La presente investigación aproxima cuantitativamente las relaciones dinámicas potencialmente asimétricas entre el crecimiento del PBI, del acervo de inventarios y de tres componentes de la demanda agregada (la demanda interna pública, la demanda interna privada y, en particular, la demanda...

Una de las consecuencias de las políticas monetarias expansivas aplicadas en los países desarrollados es el crecimiento de los mercados financieros en países emergentes como el Perú. No solo se observa una evolución de los mercados domésticos, sino que su integración a los mercados...

In everyday macroeconomic analysis, businessmen and policymakers monitor many variables in order to assess the current situation of a country’s business cycle. However, making this assessment is extremely difficult, especially on the verge of recessions: does a drop in one or more of these...

Motivated by the Chinese experience, we analyze a semi-open economy where the central bank has access to international capital markets, but the private sector has not. This enables the central bank to choose an interest rate different from the international rate. We examine the optimal policy of...

This paper examines how shocks originated in large economies around the globe have transmitted to the growth rates of Latin American countries. For this purpose, a highly parsimonious structural VAR model – identified through bilateral trade linkages – is proposed, tested, estimated and...

We exploit the timing of cell phone coverage in rural Peru to investigate its effects on economic development. We exploit information regarding the location, date of installation and technical characteristics of cell phone towers in order to construct coverage patterns at the village level from...

The interbank market helps regulate liquidity in the banking sector. Banks with outstanding resources usually lend to banks that are in needs of liquidity. Regulating the interbank market may actually benefit the policy stance of monetary policy. Introducing an interbank market in a general...

We investigate the returns to capital and capital accumulation using panel data of Peruvian micro enterprises (MEs). Marginal returns to capital are found to be very high at low levels of capital, but rapidly decreasing at higher levels. The dynamic analyses of capital accumulation in MEs...

In contrast to the past, many emerging countries faced the global financial crisis of 2008-2009 with more solid financial positions and the required credibility and capacity to conduct countercyclical policies. This allowed them to better cope with the global downturn and thus behave more...

Central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. I use Pedroni's (2002) Fully Modified Ordinary Least Square (FMOLS) to estimate the coefficients of the...