We present a small-open-economy model to analyze the role of central bank’s liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, we explicitly model the facilities that the central bank uses to manage the liquidity...

Workfare has become a central policy in Argentina since mid-2002, when the government increased the number of beneficiaries from 100,000 to two million people in a country of thirty-nine million. In this paper I assess the focalization of the program and estimate its income effects using...