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Article
Efectos de las decisiones de política del Banco Central sobre los retornos de la Bolsa de Comercio en Chile
Ecos de Economia: A Latin American Journal of Applied Economics (2015)
  • Andres A. Acuña
  • Cristián F. Pinto, Universidad del Bio-Bio
Abstract
This paper analyzes the stock-market response to monetary policy decisions made by the Central Bank of Chile. We use a methodology designed for the study of low frequency events and monthly data from September 2001 to December 2013 to estimate the effect of anticipated and unanticipated changes in the Chilean monetary policy interest rate on stock returns. In contrast to the research findings in the literature for the U.S., we find no evidence that monetary surprises affect Chilean stock returns.
Keywords
  • Event study,
  • inflation targeting,
  • monetary policy,
  • stock returns,
  • Chile
Disciplines
Publication Date
June, 2015
DOI
10.17230/ecos.2015.40.3
Citation Information
Andres A. Acuña and Cristián F. Pinto. "Efectos de las decisiones de política del Banco Central sobre los retornos de la Bolsa de Comercio en Chile" Ecos de Economia: A Latin American Journal of Applied Economics Vol. 19 Iss. 40 (2015) p. 48 - 65 ISSN: 1657-4206
Available at: http://works.bepress.com/andres_acuna/12/