Rodríguez Briones, Gabriel HenderPortilla Goicochea, Jhonatan Josue2021-01-292021-01-2920202021-01-28http://hdl.handle.net/20.500.12404/17992This paper investigates the evolution of the monetary policy in Peru between 1996Q1 and 2016Q4 using a mixture innovation time-varying parameter vector autoregressive model with stochastic volatility (TVP-VAR-SV)model proposed by Koopetal.(2009).The main empirical results are:(i)VARcoe¢cients and volatilities change more gradually than covariance errors overtime;(ii)the volatility of monetary policy shocks is higher during pre-In ation Targeting (IT) regime;(iii)a surprise increase in the interest rate produces GDP growth falls and reduces in ation in the longrun;(iv)the interest rate reacts more quickly against aggregate supply shocks than aggregate demand shocks;(v)monetary policy shocks explain a high percentage of domestic variables during pre-IT regime and then,their contribution decrease during IT-regime.enginfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/2.5/pe/Política monetaria--PerúPerú--Condiciones económicasEstadística bayesianaTasas de interés--PerúPerú--Política económicainfo:eu-repo/semantics/bachelorThesishttp://purl.org/pe-repo/ocde/ford#5.02.01