Measuring the long-term perception of monetary policy and the term structure
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Preliminary analysis of the data reveals some noteworthy similarities and differences between Chile and the other countries considered. Over this sample period, Chilean interest rates are on average higher, more volatile, and less persistent than the interest rates for the other countries. However, in Chile, the degree of co-movement between retail bank interest rates and the money market rate is essentially the same as in other countries. These “stylized facts” are highlighted in Tables 2 through 5, which report summary statistics for the interest series of all countries considered. Chilean data display the highest sample mean, even in UF terms, while the Netherlands show the lowest average level...
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