Browsing by Author "Orane-Hutchinson, Angelo"
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- Estimación del traspaso del tipo de cambio hacia distintos componentes del índice de precios al consumidorDuring the first quarter of 2014, the Costa Rican colon experienced the strongest depreciation of the last 5 years. One of the main consequences was an increase in the inter-annual inflation rate, beginning on March 2014. Considerable differences in the inflation rate were observed in the components and groups of the Consumer Price Index. The main purpose of this paper is to quantify the exchange rate passthrough elasticity towards the inflation rate of each group. In order to achieve this purpose, I estimated vector autoregressive systems (VAR) for each group and used the accumulated responses of prices to an exchange rate impulse. For the 2000-2014 period, I measure a pass-through elasticity of 0,219 for the CPI. Transportation and Entertainment and Culture are the two sector most affected by exchange rate variations.
- El orden de propagación de cambios en la tasa de política del Banco Central sobre las tasas de interés del sistema financiero en Costa RicaThe paper main objective is to determine the order and magnitude of the effect that changes in the monetary policy rate have over the interest rates in the Costa Rican banking system. In order to get these estimations the paper uses structural autoregressive vectors (SVAR). The research covers the period between January 1999 and February 2014 and pays special interest to the period after the introduction of the new exchange rate system (end of 2006), this with the objective of identifying if the effect of the monetary policy has improved after the regime change. The results show that changes in the monetary policy rate will first affect the passive interest rates of the commercial banks and then the pass-through works indirectly through the passive interest rates to the active interest rates. Regarding the differences between state-owned banks and private banks there is evidence that the state-owned banks react first than the private banks to changes in the monetary policy rate.