We evaluate the financial and real linkages between fiscal and monetary policy in Peru, and show that during the recent export commodity price boom, public finances supported the implementation of monetary policy. In particular, the reduction of the net public debt has translated into a greater...

El objetivo del presente trabajo es identificar los factores que se relacionan con la probabilidad de ser pobre en el Perú, para ello se sigue el enfoque basado en activos, incorporando además variables relacionadas al contexto económico, como el nivel de desarrollo económico provincial y la...

En este trabajo estimamos la relación de equilibrio entre el precio por m2 de las viviendas en Lima y sus fundamentos macroeconómicos desde 1998.I hasta 2013.IV. Los términos de intercambio, la cuenta corriente, el índice de imperio de la ley, la demografía y la capitalización bursátil...

El objetivo es analizar empíricamente la relación dinámica entre el sistema bancario y el nivel de actividad real en el Perú. Para tal fin, el análisis se basa en la estimación de vectores autoregresivos (VAR) cointegrados, la aplicación de pruebas de exogeneidad y en la identificación...

En este documento se contrasta la hipótesis modificada de autoselección para empresas formales peruanas. Se consideran 3 tipos: aquellas que producen solo para el mercado interno, las que producen para el mercado interno y para el mercado externo indirectamente vía intermediarios comerciales,...

We study the effects of the minimum wage in over employment and income by considering a monthly database that captures seven minimum wage changes registered between 2002 and 2011. We estimate that about 1 million workers have an income by main occupation in the neighbourhood of the minimum wage....

This paper analyzes how terms of trade affect aggregate productivity using a two-country monopolistic competitive business cycle model driven by aggregate technology shocks. The inefficiency of the equilibrium implies that each country’s productivity is affected by the terms of trade. This...

This paper analyzes the effect of developing financial markets for contingent assets on the degree of risk sharing and its ability to reduce spillover effects due to credit externalities. In an environment with persistent shocks and collateral constraints, state contingent assets allow for...

This document to evaluates the effectiveness, in terms of macroeconomic stability, of monetary policy rules and instruments of prudential supervision. Specifically, it seeks to distinguish between the gains of including in the standard monetary policy rule indicators of financial stress, such as...

In this paper we use quarterly data from Chile, Mexico and Peru to study the link between terms of trade and Total Factor Productivity (TFP). We estimate TFP using a stylized general equilibrium model for a small open economy model with quarterly data. Then, the TFP is decomposed into a domestic...