| Revista: | Journal of applied economics |
| Base de datos: | CLASE |
| Número de sistema: | 000430307 |
| ISSN: | 1667-6726 |
| Autors: | Winkelried, Diego1 Gutierrez, José Enrique2 |
| Institucions: | 1Universidad del Pacífico, Lima. Perú 2Superintendencia de Banca, Seguros y AFP, Departamento de Investigación Económica, Lima. Perú |
| Any: | 2015 |
| Període: | Nov |
| Volum: | 18 |
| Número: | 2 |
| Paginació: | 199-224 |
| País: | Argentina |
| Idioma: | Inglés |
| Tipo de documento: | Artículo |
| Enfoque: | Aplicado |
| Resumen en inglés | The Central Reserve Bank of Peru (BCRP) has been targeting inflation for more than a decade, using Lima’s inflation as the operational measure. An alternative indicator is countrywide inflation, whose quality and real-time availability have improved substantially. Given these competing measures, two policy questions arise: What have been the implications for national inflation of targeting Lima’s inflation? Would shifting to a national aggregate significantly affect the workings of monetary policy in Peru? To answer these questions, we estimate a large, but parsimonious, error correction model and investigate how regional shocks propagate across the country. The results indicate that a shock to Lima’s inflation is transmitted fast and strongly elsewhere in the country, whereas the effects of shocks in other regions are limited and short-lived. This constitutes supporting evidence to the view that by targeting Lima’s inflation, the BCRP has effectively, albeit indirectly, targeted national inflation |
| Disciplines | Economía |
| Paraules clau: | Economía monetaria, Política económica, Planificación económica, Econometría, Banco Central, Política monetaria, Inflación, Modelo de corrección de errores, Lima, Perú |
| Text complet: | Texto completo (Ver PDF) |
