Four graduates from the Universidad del Pacífico Faculty obtained outstanding positions in the Renzo Rossini Prize for Research in Economics and Finance 2023–2024, organized by the Central Reserve Bank of Peru (BCRP). Johann Lázaro and Mauricio Rebaza achieved first place, while Janel Vélez and Valeria Vergaray took third place in this contest that promotes academic excellence and high-quality research in economics and finance.

The event, which promotes theses and research papers in the field of macroeconomics and supports the development of economic knowledge in Peru, was open to students and graduates from universities across Peru. The panel, composed of distinguished professionals and chaired by the BCRP’s deputy manager of economic research, rigorously evaluated all submissions.

The thesis adjudged the best, that by Johann Lázaro and Mauricio Rebaza, is entitled “Shocks de Noticias en los Términos de Intercambio y el Canal de Portafolio: Un Modelo DSGE para una Economía Pequeña y Abierta” (News Shocks in the Terms of Trade and the Portfolio Channel: A DSGE Model for a Small, Open Economy). This study, which combines an empirical analysis with a theoretical model of real fluctuations in a small, open economy incorporating financial frictions, shows that a positive shock in copper prices has positive impacts on the real economy, and that the resulting exchange rate appreciation is partially i​nefficient due to portfolio frictions. The research goes on to conclude that the BCRP's exchange rate intervention is efficient in mitigating these effects.

Janel Vélez and Valeria Vergaray secured third place with their thesis entitle​d “Política de Inflación Optima: Impacto de la Dolarización Financiera sobre los Efectos Redistributivos de la Inflación" (Optimal Inflation Policy: Impact of Financial Dollarization on the Redistributive Effects of Inflation." Using a heterogeneous agent new Keynesian (HANK) model, the UP graduates show that a higher level of dollarization leads to lower optimal inflation, since dollarized assets and liabilities weaken the redistributive effects of inflation. In their models without dollarization, these redistributive effects are found to benefit poor debtors at the expense of rich creditors.​

The Universidad del Pacífico congratulates our graduates for their exceptional performance in the Renzo Rossini Prize. These awards underline their commitment to high-quality research and their ability to contribute significantly to economic knowledge. We wish them much success in their future career​s.​​