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Pass-Through del Tipo de Cambio y Política Monetaria: Evidencia Empírica de los Países del OECD

Author

Listed:
  • Cesar Carrera

    () (University of California, Santa Cruz and Central Bank of Peru)

  • Mahir Binici

    () (University of California, Santa Cruz and Central Bank of Turkey)

Abstract

Este documento de trabajo provee un análisis empírico de la relación entre movimientos del tipo de cambio y los principales índices de precios en los países de la OECD. El análisis del trabajo esta centrado en cómo diferentes ambientes inflacionarios permitirían explicar el descenso en el grado de pass-through del tipo de cambio hacia los precios en cada economía. Si los ambientes inflacionarios tienen efectos en la conducta del pass-through, la pregunta a responder es el tipo de relación que tendría con los diferentes índices de precios. Usando estimaciones individuales de pass-through por cada país este documento también examina la relación entre el pass-through y precios tomando como referencia la perspectiva de corte transversal. En nuestro trabajo usamos datos para 29 países de la OECD, y encontramos evidencia en favor de la hipótesis de que el pass-through del tipo de cambio sobre precios es menor cuando se toma en cuenta ambientes en los cuales se observa bajos y estables niveles de inflación, los cuales podrían estar influenciados por una política monetaria más ordenada y efectiva en términos de transparencia y control de la inflación.

Suggested Citation

  • Cesar Carrera & Mahir Binici, 2006. "Pass-Through del Tipo de Cambio y Política Monetaria: Evidencia Empírica de los Países del OECD," Working Papers 2006-009, Banco Central de Reserva del Perú.
  • Handle: RePEc:rbp:wpaper:2006-009
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    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Documentos-de-Trabajo/2006/Documento-Trabajo-09-2006.pdf
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    References listed on IDEAS

    as
    1. Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997. "Goods Prices and Exchange Rates: What Have We Learned?," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1243-1272, September.
    2. Devereux, Michael B. & Engel, Charles & Storgaard, Peter E., 2004. "Endogenous exchange rate pass-through when nominal prices are set in advance," Journal of International Economics, Elsevier, vol. 63(2), pages 263-291, July.
    3. Betts, Caroline & Devereux, Michael B., 1996. "The exchange rate in a model of pricing-to-market," European Economic Review, Elsevier, vol. 40(3-5), pages 1007-1021, April.
    4. Michael B. Devereux & James Yetman, 2002. "Price Setting and Exhange Rate Pass-Through," Working Papers 222002, Hong Kong Institute for Monetary Research.
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    Cited by:

    1. Diego Winkelried, 2014. "Exchange rate pass-through and inflation targeting in Peru," Empirical Economics, Springer, vol. 46(4), pages 1181-1196, June.

    More about this item

    Keywords

    Pass-through; Exchange rate; Inflation; Monetary Policy;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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