Showing 1 - 10 of 211
Flexible exchange rate experience in Peru has been accompanied by frequent official interventions in the form of foreign exchange purchases or sales. Monetary authority pursues reducing excess volatility in the exchange rate through its direct intervention. However, in recent years, this...
Persistent link: https://www.econbiz.de/10005056568
This paper identifies the output gap using the theoretical definition of the gap within a Phillips curve. The results show that the output gap is large and persistent. Furthermore, the output gap is not correlated with the stochastic trend which is similar to the asumption used in the unobserved...
Persistent link: https://www.econbiz.de/10005056569
Following Doménech and Gómez (2006), and using quarterly Peruvian data for 1970:1-2007:4, I estimate a model that exploits the information contained in the inflation, unemployment and private investment rates in order to estimate non-observable variables as output gap, the NAIRU and the core...
Persistent link: https://www.econbiz.de/10005056571
Following the approach of Mésonnier and Renne (2007), we estimate a Natural Rate of Interest (NRI) using quarterly Peruvian data for the period 1996:3 - 2008:3. The model has six equations and it is estimated using the Kalman filter with output gap and NRI as unobservable variables. Estimation...
Persistent link: https://www.econbiz.de/10005056574
This paper estimates the probability that Peru becomes a new economic miracle. However, since economic theory does not define what exactly an economic miracle is, we must develop a definition based on the top quintile of the distribution of maximum 10-, 15- and 20-year average rates of growth...
Persistent link: https://www.econbiz.de/10005443336
The empirical evidence on the determinants of growth across countries has found that growth is lower when natural resources are abundant, corruption widespread and educational attainment low. An extensive literature has examined the way in which these three variables can impact growth, but has...
Persistent link: https://www.econbiz.de/10005443337
This paper develops a dynamic stochastic general equilibrium model, which is calibrated for the Peruvian economy and can be useful for the design and analysis of monetary policy. The model includes a second currency that replaces partially the domestic currency in its functions of unit of...
Persistent link: https://www.econbiz.de/10005443338
We study how the stability of rational expectations equilibrium may be affected by monetary policy when agents learn using adaptive learning (E-stability concept) and the cost channel of monetary policy matters. We focus on both instrumental taylor-type rules and optimal rules. We show,...
Persistent link: https://www.econbiz.de/10005443339
The most salient feature of financial dollarization, and the one that causes more concern to policy makers, is its persistence: even after successful macroeconomic stabilizations, dollarization ratios often remain high. In this paper we claim that this persistence is connected to the fact that...
Persistent link: https://www.econbiz.de/10005443340
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...
Persistent link: https://www.econbiz.de/10005443342