Abstract

RODRIGUEZ, Carlos A.  and  TOLEDO, Wilfredo. Efectos de la tasa de los fondos federales de los Estados Unidos en una economía pequeña, abierta y dolarizada. El caso de Puerto Rico. El trimestre econ [online]. 2007, vol.74, n.293, pp.223-246.  Epub Nov 20, 2020. ISSN 2448-718X.

This paper examines the impact of the monetary policy of the United States, using the interest rate as instrument, on unemployment and inflation rates of Puerto Rico: an economy with special features. We discuss a theoretical model that support the construction of a VAR system defined by the three variables mentioned. The empirical estimations indicated that the U.S. monetary policy actions precede the movements of the two economics indicators of the Island. Any implementation of the monetary policy is transmited directly to prices in short run, and to the real sector, in the long run.

Keywords : política monetaria; modelos de series de tiempo; métodos cuantitativos.

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