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Eficiencia de la política monetaria y la estabilidad de las preferencias del Banco Central. Evidencia empírica para el Perú

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  • Rodríguez,Gabriel

Abstract

Siguiendo el trabajo de Favero y Rovelli (2003), estimamos un sistema de 3 ecuaciones para diferentes muestras de la economía Peruana con el objetivo de analizar la evolución de los parámetros asociados a las preferencias de la autoridad monetaria y a la estructura de la economía. Los resultados indican que las preferencias de la autoridad monetaria han cambiado entre los diferentes regímenes. En particular, el estimado de la meta implícita de inflación se ha reducido de forma significativa en el periodo más reciente. De otro lado, las condiciones macroeconómicas (expresadas por las desviaciones estándares de los choques) del lado de la demanda agregada han sido más favorables que aquellas relacionadas a la oferta agregada. Asimismo, el valor de la desviación estándar de la regla monetaria sugiere que ésta ha sido conducida exitosamente en el último periodo.

Suggested Citation

  • Rodríguez,Gabriel, 2008. "Eficiencia de la política monetaria y la estabilidad de las preferencias del Banco Central. Evidencia empírica para el Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 15, pages 9-20.
  • Handle: RePEc:rbp:esteco:ree-15-01
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    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/15/Estudios-Economicos-15-1.pdf
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    References listed on IDEAS

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    1. Svensson, Lars E. O., 1997. "Inflation forecast targeting: Implementing and monitoring inflation targets," European Economic Review, Elsevier, vol. 41(6), pages 1111-1146, June.
    2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    3. Glenn Rudebusch & Lars E.O. Svensson, 1999. "Policy Rules for Inflation Targeting," NBER Chapters,in: Monetary Policy Rules, pages 203-262 National Bureau of Economic Research, Inc.
    4. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
    5. Paul Castillo & Alberto Humala & Vicente Tuesta, 2007. "Monetary Policy, Regime Shifts, and Inflation Uncertainty in Peru (1949-2006)," Working Papers 2007-005, Banco Central de Reserva del Perú.
    6. Rodriguez Gabriel, 2007. "Efficiency of the Monetary Policy and Stability of Central Bank Preferences. Empirical Evidence for Peru," Working Papers 2007-008, Banco Central de Reserva del Perú.
    7. Favero, Carlo A., 2001. "Applied Macroeconometrics," OUP Catalogue, Oxford University Press, number 9780198296850.
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    Cited by:

    1. Cabrera, Nilda & Bejarano, Edilean & Savino Portugal, Marcelo, 2011. "Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime," Working Papers 2011-010, Banco Central de Reserva del Perú.

    More about this item

    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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