Advanced Search
MyIDEAS: Login to save this article or follow this journal

Choques externos y política monetaria

Contents:

Author Info

  • Oscar Dancourt

    ()
    (Pontificia Universidad Católica del Perú - Departamento de economía)

Abstract

One goal of this paper is to discussing the macroeconomic impact that an international commodity prices boom has in a small open economy under perfect capital mobility. A Mundell-Fleming model with some adaptations is used for the analysis of this real external shock. There are two effects: the monetary one that is a recessionary impulse, and the one that increases aggregate demand. Also the macroeconomic impact of a real external shock is compared with the effect of a financial external shock (changes in the external rate of interest), in a dollarized economy with a floating exchange rate. The other goal of this paper is to show that central bank sterilized intervention in the foreign exchange market can be an effective policy response to copy with real o financial external shocks. The macroeconomic impact of external shocks depends upon the economic structure, the monetary and fiscal policy mix, and the exchange rate regime.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://revistas.pucp.edu.pe/index.php/economia/article/view/951/918
Download Restriction: no

Bibliographic Info

Article provided by Departamento de Economía - Pontificia Universidad Católica del Perú in its journal Revista Economía.

Volume (Year): (2009)
Issue (Month): 64 ()
Pages: 127-173

as in new window
Handle: RePEc:pcp:pucrev:y:2009:i:64:p:127-173

Contact details of provider:
Postal: Av. Universitaria 1801, San Miguel, Lima, Perú
Phone: (511) 626-2000 ext. 4950, 4951
Fax: (511) 626-2874
Email:
Web page: http://departamento.pucp.edu.pe/economia/
More information through EDIRC

Related research

Keywords: external shocks; macroeconomic effects; exchange rate policy; monetary policy.;

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pcp:pucrev:y:2009:i:64:p:127-173. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Stephan Gruber).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.