This paper analyzes how terms of trade affect aggregate productivity using a two-country monopolistic competitive business cycle model driven by aggregate technology shocks. The inefficiency of the equilibrium implies that each country’s productivity is affected by the terms of trade. This...

This paper analyzes how terms of trade affect aggregate productivity using a two-country monopolistic competitive business cycle model driven by aggregate technology shocks. The inefficiency of the equilibrium implies that each country’s productivity is affected by the terms of trade. This...

We study how monetary policy may affect determinacy and expectational stability (E-stability) of rational expectations equilibrium when the cost channel of monetary policy matters. Focusing on instrumental Taylor-type rules and optimal target rules, we show that standard policies can induce...

This paper evaluates under which conditions different Taylor-type rules lead to determinacy and expectational stability (E-stability) of rational expectations equilibrium in a simple "New Keynesian" small open economy model, developed by Gali and Monacelli (2005). In particular, we extend...

La producción potencial de un país no es observable, por lo tanto, no se puede determinar a priori cual es el mejor método para calcularla. Cada país tiene características propias y cada método tiene sus propias limitaciones y ventajas, lo cual agrega un grado intrínseco de incertidumbre...

Explores in depth some good practices in industrial relations and social dialogue in South Africa's oil sector. Outlines essential elements for godd industrial relations in the industry, including the ways in which social dialogues can contribute to healthy employer-employee relations.

El documento describe el Modelo de Proyección Trimestral (MPT) utilizado por el Banco Central de Reserva del Perú (BCRP) para fines de simulación de política monetaria y de proyección de las principales variables macroeconómicas. La estructura básica del modelo es una aproximación a la...

En este trabajo se estima la elasticidad del pass-through del tipo de cambio y precios importados hacia los precios al consumidor de la economía peruana para el período 1995-2002. La metodología se basa en el uso de vectores autorregresivos (VAR) que permite desarrollar un modelo de...

One of the key inputs for inflation targeting regime is the right identification of inflationary or disinflationary pressures. These pressures are usually approximated by the output gap. In this paper we provide an estimation of the Peruvian output gap using a multivariate unobserved component...