Estimation of the New Keynesian Phillips curve for Peru

• Luis Francisco Laurente Blanco

  Universidad Autónoma de Ica (UAI), Chincha Alta, Ica-Perú

  Author

This paper examines the fit of the lag-augmented formulation of the New-Keynesian Phillips curve for the Peruvian economy during the periods of international crisis and the COVID-19 pandemic. This approach verifies the importance of the level of activity and expectations on the behavior of inflation. The methodology used in the estimation corresponds to the generalized method of
moments (GMM) with statistical information from the Central Reserve Bank of Peru (BCRP). The results indicate that the parameters did not undergo significant changes in both periods of analysis. These findings are mainly due to the monetary control policies implemented in the last decades by the BCRP to achieve price stability; and to the economic recovery policies in coordination with the government during the pandemic.

1. Luis Francisco Laurente Blanco, Universidad Autónoma de Ica (UAI), Chincha Alta, Ica-Perú

   Ingeniero Economista, Maestro en Informática. Profesor de métodos cuantitativos e Investigador de la Universidad Autónoma de Ica (UAI). https://orcid.org/0000-0002-8531-3959

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