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Tendencias comunes y análisis de la política monetaria en el Perú

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  • Winkelried Quezada, Diego

Abstract

Cómo afecta la política monetaria al gasto agregado y a los precios es la pregunta que aborda el presente trabajo. Para ello y tras una revisión de los anteriores estudios sobre canales de transmisión de la política monetaria (anteriores al año 2001), se propone e identifica un modelo de corrección de errores (MCE) que considere a la tasa de interés como el instrumento de política con que el BCRP opera, en lugar de los agregados monetarios que los anteriores estudios consideraban. Los resultados respaldan la existencia de un canal de tasa de interés como mecanismo de acción de la política monetaria; mediante el mismo, se encuentra que un aumento en la tasa de interés doméstica en moneda nacional de 1 por ciento, genera al cabo de un año una disminución de la inflación de entre 0,2 y 0,3 por ciento, así como una desaceleración de la actividad económica (medida como una contracción de la brecha de producto) de entre 0,5 y 0,6 por ciento.

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  • Winkelried Quezada, Diego, 2004. "Tendencias comunes y análisis de la política monetaria en el Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 11.
  • Handle: RePEc:rbp:esteco:ree-11-01
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    Cited by:

    1. Lahura, Erick, 2012. "Midiendo los efectos de la política monetaria a través de las expectativas de mercado," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 23, pages 39-52.
    2. Renzo Rossini & Marco Vega, 2008. "The monetary policy transmission mechanism under financial dollarisation: the case of Peru 1996-2006," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 395-412, Bank for International Settlements.
    3. Castillo, Paul & Pérez, Fernando & Tuesta, Vicente, 2011. "Los mecanismos de transmisión de la política monetaria en Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 21, pages 41-63.
    4. Carlos Fernando Daza Moreno & Jorge Mario Uribe, 2016. "Efectos de los cambios de la tasa de interés de Estados Unidos sobre Colombia, Perú y Chile," Revista de Economía del Caribe 14794, Universidad del Norte.
    5. Pérez-Forero, Fernando & Vega, Marco, 2014. "The Dynamic Effects of Interest Rates and Reserve Requirements," Working Papers 2014-018, Banco Central de Reserva del Perú.
    6. Lahura, Erick, 2012. "Measuring the Effects of Monetary Policy Using Market Expectations," Working Papers 2012-005, Banco Central de Reserva del Perú.
    7. Jhonatan Portilla & Gabriel Rodríguez & Paul Castillo B., 2022. "Evolution of Monetary Policy in Peru: An Empirical Application Using a Mixture Innovation TVP-VAR-SV Model [Metas de Inflación en Una Economía Dolarizada: La Experencia Del Perú]," CESifo Economic Studies, CESifo, vol. 68(1), pages 98-126.
    8. Salas, Jorge, 2009. "¿Qué explica las fluctuaciones de la inflación en el Perú en el periodo 2002-2008? Evidencia de un análisis VAR estructural," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, pages 9-36.
    9. Winkelried, Diego, 2013. "Modelo de Proyección Trimestral del BCRP: Actualización y novedades," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 26, pages 9-60.
    10. Saki Bigio & Jorge Salas, 2006. "Non-Linear Effects of Monetary Policy and Real Exchange Rate Shocks in Partially Dollarized Economies: An Empirical Study for Peru," Working Papers 2006-008, Banco Central de Reserva del Perú.

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