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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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    References listed on IDEAS

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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, pages 39-52.
    2. Carrera Cesar, 2012. "Estimating Information Rigidity Using Firms' Survey Data," The B.E. Journal of Macroeconomics, De Gruyter, pages 1-34.
    3. 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 014794, UNIVERSIDAD DEL NORTE.
    4. Renzo Rossini & Marco Vega, 2007. "The monetary policy transmission mechanism under financial dollarization: the case of Peru 1996-2006," Working Papers 2007-017, Banco Central de Reserva del Perú.
    5. Winkelried, Diego, 2013. "Modelo de Proyección Trimestral del BCRP: Actualización y novedades," Revista Estudios Económicos, Banco Central de Reserva del Perú, pages 9-60.
    6. 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.
    7. 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, pages 41-63.
    8. Orrego, Fabrizio, 2011. "Demografía y precios de activos," Revista Estudios Económicos, Banco Central de Reserva del Perú, pages 83-101.
    9. 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.
    10. 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.
    11. 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, pages 9-36.

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