¿Existe alguna relación entre la base monetaria y la tasa de interés de la Reserva Federal de los Estados Unidos?

• Nancy Muller Durán ^[1] ; Ignacio Perrotini Hernández ^[1]
  1. [1] Universidad Nacional Autónoma de México

     Universidad Nacional Autónoma de México

     México

     
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 63, Nº. 4, 2018
• Idioma: español
• DOI: 10.22201/fca.24488410e.2018.1905
• Títulos paralelos:
  • Is there any relationship between the monetary base and the interest rate of the US Federal Reserve?
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• Dialnet Métricas: 1 Cita
• Resumen
  • español

    En este artículo analizamos la forma en que la Reserva Federal de los Estados Unidos (Fed) ajusta la tasa de interés (i) en una economía con oferta monetaria endógena, tasa de interés exógena y objetivos de inflación. Sostenemos la hipótesis de que la Fed manipula la base monetaria (H) para realizar los movimientos de la tasa de interés de los fondos federales. Este problema no ha sido suficientemente explorado en la literatura relevante y consideramos que representa la aportación fundamental de este estudio. Para documentar nuestra hipótesis, realizamos un análisis empírico con datos de la economía de los Estados Unidos para el periodo 1990-2017. Los resultados muestran que existe una relación de largo plazo entre las fluctuaciones de H e i. Además, se observa que la volatilidad de H influye significativamente en el comportamiento de i.

  • English

    The present paper deals with the United States Federal Reserve (Fed) way of manipulating the interest rate (i) within a framework of endogenous supply of money, exogenous interest rate and inflation targeting. We argue that the Fed controls the monetary base (H) with the aim of adjusting the federal funds interest rate. In order to empirically support our hypothesis, an econometric analysis is conducted with data from the US economy for the period 1990-2017. It is shown that there is a long-run relationship between the fluctuations of both H and i. Furthermore, it is also shown that the volatility of H significantly affects the behaviour of i. It appears that this issue has not been sufficiently discussed in the relevant literature, hence –we would like to stress- our results represent the main contribution of this study

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