In this article we examined and tested the effects of monetary policy driven by Central Bank of Chile over the Chilean stock market’s real returns for monthly data which spans between I.1996 and XII.2006. Based on a theoretical background, we analyzed the monetary policy from the monetarist...

The purpose of this paper is to show that all alternative monetary systems and policies currently in place in the world in effect are in the limits of the Krugman´s trilemma. In first place we review the three alternatives representatively exemplified by three historical experiences of...

This paper carries out an exploration of how the Mexican Bank Central conducted its monetary policy during the crisis 2007-2009 based on the analytical framework of the neoclassical macroeconomics. It is shown that in that period it was followed a countercyclical policy to reduce the crisis...

The paper models the behavior of the Central Bank of Bolivia, through the estimation of reaction functions. According to the monetary program, the central bank implements its policy through the use of monetary aggregates. However, given the crawling peg exchange rate regime, the nominal exchange...