IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

El modelo de objetivos de inflación y el efecto pass-through en América Latina

Listed author(s):
  • Ivan Mendieta Muñoz


    (Escuela de Economía, Universidad de Kent)

Registered author(s):

    El modelo de inflation targeting o de objetivos de inflación (MOI) se ha consolidado como el nuevo paradigma de política monetaria (Perrotini Hernández, 2007a) en el mundo de la Banca Central y para las economías de América Latina. Sin embargo, diversos estudios han subrayado que el MOI es particularmente inadecuado en las economías emergentes debido a que soslaya los problemas de inflación estructural, haciendo énfasis sobre la importancia que el efecto pass-through del tipo de cambio a precios internos continúa desempeñando en este modelo. Siguiendo esta idea, el presente trabajo intenta presentar algunos rasgos teóricos y empíricos que pretenden arrojar dudas respecto al éxito atribuido al MOI en lo concerniente a la reducción de la intensidad del efecto pass-through en las economías latinoamericanas. Lo anterior resulta relevante no solamente debido a que el elevado pass-through ha sido uno de los principales problemas que históricamente socavó el crecimiento económico en América Latina, sino también porque una mejor comprensión de este fenómeno posiblemente permitiría aportar nuevos elementos sobre los fenómenos inflacionarios y los procesos de distribución del ingreso en economías de industrialización tardía (Mántey y López, 2010).

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Article provided by Asociación de Economía Crítica in its journal Revista de Economía Crítica.

    Volume (Year): 15 (2013)
    Issue (Month): ()
    Pages: 5-30

    in new window

    Handle: RePEc:ret:ecocri:rec15_01
    Contact details of provider: Web page:

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    in new window

    1. Javier Reyes, 2007. "Exchange Rate Passthrough Effects and Inflation Targeting in Emerging Economies: What is the Relationship?," Review of International Economics, Wiley Blackwell, vol. 15(3), pages 538-559, 08.
    2. Vittorio Corbo, 1998. "Reaching One-Digit Inflation: The Chilean Experience," Journal of Applied Economics, Universidad del CEMA, vol. 1, pages 123-163, November.
    3. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
    4. Sebastian Edwards, 2006. "The Relationship Between Exchange Rates and Inflation Targeting Revisited," NBER Working Papers 12163, National Bureau of Economic Research, Inc.
    5. Laurence Ball, 1998. "Policy Rules for Open Economies," RBA Research Discussion Papers rdp9806, Reserve Bank of Australia.
    6. Frederic S. Mishkin, 2000. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 7044, National Bureau of Economic Research, Inc.
    7. Philip Arestis & Fernando Ferrari-Filho & Luiz Fernando de Paula, 2011. "Inflation targeting in Brazil," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(2), pages 127-148.
    8. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc.
    9. Luis Miguel Galindo & Jaime Ros, 2008. "Alternatives to inflation targeting in Mexico," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 201-214.
    10. Ibarra, Carlos Alberto, 2008. "La paradoja del crecimiento lento de México," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ret:ecocri:rec15_01. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Emilio Padilla Rosa)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.