The exchange rate is one of the most important prices in any open economy. Tracking deviations from its long-run value may provide important information for policymakers. One way to track such deviations is to compute the distribution of exchange-rate observed values and compare them with those...

Emerging economies were largely affected because of FED's quantitative easing (QE) policies. This paper assesses the impact of these measures in terms of key macroeconomic variables for a small open economy (SOE) such as Peru. We identify QE policy shocks in a SVAR with Block Exogeneity (Zha,...

En este documento se estima la Función de Producción y la productividad a nivel de firmas de la economía peruana. Los datos corresponden a todas las empresas formales que reportan datos entre el 2002 y 2011, información que permite corregir los tradicionales problemas de endogeneidad de...

Often, expected inflation measured by surveys are available only as fixed-event forecasts. Even though these surveys do contain information of a complete term structure of expectations, direct inferences about them are troublesome. Records of a fixed-event forecast through time are associated...

En este documento se estudia la relación de la productividad con la apertura comercial en el Perú haciendo uso de un modelo pseudo experimental. Se considera dos indicadores de productividad medidos a nivel de firmas formales: la productividad laboral y la productividad total de factores. Se...

El objetivo de esta investigación consiste en explorar y cuantificar en qué medida la calidad de la educación superior contribuye como desencadenante del subempleo profesional en el Perú. Bajo esta condición, cuatro de cada diez profesionales universitarios al 2012 se encuentran...

Conditional Cash Transfer (CCT) program is one of the most important anti-poverty policies worldwide. In this document, I study the economic effects of this program by using a stylized dynamic general equilibrium model. I look at the program’s impact on output, human capital, poverty and...

This paper quantifies the dynamic macroeconomic effects derived from both; shocks to conventional monetary policy and shocks to reserve requirement ratios applied to bank deposits in Peru. The analysis tackles reserve requirements on domestic as well as foreign currency deposits. Structural...

We explore the causal effect of stock market development on real economic activity in Peru. Based on the predictions of a simple growth model, we estimate vector autoregressive models and identify stock market shocks by imposing long-run restrictions in the dynamic response of real output per...

En agosto de 2014, el Banco Central de Reserva del Perú publicó las nuevas series del PBI (Producto Bruto Interno) y sus componentes por el lado del gasto y del valor agregado de los sectores económicos en base 2007 para el período 1950-2013 (serie anual) y 1980-2013 (serie trimestral). El...