Abstract

RODRIGUEZ, Carlos A.. A dynamic analysis of the supply and demand impulses in Puerto Rico and the monetary policy of United States using the structural decomposition Blanchard-Quah. Anál. econ. [online]. 2017, vol.32, n.81, pp.5-30. ISSN 2448-6655.

Through the structural decomposition developed by Blanchard and Quah (1989), this paper investigates how the local supply and demand impulses and the monetary policy of the United States affect the evolution of economic variables such as the unemployment rate and inflation. The variables to be used arise from the development of a theoretical model that incorporates aspects of the particularities of the economy of Puerto Rico with the economic theory. According to the results the shocks of supply and demand have transitory effects, however, the effects of monetary policy remain persistent. Aspects related to the regional and sectorial effects of monetary policy, as well as the way in which the economic system is constituted, the scope of fiscal policy and the use of monetary rules are relevant aspects when analyzing empirical evidence and also represent a contribution in examining the effects of US monetary policy on unincorporated regions and territories.

Keywords : Monetary Policy; Time Series Econometrics; Structural Decomposition; Puerto Rican Economy; macroeconometrics.

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