Economía

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e-ISSN: 2304-4306

ECONOMÍA Journal was initially established as the “Revista Economía” of the Department of Economics of the Pontificia Universidad Católica of Peru (PUCP) in 1977. It is the oldest academic journal on economics in the country. Building on that legacy, ECONOMÍA has now been relaunched as an internationally refereed journal dedicated to publishing original academic research on economics in English, with an expanded and prestigious Editorial Board, as well as a large team of Associated Editors that guarantee the highest theoretical and methodological standards.

ECONOMÍA also offers a manuscript management platform that provides an eficient workflow among authors, associate editors and referees throughout the process of manuscript submission and evaluation. In this new stage, ECONOMÍA aspires to continue leading the progress of academic literature in the country as well as position itself in a prominent place in the Latin American region.

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Subject: search.filters.subject.Monetary policy

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    Flexible Average Inflation Targeting: How Much Is U.S. Monetary Policy Changing?
    (Pontificia Universidad Católica del Perú, 2022-08-01) Coulter, Jarod; Duncan, Roberto; Martínez-García, Enrique
    One major outcome of the Federal Reserve’s 2019–20 framework review was the adoption of a Flexible Average Inflation Targeting (FAIT) strategy in August 2020. Using synthetic control methods, we document that U.S. inflation rose post-FAIT considerably more than predicted had the strategy not changed (an average of 1.18 percentage points during 2020:M8–2022:M2). To explore the extent to which targeting average inflation delayed the Fed’s response and contributed to post-FAIT inflation, we adopt a version of the open-economy New Keynesian model in Martínez-García (2021) and document the economic consequences of adopting alternative measures of average inflation as policy objectives. We document three additional major findings using this general equilibrium setup: First, depending on how far back and how much weight is assigned to past inflation misses, the policy outcomes under FAIT are similar to those under the pre-FAIT regime. Secondly, we find that the implementation of FAIT can have large effects over short periods of time as it tends to delay action. However, over longer periods of time—such as the 1984:Q1–2019:Q4 pre-FAIT period—its effects wash out and appear negligible. Finally, we find that di˙erent average inflation measures explain an average of 0.5 percentage points per quarter of the post-FAIT inflation surge, indicating that targeting average inflation by itself can only explain part of the inflation spike since August 2020.
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    La macroeconomía de la flotación sucia en una economía primario exportadora: el caso del Perú
    (Pontificia Universidad Católica del Perú. Fondo Editorial, 2017-10-26) Mendoza Bellido, Waldo
    El régimen de tipo de cambio en el Perú no es fijo ni flotante. El Banco Central de Reserva del Perú (BCRP) rema en contra de la corriente en el mercado cambiario. Tiende a comprar dólares cuando el tipo de cambio baja, y tiende a vender cuando el tipo de cambio sube. Es un esquema de flotación sucia. En este artículo se presenta un modelo macroeconómico sencillo donde el banco central fija la tasa de interés y mantiene un régimen cambiario de flotación sucia, en el contexto de una economía pequeña, abierta, parcialmente dolarizada, exportadora de materias primas, con movilidad imperfecta de capitales y una política fiscal que opera con un límite al déficit fiscal estructural. Las predicciones del modelo son consistentes con la regla de intervención del BCRP y los principales hechos estilizados de la economía peruana desde el inicio del descenso del precio internacional de las materias primas a fines de 2011: caída drástica de la inversión privada, descenso del crecimiento del PBI, alza del tipo de cambio nominal y reducción de las reservas internacionales.