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Price stabilization policies in Latin America: an analysis of the causes of inflation
Keywords:
Latin America, Inflation, stabilization policiesAbstract
The objective of this research is to analyze the causes of inflation in various Latin American countries. In particular, two approaches were addressed: the first, called the traditional approach, is associated with the approaches of the Salamanca school, the Monetarist school and the New Macroeconomic Consensus. And the second was denoted as the alternative approach, which outlines the considerations of the Post-Keynesian school and the Structuralists regarding price stabilization policies. Emphasis was placed on which shocks affect the normal behavior of economies and, ultimately, the general price level. For this, an analysis of stylized facts based on descriptive statistics was conducted to give some hints of possible relationships between economic theory and facts, during the pandemic (2019-2020) and post-pandemic (2021-2022) period. The analysis shows that the monetary policy interest rate is efficient to neutralize the excesses of aggregate demand; however, in some Latin American economies there are international price influences,
strong appreciations of the nominal exchange rate, among others, which explain the relevance of alternative stabilization policies.
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