Banco Central de Reserva del Perú Banco Central de Reserva del Perú Investigación Económica y Financiera
ES

A semi-structural projection model for the Peruvian economy

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June 2009

Language: Spanish

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A semi-structural projection model for the Peruvian economy

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JEL Classification

  • E37
  • E52
  • E58
  • F41

Abstract

The document describes the Quarterly Projection Model (MPT) used by the Central Reserve Bank of Peru (BCRP) for monetary policy simulation and the projection of key macroeconomic variables. The model’s basic structure is an approximation of the linear representation of a dynamic general-equilibrium model for a small, open economy with partial dollarization. The model incorporates rational expectations and is based on a neo-Keynesian framework (price rigidity), which allows monetary policy to influence real variables in the short run. (Audio: Department of Economic Publications)