Documentos de Trabajo
Permanent URI for this collection
Browse
Browsing Documentos de Trabajo by Author "Barquero-Romero, José Pablo"
Now showing 1 - 1 of 1
Results Per Page
Sort Options
- La transmisión de la tasa de política monetaria en Costa Rica, 2018-2024This study follows the monetary approach to estimate the pass-through of the Monetary Policy Rate (MPR) of the Central Bank of Costa Rica to market interest rates, liquidity markets and the yield curve. Cointegration, error correction vector and autoregressive vector models are used. Unlike previous studies on this topic, this research uses weekly data on negotiated active interest rates according to economic activity, and negotiated deposit rates, classified by deposit term. The results show that the pass-through of the MPR to active and passive interest rates is heterogeneous and incomplete; in addition, the speed of the pass-through is greater than that shown in previous studies. In general, it is confirmed that the pass-through is faster to passive rates than to active rates. It is found that, for consumer rates, the pass-through is not statistically significant, while towards passive rates the transfer is stronger and faster in the terms with greater demand.