Publicación: EFECTO DE LAS DECISIONES DE POLÍTICA DEL BANCO CENTRAL SOBRE LOS RETORNOS DE LA BOLSA DE COMERCIO EN CHILE.
Fecha
2015
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ECOS DE ECONOMÍA
Resumen
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.
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Palabras clave
RETORNO ACCIONARIO, POLÍTICA MONETARIA, METAS DE INFLACIÓN, ESTUDIO DE EVEBTOS, CHILE.
