Posición fiscal, monetaria y control de la brecha inflacionaria y del producto: Evidencia empírica para Bolivia

Fiscal - monetary stance and inflation - output gap control: evidence for Bolivia

Daney Valdivia

MPRA Paper from University Library of Munich, Germany

Abstract: Understand the contribution to control inflation and output gap from fiscal and monetary stance are important to apply policy. This paper shows the effect of these two instruments to control deviations of these two fundamentals: inflation and output gap. The main objective is reached by computing the fiscal impulse, the monetary condition index and commovements analysis over the inflation and output gap. Depending on the nature of the shock, e.g. 2006 – 2007, the two instruments lead to the deviations of these two fundamentals and have counter cyclical effects to close gaps. Entender la contribución de la posición fiscal y monetaria en el control de la brecha inflacionaria y del producto es trascendental en la aplicación de políticas económicas. El presente paper muestra el efecto de la posición fiscal y monetaria en el control de desequilibrios de dos variables relevantes de política: brecha inflacionaria y de producto. Este objetivo es alcanzado por medio del cálculo del impulso fiscal, índice de condiciones monetarias y análisis de comovimientos sobre las dos variables de política. Los resultados señalan que de acuerdo a la naturaleza del shock, por ejemplo en el periodo 2006 – 2007, ambos instrumentos actuaron de manera anticipada a los desvíos de las variables y tuvieron un efecto contracíclico para corregir los desvíos.

Keywords: fiscal impulse; monetary condition index; inflation and output gap (search for similar items in EconPapers)
JEL-codes: E31 E58 E62 (search for similar items in EconPapers)
Date: 2014-08-22
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (1)

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