In a fully micro-founded New Keynesian framework, we characterize analytically the relation between average inflation and oil price volatility by solving the rational expectations equilibrium of the model up to second order of accuracy. Higher oil price volatility induces higher levels of...

Este documento presenta un marco teórico que explica la segmentación del mercado laboral en dos sub-mercados: el formal y el informal. Sobre la base de los datos de la encuesta ENAHO 2007, se determinan los niveles de informalidad existentes de acuerdo con distintas definiciones. Asimismo, se...

Este documento utiliza una aproximación no paramétrica propuesta por Ñopo (2004) para calcular las brechas salariales entre trabajadores formales e informales en el Perú. Siguiendo esta metodología y utilizando los datos de la Encuesta Nacional de Hogares (ENAHO) del año 2007, se...

This paper studies the properties of an economy subject to random liquidity shocks. As in Kiyotaki and Moore [2008], liquidity shocks affect the ease with which equity can be used as to finance the down-payment for new investment projects. We obtain a liquidity frontier which separates the...

I describe a simple new-keynesian macroeconomic model for a small open and partially dollarized economy, which closely resembles the Quarterly Projection Model (QPM) developed at the Central Bank of Peru (Vega et al. (2009)). Then I use Bayesian techniques and quarterly data from Peru to...

Se propone una metodología de identificación individual de potenciales beneficiarios de programas sociales. Esta herramienta comprende dos etapas: en la primera se determina un índice de bienestar y en la segunda los puntos de corte que permiten distinguir a los hogares que califican como...

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...

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...

Using di¤erent unit root statistics and the approach of Tomljanovich and Vogelsang (2002), we test for the existence of stochastic and beta-convergence in the unemployment rates of a set of thirteen European countries. Using quarterly data for the period 1984:1-2005:4, we observe that there has...

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...