especially to global demand fluctuations associated with declines in commodity prices. However, despite the similarities that …

New Keynesian models of monetary policy predict no role for monetary aggregates, in the sense that the level of output …, prices, and interest rates can be determined without knowledge of the quantity of money. This paper evaluates the empirical …, shocks to broad monetary aggregates have substantial and persistent effects on output and prices. …

this persistence is somewhat lower than for the developed countries. Furthermore, prices and nominal wages are found to be … use of theoretical models with staggered prices and wages for the modelling of developing country business cycles …

, suggesting monetary policy credibility improved after the introduction of inflation targeting. …

compared to the prices specific for middle and lower-income households. This means that monetary policy can differently affect … find that the prices of low-income households are the most sensitive to a monetary policy shock, while the prices of the …In this paper, we investigate the effects of monetary policy concerning the inflation rates specific for each income …

central banks with these policy tools …

and medium-term inflation expectations. Second, monetary policy in Bolivia is under a monetary-targeting regime, so BCB …