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Is it Time to Reassess the Focal Role of Core PCE Inflation in Assessing the Trend in PCE Inflation?
(Pontificia Universidad Católica del Perú, 2022-08-01)
“Core” PCE inflation—that is, inflation in PCE-ex-food-and-energy—is widely used as an estimate of trend inflation. But it is long overdue for replacement. The original rationale of core inflation was to remove volatile ...
Evolution of Monetary Policy in Peru: An Empirical Application using a Mixture Innovation TVP-VAR-SV Model
(Pontificia Universidad Católica del Perú. Departamento de Economía, 2020-02)
This paper discusses the evolution of monetary policy (MP) in Peru in 1996Q1-2016Q4 using a
mixture innovation time-varying parameter vector autoregressive model with stochastic volatility
(TVP-VAR-SV) as proposed by ...
Flexible Average Inflation Targeting: How Much Is U.S. Monetary Policy Changing?
(Pontificia Universidad Católica del Perú, 2022-08-01)
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 ...
Does the Central Bank of Peru respond to exchange rate movements? a bayesian estimation of a new keynesian DSGE model with FX interventions
(Pontificia Universidad Católica del Perú. Departamento de Economía, 2021-12)
This paper assess the role played by the exchange rate and FX intervention in setting monetary
policy interest rates in Peru. We estimate a Taylor rule that includes inflation, output gap and
the exchange rate using a ...