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

Dinámica inflacionaria regional y el esquema de metas de inflación en el Perú

Contents:

Author Info

  • Winkelried, Diego
  • Gutiérrez, José

Abstract

La política monetaria del Banco Central de Reserva del Perú (BCRP) se ha basado en un esquema de metas de inflación por más de una década, utilizando la inflación de Lima Metropolitana como medida operacional. Un indicador alternativo es la inflación nacional, cuya calidad estadística y disponibilidad en tiempo real han mejorado sustancialmente en los últimos años. Dados estos indicadores alternativos cabe preguntarse: ¿Cuáles han sido las implicancias para la inflación nacional de haber monitoreado la inflación en Lima? ¿Monitorear la inflación nacional afectaría significativamente el funcionamiento de la política monetaria en el Perú? Para responder a estas preguntas, se estima un modelo de corrección de errores entre las inflaciones regionales y se investiga cómo se propagan los choques inflacionarios a lo largo del país. El modelo incorpora (i) restricciones de agregación, donde cada inflación regional es afectada por un agregado de las inflaciones de las regiones vecinas y (ii) restricciones de largo plazo que permiten identificar una tendencia común en el sistema. Los resultados indican que un choque en la inflación de Lima se transmite rápidamente a las inflaciones en provincias, y explica gran parte de su variabilidad. Con ello, se concluye que al monitorear la inflación en Lima, el BCRP ha contribuido con la estabilidad de la inflación nacional.

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://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/24/ree-24-winkelried-gutierrez.pdf
Download Restriction: no

Bibliographic Info

Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2012)
Issue (Month): 24 ()
Pages: 79-98

as in new window
Handle: RePEc:rbp:esteco:ree-24-05

Contact details of provider:
Postal: Jr. Miro Quesada 441, Lima
Phone: 427-6250 ext. 3841
Fax: 426-6125
Web page: http://www.bcrp.gob.pe
More information through EDIRC

Related research

Keywords:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. David C. Parsley & Shang-Jin Wei, 1996. "Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations," NBER Working Papers 5654, National Bureau of Economic Research, Inc.
  2. Gonzalo, J. & Ng, S., 1996. "A Systematic Framework for Analyzing the Dynamic Effects of Permanent and Transitory Shocks," Cahiers de recherche 9603, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  3. Pesaran, M.H. & Weiner, S.M., 2001. "Modelling Regional Interdependencies Using a Global Error-Correcting Macroeconometric Model," Cambridge Working Papers in Economics 0119, Faculty of Economics, University of Cambridge.
  4. Gonzalo, J. & Granger, C., 1992. "Estimation of Common Long-Memory Components in Cointegrated Systems," Papers 4, Boston University - Department of Economics.
  5. Peter C.B. Phillips & Joon Y. Park, 1986. "Statistical Inference in Regressions with Integrated Processes: Part 1," Cowles Foundation Discussion Papers 811R, Cowles Foundation for Research in Economics, Yale University, revised Aug 1987.
  6. Peter C.B. Phillips, 1985. "Understanding Spurious Regressions in Econometrics," Cowles Foundation Discussion Papers 757, Cowles Foundation for Research in Economics, Yale University.
  7. Stephen G. Cecchetti & Nelson C. Mark & Robert J. Sonora, 2002. "Price Index Convergence Among United States Cities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1081-1099, November.
  8. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
  9. Adrian Armas & Lucy Vallejos & Marco Vega, 2010. "Measurement of price indices used by the central bank of Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy and the measurement of inflation: prices, wages and expectations, volume 49, pages 259-283 Bank for International Settlements.
  10. Guenter W. Beck & Kirstin Hubrich & Massimiliano Marcellino, 2009. "Regional inflation dynamics within and across euro area countries and a comparison with the United States," Economic Policy, CEPR & CES & MSH, vol. 24, pages 141-184, 01.
  11. Fabio Busetti & Silvia Fabiani & Andrew Harvey, 2006. "Convergences of prices and rates of inflation," Temi di discussione (Economic working papers) 575, Bank of Italy, Economic Research and International Relations Area.
  12. Álvaro Monge & Diego Winkelried, 2009. "PPC y convergencia de precios: un análisis para las ciudades del Perú," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
Full references (including those not matched with items on IDEAS)

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:rbp:esteco:ree-24-05. 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: (Departamento de Publicaciones Económicas).

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.