The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets –“natural rate theory”- dominated interpretations of...

We bootstrapped spot rates for Argentinean and U.S. federal government debt instruments, and fitted them with smoothing cubic splines, a non-parametric method, to estimate the term structure of interest rates. When estimating the term structure one must decide how close should the data be...

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...