This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

Este documento de trabajo provee un análisis empírico de la relación entre movimientos del tipo de cambio y los principales índices de precios en los países de la OECD. El análisis del trabajo esta centrado en cómo diferentes ambientes inflacionarios permitirían explicar el descenso en...

Central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. I use Pedroni's (2002) Fully Modified Ordinary Least Square (FMOLS) to estimate the coefficients of the...

In the past ten years the Peruvian economy has experienced important structural changes regarding monetary policy. This document focuses on the bank lending channel as part of the transmission process to macroeconomic activity in the Peruvian economy based on Bernanke, Gertler, and Gilchrist...

This paper presents a partial equilibrium characterization of the credit market in an economy with partial …financial dollarization. Financial frictions, in the form of costly state veri…cation and banking regulation restrictions, are introduced and their impact on lending and deposit interest...

El presente trabajo realiza una evaluación empírica recursiva de la relación entre el crédito y el producto usando datos trimestrales de la economía peruana para el período 1992 – 2009. Dada la naturaleza de las series, el análisis econométrico se basa en la estimación de un modelo...

Imperfection information models where agents solve some kind of signal extraction problem are multiplying and developing fast. They have commonly been used to study the impact of imperfect information on the business cycle and the importance of news versus noise shocks. This paper attempts to...