Exchange rate interventions and inflation expectations in an inflation targeting economy

Pablo Pincheira Brown

doi:10.4067/S0718-88702018000200043

Autores/as

Pablo Pincheira Brown School of Business, Universidad Adolfo Ibáñez

DOI:

https://doi.org/10.4067/S0718-88702018000200043

Palabras clave:

Tipos de cambio, expectativas de inflación, metas de inflación, intervenciones cambiarias

Resumen

En este artículo se estudia el efecto de las intervenciones cambiarias respecto de las expectativas de inflación y el tipo de cambio en Chile. Se consideran dos episodios de intervenciones durante el período 2007-2012, encontrando un impacto importante en el tipo de cambio. En relación con las expectativas de inflación, los resultados muestran que la intervención realizada en el año 2008 tuvo un efecto significativo, pero de corta duración, acerca de la distribución de las expectativas de inflación de largo plazo. En contraste, la intervención del 2011 no tuvo efectos significativos de esta distribución de expectativas de largo plazo.

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Citas

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