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¿Temor a la flotación o a la inflación? La importancia del traspaso" del tipo de cambio a los precios"

Author

Listed:
  • Armando Baqueiro

    ()

  • Alejandro Díaz de León

    ()

  • Alberto Torres

    ()

Abstract

En este trabajo se analiza el traspaso" del tipo de cambio alos precios en la transición de escenarios de inflación alta a escenariosde inflación baja y estable. El propósito es probar silos regímenes de inflación baja y estable propician una disminucióndel "traspaso" del tipo de cambio a los precios, yasí, a través de esta disminución, debilitan el fenómeno de"temor a la flotación" experimentado en algunas economíaspequeñas y abiertas. Para un grupo de economías pequeñasy abiertas, que en años recientes han experimentado un procesode reducción de inflación, se muestra que la intensidad del "traspaso" del tipo de cambio disminuye en la medida en que la inflaciónes menor. Así, se argumenta que una vez que las variables nominales seestabilizan el "temor a la inflación" que cualquier banco central debe tenerno implica un "temor a la flotación"."

Suggested Citation

  • Armando Baqueiro & Alejandro Díaz de León & Alberto Torres, 2003. "¿Temor a la flotación o a la inflación? La importancia del traspaso" del tipo de cambio a los precios"," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 21(44), pages 64-94, December.
  • Handle: RePEc:col:000107:005299
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    References listed on IDEAS

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    1. Campa, Jose M. & Goldberg, Linda S., 2002. "Exchange rate pass-through into import prices: A macro or micro phenomenon?," IESE Research Papers D/475, IESE Business School.
    2. 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.
    3. Choudhri, Ehsan U. & Hakura, Dalia S., 2006. "Exchange rate pass-through to domestic prices: Does the inflationary environment matter?," Journal of International Money and Finance, Elsevier, vol. 25(4), pages 614-639, June.
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    5. Jonathan McCarthy, 2007. "Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies," Eastern Economic Journal, Eastern Economic Association, vol. 33(4), pages 511-537, Fall.
    6. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
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    9. Ilan Goldfajn & Sérgio Ribeiro da Costa Werlang, 2000. "The Pass-through from Depreciation to Inflation: A Panel Study," Working Papers Series 5, Central Bank of Brazil, Research Department.
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    More about this item

    Keywords

    Inflación; tipo de cambio; temor a la flotación.;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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