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Medidas macroprudenciales y política monetaria en una economía pequeña y abierta

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  • Ribeiro, Joao

Abstract

Este documento estudia el rol de las medidas macroprudenciales en las fluctuaciones económicas, y su interacción con la política monetaria. Para ello, se introduce un sector bancario imperfectamente competitivo en un modelo de equilibrio general con fricciones financieras. Los bancos otorgan créditos a hogares y empresas, y obtienen financiamiento a través de depósitos, capital y adeudos del exterior. Las restricciones del balance bancario establecen un vínculo entre los ciclos económicos, la oferta y el costo de los créditos. Entre los principales resultados destaca que el uso de requerimientos de capital como instrumento macroprudencial incrementa los efectos reales de la política monetaria al actuar de forma complementaria sobre la inflación y reducir las fluctuaciones financieras ante choques monetarios. Sin embargo, no altera los efectos de los choques financieros sobre las principales variables macroeconómicas y financieras como créditos y tasas de interés.

Suggested Citation

  • Ribeiro, Joao, 2015. "Medidas macroprudenciales y política monetaria en una economía pequeña y abierta," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 29, pages 55-76.
  • Handle: RePEc:rbp:esteco:ree-29-04
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    File URL: https://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/29/ree-29-ribeiro.pdf
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    References listed on IDEAS

    as
    1. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393, Elsevier.
    2. Brzoza-Brzezina, Michał & Makarski, Krzysztof, 2011. "Credit crunch in a small open economy," Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1406-1428.
    3. Schmitt-Grohe, Stephanie & Uribe, Martin, 2003. "Closing small open economy models," Journal of International Economics, Elsevier, vol. 61(1), pages 163-185, October.
    4. Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, American Economic Association, vol. 95(3), pages 739-764, June.
    5. Paul Castillo & Cesar Carrera & Marco Ortiz & Hugo Vega, 2014. "Spillovers, capital ows and prudential regulation in small open economies," BIS Working Papers 459, Bank for International Settlements.
    6. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
    7. Matteo Iacoviello & Stefano Neri, 2010. "Housing Market Spillovers: Evidence from an Estimated DSGE Model," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 125-164, April.
    8. Andrea Gerali & Stefano Neri & Luca Sessa & Federico M. Signoretti, 2010. "Credit and Banking in a DSGE Model of the Euro Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 107-141, September.
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    10. Amado, María, 2014. "Macroprudential Rules in Small Open Economies," Working Papers 2014-009, Banco Central de Reserva del Perú.
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    More about this item

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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