دانلود مقاله ISI انگلیسی شماره 47859
عنوان فارسی مقاله

عبور نرخ ارز به تغییر قیمت هنگامی که هدفگذاری تورمی اتخاذ شده است؟ مطالعه موردی پرو بین سال های 1994 و 2007

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47859 2012 13 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Does the exchange rate pass-through into prices change when inflation targeting is adopted? The Peruvian case study between 1994 and 2007
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Macroeconomics, Volume 34, Issue 4, December 2012, Pages 1154–1166

کلمات کلیدی
هدفگذاری تورمی - عبور نرخ ارز به قیمت - مدل های TV-VAR
پیش نمایش مقاله
پیش نمایش مقاله عبور نرخ ارز به تغییر قیمت هنگامی که هدفگذاری تورمی اتخاذ شده است؟ مطالعه موردی پرو بین سال های 1994 و 2007

چکیده انگلیسی

This paper analyzes whether the exchange rate pass-through into prices changed when the inflation targeting scheme was adopted in Peru. First, a simple dynamic stochastic general equilibrium model is simulated, which shows that adopting this scheme induces an increase in exchange rate volatility. Furthermore, applying the theory of the currency denomination of international trade, it is demonstrated that increased exchange rate volatility reduces the share of firms that set their prices in foreign currency. Given that the pass-though has a direct relationship with this share, it is shown that adopting inflation targeting generates a pass-through contraction. Second, we empirically test whether the Peruvian Central Bank’s decision to adopt inflation targeting in January 2002 actually had an effect on the pass-through estimating a time-varying vector autoregressive model which allows for an asymmetrical estimation of the pass-through. It provides parameters for both the pre and post inflation targeting regimes based on the assumption that the transition from one regime to the other is smooth. An analysis of the generalized impulse response functions reveals that the decision to adopt inflation targeting significantly decreased the exchange rate pass-throughs into import, producer, and consumer prices. The results are consistent with economic theory and are robust to the specification of parameters of the model.

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