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dc.contributor.authorGarcía Cicco, Javieres
dc.contributor.authorGarcía Schmidt, Marianaes
dc.date.accessioned2020-05-13T20:13:01Z-
dc.date.available2020-05-13T20:13:01Z-
dc.date.issued2017-
dc.identifier.citationGarcía-Cicco, J., García-Schmidt, M. Revisiting the exchangerate pass‐through : a general equilibrium perspective [en línea]. Documento de trabajo Nro. 58 del Departamento de Investigación Francisco Valsecchi. Facultad de Ciencias Económicas. Pontificia Universidad Católica Argentina. 2017. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/9974es
dc.identifier.urihttps://repositorio.uca.edu.ar/handle/123456789/9974-
dc.description.abstractAbstract: A large literature estimates the exchange-rate pass-through to prices (ERPT) using reducedform approaches. The results from these studies are an important input at Central Banks. We study the usefulness of these empirical measures for actual monetary policy analysis and decision making, emphasizing two main shortcomings that arise naturally from a general equilibrium perspective. First, while the empirical literature computes a single ERPT measure, in a general equilibrium model the evolution of the exchange rate and prices will differ depending on the shock hitting the economy. Accordingly, we distinguish between conditional and unconditional ERPT measures, showing that they can lead to very different interpretations. Second, in a general equilibrium model the ERPT crucially depends on the expected behavior of monetary policy; although the empirical literature cannot account for this. As a result, results from this literature might provide a misleading guide for monetary policy. We highlight the quantitative relevance of these with a DSGE model of a small and open economy with sectoral distinctions, real and nominal rigidities, and a variety of driving forces; estimated using Chilean data.es
dc.formatapplication/pdfes
dc.language.isoenges
dc.publisherPontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchies
dc.rightsAcceso abierto*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/4.0/*
dc.sourceDocumento de trabajo Nro. 58 del Departamento de Investigación Francisco Valsecchi. Facultad de Ciencias Económicas. Pontificia Universidad Católica Argentina. 2017es
dc.subjectPOLITICA MONETARIAes
dc.subjectFINANZASes
dc.subjectECONOMIA INTERNACIONALes
dc.subjectCOMERCIO INTERNACIONALes
dc.subjectMACROECONOMIAes
dc.titleRevisiting the exchangerate pass‐through : a general equilibrium perspectivees
dc.typeDocumento de trabajoes
uca.disciplinaECONOMIAes
uca.issnrd1es
uca.affiliationFil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas; Argentinaes
uca.affiliationFil: García-Cicco, Javier. Banco Central de Chile; Chilees
uca.affiliationFil: García-Schmidt, Mariana. Banco Central de Chile; Chilees
uca.versionpublishedVersiones
item.grantfulltextopen-
item.fulltextWith Fulltext-
item.languageiso639-1en-
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