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Dinámica de la inflación y el canal de costos: Una aplicación para Chile

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  • David Coble

Abstract

La importancia de los mecanismos de transmisión de la política monetaria hacen imprescindible un estudio acabado de los posibles canales por los que pueda influir el instrumento utilizado. El mecanismo tradicional de transmisión es aquel en el que un aumento de la tasa de interés busca disminuir las presiones de precios por el lado de la demanda. No obstante lo anterior, existe otro posible canal relevante de transmisión de política monetaria: el canal de costos. Un aumento del interés nominal afecta la función de costos de empresas que se endeudan para pagar a sus trabajadores. De esta manera, el efecto de un incremento de la tasa de interés sobre la dinámica de precios iría en el sentido contrario al señalado por el canal tradicional de política monetaria. El propósito de este trabajo es estimar la curva de Phillips para el caso chileno, y verificar si el canal de costos afecta la dinámica de la inflación. Los resultados sugieren que dicho canal no sería relevante en Chile y que, en caso de existir, sería cuantitativamente pequeño.

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Bibliographic Info

Paper provided by University of Chile, Department of Economics in its series Working Papers with number wp274.

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Date of creation: Jan 2008
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Handle: RePEc:udc:wpaper:wp274

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Web page: http://www.econ.uchile.cl/
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Related research

Keywords: Transmisión política monetaria; canal de costos; dinámica de la inflación.;

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References

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  1. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
  2. Galí, Jordi & Gertler, Mark & López-Salido, J David, 2001. "European Inflation Dynamics," CEPR Discussion Papers 2684, C.E.P.R. Discussion Papers.
  3. Jordi Galí & Mark Gertler, 1998. "Inflation dynamics: A structural econometric analysis," Economics Working Papers 341, Department of Economics and Business, Universitat Pompeu Fabra.
  4. Chowdhury, Ibrahim & Hoffmann, Mathias & Schabert, Andreas, 2006. "Inflation dynamics and the cost channel of monetary transmission," European Economic Review, Elsevier, vol. 50(4), pages 995-1016, May.
  5. Barth, Marvin J III & Ramey, Valerie A, 2000. "The Cost Channel of Monetary Transmissions," University of California at San Diego, Economics Working Paper Series qt7rm5q9sk, Department of Economics, UC San Diego.
  6. Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
  7. Argia M. Sbordone, 2001. "Prices and Unit Labor Costs: A New Test of Price Stickiness," Departmental Working Papers 199822, Rutgers University, Department of Economics.
  8. Ravenna, Federico & Walsh, Carl E., 2006. "Optimal monetary policy with the cost channel," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 199-216, March.
  9. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-11, July.
  10. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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Cited by:
  1. Pierre-Richard Agénor & Nihal Bayraktar, 2008. "Contracting Models of the Phillips Curve Empirical Estimates for Middle-Income Countries," Centre for Growth and Business Cycle Research Discussion Paper Series 94, Economics, The Univeristy of Manchester.

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