Los Mecanismos de Transmisión de la Política Monetaria en Perú
Paul Castillo (),
Fernando Pérez Forero () and
Vicente Tuesta ()
No 2010-013, Working Papers from Banco Central de Reserva del Perú
This paper presents an extension of the model proposed by Bernanke and Mihov (1998), which includes financial dollarization, in order to estimate the effects of monetary policy in Peru for the period 1995-2009. The results show that the effects of monetary policy in a dollarized economy are similar to the ones observed in non-dollarized economies. In particular, after a restrictive monetary policy shock, interest rates rise, monetary aggregates decrease, exchange rate drops, aggregate demand slows and inflation diminishes. However, exchange rate shocks are important determinants of the money market. Additionally, there is evidence that after the adoption of the inflation targeting regime in 2002 the Central Bank reacts more importantly to money demand shocks than to exchange rate shocks.
Keywords: Mercado Interbancario; Mecanismo de transmisión; Choques Monetarios; Choques Externos. (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 F31 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
https://www.bcrp.gob.pe/docs/Publicaciones/Documen ... -Trabajo-13-2010.pdf Application/pdf
Our link check indicates that this URL is bad, the error code is: 403 Forbidden
Journal Article: Los mecanismos de transmisión de la política monetaria en Perú (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:rbp:wpaper:2010-013
Access Statistics for this paper
More papers in Working Papers from Banco Central de Reserva del Perú Contact information at EDIRC.
Bibliographic data for series maintained by Research Unit ().