En este documento se realiza una evaluación de la literatura teórica y empírica sobre la relación entre los regímenes cambiarios y el desempeño macroeconómico. La principal conclusión es que la distinción entre regímenes cambiarios fijos y flexibles parece ser importante para...

Under inflation targeting and other related monetary policy regimes, the identication of non-transitory inflation and forecasts about future inflation constitute key ingredients for monetary policy decisions. In practice, central banks perform these tasks using so-called "core inflation...

We use real GDP per capita and three standard indicators of stock market development: value traded/GDP, market capitalization/GDP and turnover to study the short-run link between the stock market and economic activity in Peru. Based on annual time series data for the period 1965-2011, we...

The purpose of this paper is to analyze the “pass-through†from interbank interest rate to market interest rates in domestic currency, and its relationship to Peruvian monetary policy during the period 1995 and 2004. Using an asymmetric and non-linear error correction model, the...

This paper is intended to introduce the theory of wavelets and some (potential) applications to the empirical analysis of macroeconomic variables and relationships. The basics of wavelets and three applications using Peruvian data are presented for this purpose: (1) an analysis of money-output...

An important statistical tool for the econometric study of linear bivariate relationship that involves the use of cross-section or time series data is presented and analyzed in this essay: the correlation coefficient. In particular, its relationship with spurious or non-sense correlations is...

The purpose of this paper is to analyze the relevance of monetary aggregates for monetary policy as indicators of real activity. The main hypothesis of this paper is that narrow monetary aggregates can help forecasting real output. The empirical analysis combines the time scale decomposition of...

Keynesianism, monetarism and new classical macroeconomics are some issues discussed in this document. It contains several exercises which will permit differentiate these approach to macroeconomics. It also contains the methods for solving models with rational expectations. The content of this...

This document contains exercises on open macroeconomics. There are several problems related to Mundell-Fleming model, the exchange rate dynamics and overshooting models with rational expectations. Its content is part of Macro 2 course and it is oriented to help the teaching and training in...