{"id":16658,"date":"2025-07-30T09:56:30","date_gmt":"2025-07-30T12:56:30","guid":{"rendered":"https:\/\/www.economicas.uba.ar\/iiep\/?post_type=tribe_events&#038;p=16658"},"modified":"2025-07-30T09:56:30","modified_gmt":"2025-07-30T12:56:30","slug":"ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5","status":"publish","type":"tribe_events","link":"https:\/\/economicas.uba.ar\/iiep\/eventos\/ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5\/","title":{"rendered":"Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5"},"content":{"rendered":"<div class=\"tribe-events-single-event-description tribe-events-content\">\n<p>Seminario de Investigaci\u00f3n del IIEP<\/p>\n<h1 class=\"tribe-events-single-event-title\">Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5<\/h1>\n<p>Expositores |<strong>\u00a0Emiliano Basco <\/strong>BCRA<strong>, Sebasti\u00e1n Katz <\/strong>BCRA\/UBA <strong>y Luis Libonatti <\/strong>BCRA<\/p>\n<p>A partir de estimar las funciones de reacci\u00f3n de los Bancos Centrales de Brasil, Chile, Colombia, M\u00e9xico y Per\u00fa (LATAM-5) en el per\u00edodo 2002-2019, el presente trabajo indaga en qu\u00e9 medida la adopci\u00f3n de reg\u00edmenes de metas de inflaci\u00f3n permiti\u00f3 a esas econom\u00edas gozar de mayores m\u00e1rgenes de maniobra en la conducci\u00f3n de su pol\u00edtica monetaria. Por un lado, hallamos que las tasas de pol\u00edtica responden m\u00e1s que proporcionalmente a los desv\u00edos de la inflaci\u00f3n esperada a un a\u00f1o; por otro lado, encontramos que la pol\u00edtica monetaria est\u00e1 en condiciones de responder en forma contrac\u00edclica a las fluctuaciones del PIB. Sin embargo, nuestros resultados tambi\u00e9n muestran que algunos de estos Bancos Centrales no son enteramente indiferentes al comportamiento de alguna variable adicional a las postuladas en las reglas de Taylor convencionales. En particular, encontramos evidencia de que en la mayor\u00eda de los casos las autoridades monetarias responden en forma positiva y sistem\u00e1tica a los movimientos de la tasa de pol\u00edtica de la FED. \u00bfEs esta regularidad un indicio de una autonom\u00eda monetaria restringida en LATAM-5? \u00bfO, por el contrario, este comportamiento puede conciliarse con las prescripciones de una regla de pol\u00edtica monetaria \u00f3ptima para una econom\u00eda peque\u00f1a y abierta? Para intentar dilucidar entre ambas alternativas estimamos para cada una de las econom\u00edas un modelo de vectores autorregresivos (VAR). Ello nos permite analizar la respuesta de la pol\u00edtica monetaria a distintos shocks y los mecanismos de transmisi\u00f3n a variables macroecon\u00f3micas clave, as\u00ed como su interacci\u00f3n con la tasa de inter\u00e9s de la FED. Por \u00faltimo, nuestras estimaciones permiten ilustrar el modo en que, utilizando los mayores grados de libertad trabajosamente conseguidos, estos Bancos Centrales respondieron al episodio de alza inflacionaria a la salida de la pandemia.<\/p>\n<p>&nbsp;<\/p>\n<p>Lugar | FCE-UBA | Aula 235<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Seminario de Investigaci\u00f3n del IIEP Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5 Expositores |\u00a0Emiliano Basco BCRA, Sebasti\u00e1n Katz BCRA\/UBA y Luis Libonatti BCRA A partir<\/p>\n","protected":false},"author":9,"featured_media":0,"template":"","meta":{"_tribe_events_status":"","_tribe_events_status_reason":"","footnotes":""},"tags":[],"tribe_events_cat":[74],"class_list":["post-16658","tribe_events","type-tribe_events","status-publish","hentry","tribe_events_cat-seminario-iiep","cat_seminario-iiep"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5 - IIEP UBA-CONICET<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicas.uba.ar\/iiep\/eventos\/ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5 - IIEP UBA-CONICET\" \/>\n<meta property=\"og:description\" content=\"Seminario de Investigaci\u00f3n del IIEP Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5 Expositores |\u00a0Emiliano Basco BCRA, Sebasti\u00e1n Katz BCRA\/UBA y Luis Libonatti BCRA A partir\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicas.uba.ar\/iiep\/eventos\/ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5\/\" \/>\n<meta property=\"og:site_name\" content=\"IIEP UBA-CONICET\" \/>\n<meta property=\"og:image\" content=\"https:\/\/economicas.uba.ar\/iiep\/wp-content\/uploads\/iiep-ico.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicas.uba.ar\\\/iiep\\\/eventos\\\/ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5\\\/\",\"url\":\"https:\\\/\\\/economicas.uba.ar\\\/iiep\\\/eventos\\\/ganando-grados-de-libertad-el-manejo-de-la-politica-monetaria-en-latam-5\\\/\",\"name\":\"Ganando grados de libertad: El manejo de la pol\u00edtica monetaria en LATAM-5 - 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