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Countercyclical Monetary Policy Transmission Mechanism in the U.S. and Latin American Economies over the Post-2008 Period

ABSTRACT Except for the Chilean case, competitive pricing behaviors by commercial banks in the U.S. and other Latin American economies in the post-U.S. subprime mortgage crisis were documented. The findings for the U.S. and Mexican economies make significant contributions to the literature. The investigation also found bidirectional Granger causality between the lending rate and the Central Bank’s policy related rate and the presence of the GARCH (r, s)-M effects on the intermediation premia and their variances in each of these economies. These findings suggest that monetary policymakers intervene more frequently and by making small policy adjustments to achieve their macroeconomic objectives.