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Macroeconomics and DevelopmentRoberto Frenkel and the Economics of Latin America$
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Mario Damill, Martín Rapetti, and Guillermo Rozenwurcel

Print publication date: 2016

Print ISBN-13: 9780231175081

Published to Columbia Scholarship Online: September 2016

DOI: 10.7312/columbia/9780231175081.001.0001

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Monetary Policy and External Shocks in a Semidollarized Economy

Monetary Policy and External Shocks in a Semidollarized Economy

Chapter:
(p.83) Chapter 5 Monetary Policy and External Shocks in a Semidollarized Economy
Source:
Macroeconomics and Development
Author(s):

Oscar Dancourt

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231175081.003.0005

the chapter discusses the adequate monetary policy response to management of external shocks that deteriorate the balance of payments and contracts aggregate demand. To this end the author develops an IS-LM-BP type of model adapted to the financial conditions of Peru, where the banking system operates in both domestic and foreign currency.

Keywords:   IS-LM-BP model, external shock, monetary policy, inflation targeting, sterilized intervention, Peruvian economy

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