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¿Temor A La Flotacióno Al Inflación? La Importancia Del Traspaso Del Tipo De Cambio A Losprecios

  • ARMANDOBAQUEIRO

    ()

  • ALEJANDRO DIAZ DELEON

    ()

  • ALBERTOTORRES

    ()

Registered author(s):

    En este trabajo se analiza el traspaso" del tipo de cambio a los precios en la transición de escenarios de inflación alta a escenarios de inflación baja y estable. El propósito es probar si los regímenes de inflación baja y estable propician una disminución del "traspaso" del tipo de cambio a los precios, y así, a través de esta disminución, debilitan el fenómeno de "temor a la flotación" experimentado en algunas economías pequeñas y abiertas. Para un grupo de economías pequeñas y abiertas, que en años recientes han experimentado un proceso de reducción de inflación, se muestra que la intensidad del "traspaso" del tipo de cambio disminuye en la medida en que la inflación es menor. Así, se argumenta que una vez que las variables nominales se estabilizan el "temor a la inflación" que cualquier banco central debe tener no implica un "temor a la flotación"."

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_044-2.pdf
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    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): 21 (2003)
    Issue (Month): 44 (December)
    Pages: 64-94

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    Handle: RePEc:col:000107:003836
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    1. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
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    4. Julio J. Rotemberg, 2002. "Customer Anger at Price Increases, Time Variation in the Frequency of Price Changes and Monetary Policy," NBER Working Papers 9320, National Bureau of Economic Research, Inc.
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    11. Ariel Burstein & Martin Eichenbaum & Sergio Rebelo, 2003. "Why is Inflation so Low after Large Devaluations?," IEHAS Discussion Papers 0308, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    12. Ricardo Hausmann & Michael Gavin & Carmen Pagés-Serra & Ernesto H. Stein, 1999. "Financial Turmoil and Choice of Exchange Rate Regime," Research Department Publications 4170, Inter-American Development Bank, Research Department.
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    14. Taylor, John B., 2000. "Low inflation, pass-through, and the pricing power of firms," European Economic Review, Elsevier, vol. 44(7), pages 1389-1408, June.
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