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A Second Stage of the Crisis Characterized by Uncertainty

Carrera, Jorge; Grillo, Federico - In: Ensayos Económicos 1 (2010) 57-58, pp. 189-227

sustainable recovery of the global economy. In this context, emerging and developing countries are showing a better economic … to the developments of the global economy, negotiations to reform the international financial architecture in the area of … G-20 continued. The objective of this reform is to make the global economy less prone to crisis. Despite the progress in …

Persistent link: https://www.econbiz.de/10010551962

The World in Balance Sheet Recession

Koo, Richard - In: Ensayos Económicos 1 (2011) 63, pp. 7-39

There is quite a bit of confusion in the policy circles, in the academic circles and also in the markets regarding the international economic situation unleashed by the 2007-2008 crisis. And, as there is so much confusion, the economic policy responses have been largely inconsistent, not only in...

Persistent link: https://www.econbiz.de/10010551972

Was Keynes’s Monetary Policy, à outrance in the Treatise, the Model for ZIRP and QE?

Kregel, Jan - In: Ensayos Económicos 1 (2012) 65-66, pp. 7-22

While Keynes can be considered the true father of the “unorthodox” monetary policies introduced by the Bank of Japan and the Federal Reserve, these policies also provide the test of their efficacy that Keynes called for. They suggest that Keynes’s Treatise optimism was misplaced, and that...

Persistent link: https://www.econbiz.de/10010603896

Towards an Estimation of Money Demand with Forecasting Purposes: Argentina, 1993-2005

Aguirre, Horacio; Burdisso, Tamara; Grillo, Federico - In: Ensayos Económicos 1 (2006) 45, pp. 7-44

This paper aims at producing forecasts of monetary aggregates which are useful in formulating monetary policy in Argentina; in particular, forecasts that allow evaluation of alternative economic scenarios, with a 5-quarter horizon and of both public and private monetary aggregates. With that aim,...

Persistent link: https://www.econbiz.de/10010849642

Inflation Targeting: A Critical Approach

Arestis, Philip - In: Ensayos Económicos 1 (2013) 68, pp. 7-21

A New Consensus in Macroeconomics (NCM) has emerged over the past couple of decades or so, which has become highly influential in terms of current thinking on the macroeconomy and of economic policy, especially monetary policy. Its main implication for economic policy has been the implementation...

Persistent link: https://www.econbiz.de/10010849645

Alternative Monetary Regimes in a DSGE Model of a Small Open Economy with Two Sectors and Sticky Prices and Wages

Escudé, Guillermo J. - In: Ensayos Económicos 1 (2007) 49, pp. 65-138

This paper develops a dynamic stochastic general equilibrium (DSGE) model for a small open economy (SOE) that can be …

Persistent link: https://www.econbiz.de/10010849651

Bills and Coins Daily Demand Forecast

Elías, Diego; Vicens, Matías - In: Ensayos Económicos 1 (2012) 65-66, pp. 23-39

An accurate liquidity forecast is necessary for an effective implementation of monetary policy. Its quality is determined by the quality of its components: the projected demand for bank reserves and of the, so called, autonomous monetary factors, such as the demand for bills and coins of the...

Persistent link: https://www.econbiz.de/10010849658

Recent Developments in Monetary Policy Analysis for Emerging Countries

García-Cicco, Javier - In: Ensayos Económicos 1 (2008) 51, pp. 123-142

This document surveys of the recent developments in the literature of monetary policy analysis for emerging countries. In particular, we describe papers analyzing how the following characteristics impose non-trivial restrictions for policy design in these economies: financial frictions and...

Persistent link: https://www.econbiz.de/10010551944

Call Money Interest Rate Determinants in Argentina

Anastasi, Alejandra; Elosegui, Pedro; Sangiácomo, Máximo - In: Ensayos Económicos 1 (2010) 57-58, pp. 95-126

Interbank markets are crucial for the proper functioning of banking systems. The analysis of these markets has different dimensions: (i) the diversity of actors involved both from the demand and supply sides, (ii) the regulatory framework and (iii) the risks associated with financial operations....

Persistent link: https://www.econbiz.de/10010551952

Monetary Space in Latin America: A Criterion to Regime Selection

Corso, Eduardo Ariel - In: Ensayos Económicos 1 (2007) 48, pp. 111-144

This paper deals with a theoretical and empirical approach to analyze the selection of exchange rate/monetary regimes in emerging economies based on the “monetary space”, i.e. the framework where monetary policy should be developed. In turn, the monetary space was defined on the basis of...

Persistent link: https://www.econbiz.de/10010551955