamos la forma en que la Reserva Federal de los Estados Unidos (Fed) ajusta la tasa de interés (i) en una economía con oferta monetaria endógena, tasa de interés exógena y objetivos de inflación. Sostenemos la hipótesis de que la Fed manipula la base monetaria (H) para realizar los movimientos de la tasa de interés de los fondos federales. Este problema no ha sido suficientemente explorado en la literatura relevante y consideramos que representa la aportación fundamental de este estudio. Para documentar nuestra hipótesis, realizamos un análisis empírico con datos de la economía de los Estados Unidos para el periodo 1990-2017. Los resultados muestran que existe una relación de largo plazo entre las fluctuaciones de H e i. Además, se observa que la volatilidad de H influye significativamente en el comportamiento de i.

Suggested Citation

  • Nancy Muller Durán & Ignacio Perrotini Hernández, 2018. "¿Existe alguna relación entre la base monetaria y la tasa de interés de la Reserva Federal de los Estados Unidos?," Contaduría y Administración, Accounting and Management, vol. 63(4), pages 41-42, Octubre-D.
    • Handle: RePEc:nax:conyad:v:63:y:2018:i:4:p:41-42
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    References listed on IDEAS

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