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Desalineamientos Monetarios, Desalineamientos Cambiarios e Inflación

Author

Listed:
  • Rodrigo Cerda

    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • Aldo Lema

Abstract

Este documento se centra en analizar los mecanismos de transmisión de los desalineamientos monetarios y cambiarios sobre la inflación. Su objetivo es contribuir a este debate por medio de analizar los determinantes de corto plazo de la inflación, y a partir de estos, proveer ciertas orientaciones básicas para el manejo inflacionario de largo plazo. Para esto, inicialmente se determinan los equilibrios en estos mercados, y por lo tanto, se estudia la demanda por dinero y la trayectoria de largo plazo del tipo de cambio real. Estos dos temas se utilizan como fundamentos para analizar los efectos de los desalineamientos cambiarios y monetarios sobre inflación. Se concluye que los desalineamientos monetarios y/o cambiarios del orden de 10 por ciento producen por separado una aceleración en la tendencia inflacionaria cercana a 0.6-0.7 por ciento trimestral.

Suggested Citation

  • Rodrigo Cerda & Aldo Lema, 2003. "Desalineamientos Monetarios, Desalineamientos Cambiarios e Inflación," Documentos de Trabajo 243, Instituto de Economia. Pontificia Universidad Católica de Chile..
    • Handle: RePEc:ioe:doctra:243
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    File URL: https://www.economia.uc.cl/docs/doctra/dt-243.pdf
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    References listed on IDEAS

    as
    1. Sjaastad, Larry A., 1998. "On exchange rates, nominal and real," Journal of International Money and Finance, Elsevier, vol. 17(3), pages 407-439, June.
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    4. Ángel Cabrera & Luis Felipe Lagos, 2002. "Monetary Policy in Chile: A Black Box?," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 8, pages 197-246, Central Bank of Chile.
    5. Jorge Restrepo L., 2002. "Demanda de Dinero para Transacciones en Chile," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 5(3), pages 95-104, December.
    6. Larry A Sjaastad, 1996. "Recent Evolution of the Chilean Real Exchange Rate," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(98), pages 109-132.
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    Cited by:

    1. Jorge Hermann & Rómulo Chumacero, 2005. "No Estaba Muerta, ...: La Teoría Cuantitativa y la Relación entre Dinero e Inflación," Working Papers Central Bank of Chile 324, Central Bank of Chile.

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    More about this item

    Keywords

    Inflación; tipo de cambio real; expansión monetaria;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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