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El canal de costos de la política monetaria: Evidencia para la economía peruana

Author

Listed:
  • Fernández, Ángel

    (Banco Central de Reserva del Perú)

Abstract

El presente documento evalúa la importancia del canal de costos para la economía peruana. Se estima la Curva de Phillips Neokeynesiana aumentada con el canal de costos a lo Tillman (2009a) vía el método de momentos generalizados usando ventanas móviles y se encuentra que este canal existe durante el régimen que usa a la tasa de interés como instrumento de política. Además, la relevancia de este canal aumenta en los periodos en los cuales la volatilidad de la tasa de interés interbancaria es baja. Esta dinámica se debe a que la fracción de los costos financieros respecto a los costos totales de las firmas es variante en el tiempo. Finalmente, el canal de expectativas refuerza el canal de demanda y el canal de tipo de cambio para reducir la inflación ante un aumento de la tasa de interés de política monetaria.

Suggested Citation

  • Fernández, Ángel, 2015. "El canal de costos de la política monetaria: Evidencia para la economía peruana," Working Papers 2015-017, Banco Central de Reserva del Perú.
    • Handle: RePEc:rbp:wpaper:2015-017
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    More about this item

    Keywords

    Curva de Phillips Neokeynesiana; canal de costos; política monetaria;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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