Análisis de la discrecionalidad de la política monetaria en la aplicación de la meta de inflación de Perú, Chile y Colombia

• Autores: Plaza Vidaurre, Marco Antonio, Coronado Aguero, Hilary Tatiana, Fernández Rodriguez, Verónica
• Formato: artículo
• Fecha de Publicación: 2021
• Institución: Universidad San Martin de Porres
• Repositorio: Revista Gobierno y Gestión Pública
• Lenguaje: español
• OAI Identifier: oai:ojs.revistagobiernoydegestionpublica.com:article/237
• Enlace del recurso: https://revistagobiernoygestionpublica.usmp.edu.pe/index.php/RGGP/article/view/237
• Nivel de acceso: acceso abierto
• Materia: inflación; base monetaria; meta de inflación; variabilidad de la base monetaria; política monetaria

Inflation is a phenomenon faced by all countries in the world and depends on the monetary policy they apply. The monetary strategies that have stood out in recent decades are of two types: the management of monetary aggregates and inflation targeting. In the former, the interbank interest rate is flexible, and money issuance grows at a constant rate; in the latter, the interest rate is controlled, and there is monetary discretionality. The literature has shown that inflation targeting has been the most effective in minimizing inflation. It should be noted that most countries have implemented it. The purpose of this paper is to analyze the monetary policy of Peru, Chile and Colombia, and to determine the variability of money issuance and inflation in each of the two monetary systems adopted by each country at the time. In this way, it was possible to determine which system had greater monetary discretion and, in addition, which was more effective in reducing and controlling inflation. The paper concludes that the inflation target had an effective control of inflation, however, it was characterized by greater monetary discretionality.