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

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

Abstract

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

Suggested Citation

  • Batini, Nicoletta & Levine, Paul & Pearlman, Joseph, 2009. "Estabilización óptima del tipo de cambio en una economía dolarizada con meta inflacionaria," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, pages 37-82.
  • Handle: RePEc:rbp:esteco:ree-16-02
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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