Abstract

RODRIGUEZ, Carlos A  and  ORTIZ, Karen. La tasa de los fondos federales de Estados Unidos y la dinámica del mercado laboral en una economía pequeña, abierta y dolarizada: evidencia mediante la creación y destrucción de empleo en Puerto Rico. EconoQuantum [online]. 2007, vol.4, n.1, pp.85-112. ISSN 2007-9869.

This paper examines the effect of the United States fed funds rate on an economy with particular characteristics: the case of Puerto Rico. According to these characteristics, a dynamic model that bases the empirical evidence as far as the relation of the creation of destruction of employment in Puerto Rico as indicators of the economic activity, and the fed funds rate as a monetary policy measurement is developed. The results indicate that anticipated movements of United States fed funds rate have significant effects over the destruction of employment. However, due to the characteristics of the economy of Puerto Rico, these anticipated movements do not have significant effects over the creation of employment. On the contrary, non-anticipated movements of the fed fund rate have significant effects on both variables. By these results, one can conclude that the United Sates monetary policy has effects over the short run dynamic of the employment and of the real economic activity.

Keywords : Política monetaria; macroeconometría; modelos de series de tiempo; métodos cuantitativos; análisis dinámico.

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