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Dinámica de la inflación y el canal de costos: Una aplicación para Chile

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  • David Coble

Abstract

La importancia de los mecanismos de transmisión de la política monetaria hacen imprescindible un estudio acabado de los posibles canales por los que pueda influir el instrumento utilizado. El mecanismo tradicional de transmisión es aquel en el que un aumento de la tasa de interés busca disminuir las presiones de precios por el lado de la demanda. No obstante lo anterior, existe otro posible canal relevante de transmisión de política monetaria: el canal de costos. Un aumento del interés nominal afecta la función de costos de empresas que se endeudan para pagar a sus trabajadores. De esta manera, el efecto de un incremento de la tasa de interés sobre la dinámica de precios iría en el sentido contrario al señalado por el canal tradicional de política monetaria. El propósito de este trabajo es estimar la curva de Phillips para el caso chileno, y verificar si el canal de costos afecta la dinámica de la inflación. Los resultados sugieren que dicho canal no sería relevante en Chile y que, en caso de existir, sería cuantitativamente pequeño.

Suggested Citation

  • David Coble, 2008. "Dinámica de la inflación y el canal de costos: Una aplicación para Chile," Working Papers wp274, University of Chile, Department of Economics.
  • Handle: RePEc:udc:wpaper:wp274
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    References listed on IDEAS

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    Cited by:

    1. Agénor, Pierre-Richard & Bayraktar, Nihal, 2010. "Contracting models of the Phillips curve empirical estimates for middle-income countries," Journal of Macroeconomics, Elsevier, vol. 32(2), pages 555-570, June.

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    More about this item

    Keywords

    Transmisión política monetaria; canal de costos; dinámica de la inflación.;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E53 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Deposit Insurance
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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