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Estabilización óptima del tipo de cambio en una economía dolarizada con meta inflacionaria

  • Batini, Nicoletta
  • Levine, Paul
  • Pearlman, Joseph

En este documento construimos un modelo de una economía pequeña y abierta con hogares parcialmente dolarizados en sus tenencias de riqueza en moneda nacional y moneda extranjera como en Felices y Tuesta (2006). En este modelo el grado de dolarización es endógeno al grado de estabilización del tipo de cambio por parte del Banco Central. En este contexto, hemos identificado la respuesta de política monetaria óptima bajo una regla y bajo discreción, y calculamos el grado óptimo de estabilización del tipo de cambio. Estos resultados tienen implicancias de política para economías con dolarización parcial y metas inflacionarias. Los resultados del modelo sugieren tres lecciones de política. Primero, si bien la dolarización parcial complica la conducción de la política monetaria, la introducción de una meta inflacionaria puede reducir los costos de la estabilidad de precios. Segundo, en una economía parcialmente dolarizada existen ganancias en términos de bienestar de incluir el tipo de cambio en la regla de política monetaria. Tercero, el suavizamiernto del tipo de cambio reduce la posibilidad de múltiples equilibrios bajo dolarización. Clasificación JEL: E52, E37, E58

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Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2009)
Issue (Month): 16 ()
Pages: 37-82

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Handle: RePEc:rbp:esteco:ree-16-02
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  1. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Addicted to Dollars," CEMA Working Papers 594, China Economics and Management Academy, Central University of Finance and Economics.
  2. Alain Ize, 2005. "Capitalizing Central Banks; A Net Worth Approach," IMF Working Papers 05/15, International Monetary Fund.
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  15. Charles T. Carlstrom & Timothy S. Fuerst, 2001. "Real indeterminacy in monetary models with nominal interest rate distortions: the problem with inflation targets," Working Paper 9818R, Federal Reserve Bank of Cleveland.
  16. Adrián Armas & Francisco Grippa, 2005. "Targeting Inflation in a Dollarized Economy: The Peruvian Experience," IDB Publications (Working Papers) 6827, Inter-American Development Bank.
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