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Desalineamientos Monetarios, Desalineamientos Cambiarios e Inflación


  • Rodrigo Cerda

    () (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • Aldo Lema


Este documento se centra en analizar los mecanismos de transmisión de los desalineamientos monetarios y cambiarios sobre la inflación. Su objetivo es contribuir a este debate por medio de analizar los determinantes de corto plazo de la inflación, y a partir de estos, proveer ciertas orientaciones básicas para el manejo inflacionario de largo plazo. Para esto, inicialmente se determinan los equilibrios en estos mercados, y por lo tanto, se estudia la demanda por dinero y la trayectoria de largo plazo del tipo de cambio real. Estos dos temas se utilizan como fundamentos para analizar los efectos de los desalineamientos cambiarios y monetarios sobre inflación. Se concluye que los desalineamientos monetarios y/o cambiarios del orden de 10 por ciento producen por separado una aceleración en la tendencia inflacionaria cercana a 0.6-0.7 por ciento trimestral.

Suggested Citation

  • Rodrigo Cerda & Aldo Lema, 2003. "Desalineamientos Monetarios, Desalineamientos Cambiarios e Inflación," Documentos de Trabajo 243, Instituto de Economia. Pontificia Universidad Católica de Chile..
  • Handle: RePEc:ioe:doctra:243

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    References listed on IDEAS

    1. Sjaastad, Larry A., 1998. "On exchange rates, nominal and real," Journal of International Money and Finance, Elsevier, vol. 17(3), pages 407-439, June.
    2. T. W.Swan, 1960. "Economic Control In A Dependent Economy," The Economic Record, The Economic Society of Australia, vol. 36(73), pages 51-66, March.
    3. Ángel Cabrera & Luis Felipe Lagos, 2002. "Monetary Policy in Chile: A Black Box?," Central Banking, Analysis, and Economic Policies Book Series,in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 8, pages 197-246 Central Bank of Chile.
    4. Larry A Sjaastad, 1996. "Recent Evolution of the Chilean Real Exchange Rate," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(98), pages 109-132.
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    Cited by:

    1. Jorge Hermann & Rómulo Chumacero, 2005. "No Estaba Muerta, ...: La Teoría Cuantitativa y la Relación entre Dinero e Inflación," Working Papers Central Bank of Chile 324, Central Bank of Chile.

    More about this item


    Inflación; tipo de cambio real; expansión monetaria;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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