Sterile sterilization? : does control over the monetary base affect the long-term yield structure?
This paper provides empirical evidence on how sterilization through Open Market Operations affects the long-term yield structure. From a banking point of view, at least two mechanisms are relevant: (i) a change in the supply of sovereign securities and (ii) a change in the composition of commercial...
- Autores:
-
Correa Tovar, Catalina
- Tipo de recurso:
- Fecha de publicación:
- 2018
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/34685
- Acceso en línea:
- http://hdl.handle.net/1992/34685
- Palabra clave:
- Política monetaria
Operaciones de mercado abierto
Economía
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Villamizar Villegas, Mauricioef2e2695-38df-4813-bef3-f6ec0c61e6cd500Correa Tovar, Catalina99066fa5-e910-40e2-9418-9c9f94fa6403500Urrutia Montoya, MiguelEscobar Arango, Andrés2020-06-10T09:16:50Z2020-06-10T09:16:50Z2018http://hdl.handle.net/1992/34685u808298.pdfinstname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper provides empirical evidence on how sterilization through Open Market Operations affects the long-term yield structure. From a banking point of view, at least two mechanisms are relevant: (i) a change in the supply of sovereign securities and (ii) a change in the composition of commercial banks- assets. This paper uses a linear regression to identify sterilization surprises. An advantage of the applied method of identifying OMO?s random responses is that sterilization is well defined through observables. Therefore, the orthogonal to the deterministic component of both permanent and temporary OMOs can be recognized through policy variations conditioned on observed characteristics. In such a way, the resulting variables are as good as randomly assigned and can be used to identify causal effects.Este documento proporciona evidencia empírica sobre cómo la esterilización a través de Operaciones de Mercado Abierto (OMAs) afecta la parte larga de la curva de rendimientos. Desde el punto de vista bancario, al menos dos mecanismos son relevantes para el análisis: (i) un cambio en la oferta de títulos soberanos disponibles al público y (ii) un cambio en la composición de los activos de los bancos comerciales. Para la identificación de las sorpresas de política monetaria se utilizó una regresión lineal. Una ventaja del método de identificación aplicado se deriva de que la esterilización está bien definida a través de características observables, lo que permitió explotar la aleatoriedad con la que el Banco de la República determina el tipo de intervención a efectuar (permanente o temporal). Dentro de los principales resultados el autor concluye que: (i) las OMAs permanentes tienen un efecto significativo sobre la parte larga de la curva de rendimientos. (ii) Existe un "pass-through" entre el control monetario...Magíster en EconomíaMaestría39 hojasapplication/pdfengUniandesMaestría en EconomíaFacultad de Economíainstname:Universidad de los Andesreponame:Repositorio Institucional SénecaSterile sterilization? : does control over the monetary base affect the long-term yield structure?Trabajo de grado - Maestríainfo:eu-repo/semantics/masterThesishttp://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/TMPolítica monetariaOperaciones de mercado abiertoEconomíaPublicationORIGINALu808298.pdfapplication/pdf401989https://repositorio.uniandes.edu.co/bitstreams/bc08e8bb-8c26-4ca1-a2e0-cc7a72820dea/downloadce5da4cf37be93832e61c8596eb630b6MD51THUMBNAILu808298.pdf.jpgu808298.pdf.jpgIM Thumbnailimage/jpeg16395https://repositorio.uniandes.edu.co/bitstreams/ea49ada5-8818-4cf1-bc8e-16ece6477f20/downloadedb156e1fd9eccfdd0861f88259e03b3MD55TEXTu808298.pdf.txtu808298.pdf.txtExtracted texttext/plain84494https://repositorio.uniandes.edu.co/bitstreams/48446c9c-285a-4a08-80fd-7c9cdda2bdd1/download4055190ec55f5e8b2e50648265a49a6bMD541992/34685oai:repositorio.uniandes.edu.co:1992/346852023-10-10 17:06:15.483http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |
| dc.title.es_CO.fl_str_mv |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| title |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| spellingShingle |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? Política monetaria Operaciones de mercado abierto Economía |
| title_short |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| title_full |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| title_fullStr |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| title_full_unstemmed |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| title_sort |
Sterile sterilization? : does control over the monetary base affect the long-term yield structure? |
| dc.creator.fl_str_mv |
Correa Tovar, Catalina |
| dc.contributor.advisor.none.fl_str_mv |
Villamizar Villegas, Mauricio |
| dc.contributor.author.none.fl_str_mv |
Correa Tovar, Catalina |
| dc.contributor.jury.none.fl_str_mv |
Urrutia Montoya, Miguel Escobar Arango, Andrés |
| dc.subject.keyword.es_CO.fl_str_mv |
Política monetaria Operaciones de mercado abierto |
| topic |
Política monetaria Operaciones de mercado abierto Economía |
| dc.subject.themes.none.fl_str_mv |
Economía |
| description |
This paper provides empirical evidence on how sterilization through Open Market Operations affects the long-term yield structure. From a banking point of view, at least two mechanisms are relevant: (i) a change in the supply of sovereign securities and (ii) a change in the composition of commercial banks- assets. This paper uses a linear regression to identify sterilization surprises. An advantage of the applied method of identifying OMO?s random responses is that sterilization is well defined through observables. Therefore, the orthogonal to the deterministic component of both permanent and temporary OMOs can be recognized through policy variations conditioned on observed characteristics. In such a way, the resulting variables are as good as randomly assigned and can be used to identify causal effects. |
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2018 |
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2018 |
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2020-06-10T09:16:50Z |
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2020-06-10T09:16:50Z |
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Trabajo de grado - Maestría |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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info:eu-repo/semantics/masterThesis |
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Text |
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http://purl.org/redcol/resource_type/TM |
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http://hdl.handle.net/1992/34685 |
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u808298.pdf |
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reponame:Repositorio Institucional Séneca |
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repourl:https://repositorio.uniandes.edu.co/ |
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39 hojas |
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Uniandes |
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