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Research Letter

Inflation-targeting central bank responses to exchange rate shocks: evidence from Latin America

José J. Cao-Alviraa Department of Finance, Information Systems and Economics, City University of New York – Lehman College, Bronx, NY, USAORCID Iconhttps://orcid.org/0000-0002-3226-7389
ORCID Icon,
Jose Gomez-Gonzaleza Department of Finance, Information Systems and Economics, City University of New York – Lehman College, Bronx, NY, USA;b Summer School, Escuela Internacional de Ciencias Económicas y Administrativas, Universidad de La Sabana, Chía, ColombiaCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-7600-9699
ORCID Icon &
Julian Vallejo-Peñac Economics Department, Universidad de los Andes, Bogotá, Colombia
Published online: 25 Mar 2024

References

  • Bjørnland, H. C., and J. I. Halvorsen. 2014. “How Does Monetary Policy Respond to Exchange Rate Movements? New International Evidence.” Oxford Bulletin of Economics and Statistics 76 (2): 208–232. https://doi.org/10.1111/obes.12014.
  • Clarida, R., J. Gali, and M. Gertler. 2001. “Optimal Monetary Policy in Open versus Closed Economies: An Integrated Approach.” American Economic Review 91 (2): 248–252. https://doi.org/10.1257/aer.91.2.248.
  • Fry, R., and A. Pagan. 2011. “Sign Restrictions in Structural Vector Autoregressions: A Critical Review.” Journal of Economic Literature 49 (4): 938–960. https://doi.org/10.1257/jel.49.4.938.
  • Jahan, S. 2012. “Inflation Targeting: Holding the Line.” Finance & Development 72–73.
  • Nasir, M. A. 2021. “Zero Lower Bound and Negative Interest Rates: Choices for Monetary Policy in the UK.” Journal of Policy Modeling 43 (1): 200–229. https://doi.org/10.1016/j.jpolmod.2020.03.014.
  • Nasir, M. A., D. Balsalobre-Lorente, and T. L. D. Huynh. 2020. “Anchoring Inflation Expectations in the Face of Oil Shocks & in the Proximity of ZLB: A Tale of Two Targeters.” Energy Economics 86:104662. https://doi.org/10.1016/j.eneco.2020.104662.
  • Nasir, M. A., T. L. D. Huynh, and L. Yarovaya. 2020. “Inflation Targeting & Implications of Oil Shocks for Inflation Expectations in Oil-Importing and Exporting Economies: Evidence from Three Nordic Kingdoms.” International Review of Financial Analysis 72:101558. https://doi.org/10.1016/j.irfa.2020.101558.
  • Pavlova, A., and R. Rigobón. 2007. “Asset Prices and Exchange Rates.” Review of Financial Studies 20 (4): 1139–1180. https://doi.org/10.1093/revfin/hhm008.
  • Svensson, L. E. O. 2000. “Open-Economy Inflation Targeting.” Journal of International Economics 50 (1): 155–183. https://doi.org/10.1016/S0022-1996(98)00078-6.
  • Uhlig, H. 2005. “What Are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure.” Journal of Monetary Economics 52 (2): 381–419. https://doi.org/10.1016/j.jmoneco.2004.05.007.

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