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Los mecanismos de transmisión de la política monetaria en Perú

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  • Castillo, Paul
  • Pérez, Fernando
  • Tuesta, Vicente

Abstract

Se extiende el modelo propuesto por Bernanke yMihov (1998) para el caso de una economía parcialmente dolarizada para estimar los efectos de la política monetaria en el Perú entre 1995 y 2009. Los resultados indican que la política monetaria en el Perú, a pesar de ser esta una economía parcialmente dolarizada, tiene efectos similares a los que predice la teoría económica en economías sin dolarización. En particular, ante un choque contractivo de política monetaria las tasas de interés suben, los agregados monetarios se contraen, la moneda local se aprecia, la demanda agregada se desacelera y finalmente la inflación cae. Sin embargo, los choques cambiarios resultan ser un importante determinante del mercado monetario. Finalmente, los resultados muestran que el Banco Central responde con mayor intensidad a choques de demanda por dinero que a choques cambiarios durante el periodo posterior a la adopción de metas explicitas de inflación.

Suggested Citation

  • 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.
  • Handle: RePEc:rbp:esteco:ree-21-03
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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, issue 23, pages 39-52.
    2. Lahura, Erick, 2012. "Measuring the Effects of Monetary Policy Using Market Expectations," Working Papers 2012-005, Banco Central de Reserva del Perú.
    3. Fernando José Pérez Forero, 2015. "Comparing the Transmission of Monetary Policy Shocks in Latin America: A Hierachical Panel VAR," Premio de Banca Central Rodrigo Gómez / Central Banking Award "Rodrigo Gómez", Centro de Estudios Monetarios Latinoamericanos, CEMLA, number prg2015eng, enero-jun.
    4. 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.
    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.

    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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