<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2010000200393</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Cambios de las tasas de política, paridad cubierta de intereses y estructura a plazo]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arango]]></surname>
<given-names><![CDATA[Luis Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Velandia]]></surname>
<given-names><![CDATA[Daniel Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de la República Unidad de Investigaciones Económicas de la Gerencia Técnica ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Rosario  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2010</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2010</year>
</pub-date>
<volume>77</volume>
<numero>306</numero>
<fpage>393</fpage>
<lpage>422</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2010000200393&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2010000200393&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2010000200393&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se usa información de los mercados de los Estados Unidos e Inglaterra para hacer estimaciones de la capacidad que tienen la Reserva Federal y el Banco de Inglaterra de afectar las tasas de interés del mercado. Las estimaciones muestran que las reacciones son mucho menores que las originales de Cook y Hahn (1989). Cuando dicha ecuación se modifica para considerar la paridad cubierta de intereses se verifica por una parte que ésta se cumple y que las autoridades monetarias logran afectar las tasas de interés del mercado. Se encuentra pruebas del cumplimiento de la hipótesis de expectativas de tasas de interés.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Data from the USA and the UK markets is used to re-estimate the capability of the Federal Reserve and Bank of England to affect the interest rates. The evidence shows that these reactions are smaller than the originals of Cook and Hahn (1989). When such an equation is modified to allow for covered interest parity the evidence shows that, on the one hand, this hypothesis holds and the monetary authorities are able to influence the market interest rates. Evidence supports the hypothesis of expectations of interest rates.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[tasa de política]]></kwd>
<kwd lng="es"><![CDATA[estructura a plazo de tasas de interés]]></kwd>
<kwd lng="es"><![CDATA[hipótesis de paridad cubierta]]></kwd>
<kwd lng="es"><![CDATA[transparencia]]></kwd>
<kwd lng="es"><![CDATA[credibilidad]]></kwd>
</kwd-group>
</article-meta>
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