El modelo de objetivos de inflación y el efecto pass-through en América Latina
Keywords:
pass-through effect, inflation targeting, Latin AmericaAbstract
The inflation targeting model has been consolidated as the new monetary policy paradigm (Perrotini Hernández, 2007a) in Central Banking and for the Latin American economies. Nevertheless, several studies have stressed that the inflation targeting model is particularly inadequate in emerging economies since it precludes the problems stemming from structural inflation, emphasizing on the importance that the exchange rate pass-through to domestic prices continues to perform in this model. Following this idea, the current paper tries to present some theoretical and empirical features that aim to cast doubt upon the success attributed to the inflation targeting model as regards the reduction of the pass-through effect in Latin American countries. This turns out to be relevant not only because the high pass-through has been one of the foremost problems that historically undermined the economic growth in Latin America, but also because a better understanding of this phenomenon might provide new insights regarding the inflationary episodes and the distributive income processes in late-industrializing economies.
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