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| dc.title | The Transmission of International Monetary Policy Shocks to Firms’ Expectations |
| dc.contributor.author | Frache, Serafin |
| dc.contributor.author | Lluberas, Rodrigo |
| dc.contributor.author | Pedemonte, Mathieu |
| dc.contributor.author | Turén, Javier |
| dc.contributor.orgunit | Department of Research and Chief Economist |
| dc.coverage | Uruguay |
| dc.date.available | 2025-09-23T00:09:00 |
| dc.date.issue | 2025-09-23T00:09:00 |
| dc.description.abstract | Motivated by the dominant role of the US dollar, we explore how monetary policy (MP) shocks in the United States can affect a small open economy through the expectation channel. We combine data from a panel survey of firms' expectations in Uruguay with granular information about firms' debt position. We show that a contractionary MP shock in the United States reduces firms' inflation and cost expectations in Uruguay. This result contrasts with the effect of this shock on the Uruguayan economy. We study mechanisms related to how firms and managers experience in different monetary policy regimes can explain the results and discuss their implications. |
| dc.format.extent | 61 |
| dc.identifier.doi | http://dx.doi.org/10.18235/0013709 |
| dc.identifier.url | https://publications.iadb.org/publications/english/document/The-Transmission-of-International-Monetary-Policy-Shocks-to-Firms-Expectations.pdf |
| dc.language.iso | en |
| dc.publisher | Inter-American Development Bank |
| dc.subject | Small Business |
| dc.subject | Monetary Policy |
| dc.subject | Inflation |
| dc.subject | Exchange Rate |
| dc.subject | Inflation Targeting |
| dc.subject | Interest Rate |
| dc.subject.jelcode | E31 - Price Level • Inflation • Deflation |
| dc.subject.jelcode | E58 - Central Banks and Their Policies |
| dc.subject.jelcode | F41 - Open Economy Macroeconomics |
| dc.subject.jelcode | D84 - Expectations • Speculations |
| dc.subject.jelcode | E71 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy |
| dc.subject.keywords | Firms’ expectations;Global financial cycle;Monetary policy spillovers |
| idb.identifier.pubnumber | IDB-WP-01752 |
| idb.operation | RG-K1098 |