Remittances can have a contractive net impact on the recipient economy. In this case the effect of the sterilized intervention of the central bank in the foreign exchange market and/or the impact of stimulus policies on the autonomous demand prevent the contraction of GNP and foments the desired...

The paper analyses the dynamic behaviour of an economy when the central bank (CB) implements an inflation targeting regime. For this purpose, a simple macroeconomic model is constructed and subjected to formal dynamic analysis. A first result is that, under certain conditions, the emergence of...

In this article we will show that independence is not enough to impose a given inflation target when the Central Bank is following a Taylor rule, moreover in such a case, the fiscal authority will be able to set a different objective from the one sought by the monetary authority. On the other...

Se analiza la política monetaria del Banco Central Europeo y su incidencia en las políticas de los países socios.

Spanish Abstract: Desde la expropiación petrolera, y durante varias décadas, Petróleos Mexicanos (PEMEX) venía soportando el despegue del sector industrial. Así, a partir de los años 70 ha cumplido principalmente con dos funciones: generar divisa y contribuir en la financiación del gasto...

We analyze the efect of a large group on an impure public goods model with lotteries. We show that as populations get large, and with selfish preferences, the level of contributions converges to the one given by voluntary contributions. With altruistic preferences (of the warm glow type), the...

Many macro-economic forecasts and forecast updates, such as those from the IMF and OECD, typically involve both a model component, which is replicable, as well as intuition (namely, expert knowledge possessed by a forecaster), which is non-replicable. . Learning from previous mistakes can affect...

This paper examines volatility and correlation dynamics in price returns of gold, silver, platinum and palladium, and explores the corresponding risk management implications for market risk and hedging. Value-at-Risk (VaR) is used to analyze the downside market risk associated with investments...

Several methods have recently been proposed in the ultra high frequency financial literature to remove the effects of microstructure noise and to obtain consistent estimates of the integrated volatility (IV) as a measure of ex-post daily volatility. Even bias-corrected and consistent realized...