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DIE 04/21 - Taylor es uruguayo: una regla para la tasa de interés

ISSNISSN/ISBN: 2301-1963
AutorAuthor/s: Hernández Perdomo, Matias
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In this paper we consider Taylor rules to observe in monetary policy responded to variations in the exchange rate in Uruguay in the 2005-2020 period. These rules are presented as ad hoc relationships between the reference interest rate and the macroeconomic variables of interest defined by the monetary authority. We consider that the authority reacts with the interest rate to control the GDP gap, the inflation gab, and the exchange rate deviations, making our estimation using the Ordinary Least Squeares method and counting with 64 observations. The results of our research show that the deviation of the exchange rate was not significant for the movements in the interest rate. A simple Taylor rule was followed, where the interest rate responded to its value in t-1, the inflationary deviation, and the GDP gap. We found that there are no heterogeneities in moments of diferent monetarty policy instruments.
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