The objective of this study is to analyze the macroeconomic performance of 16 Ibero- American countries over the period 1980- 199 1. Macroeconomic performance is defined as the ability of a country's macroeconomic managers to provide four welfare-enhancing economic services to their citizens: a...

We study whether monetary policy and real exchange rate shocks have non-linear effects on output and inflation in a partially dollarized economy such as Peru. For this purpose, we use a Smooth Transition Vector Autoregression methodology and then report impulse-response functions for shocks of...

The document evaluates the importance of the credit market on consumption in Mexico. A test of the Permanent Income Hypothesis indicates that consumers face liquidity constraints. Considering financing to the private non-banking sector by commercial banks as well as the spread between borrowing...

This work examines the difficulties and formidable challenges faced by monetary authorities to control the behavior of monetary aggregates in an open economy dependent of an exportable natural resource such as Venezuela. The work not only introduces analytical arguments but also provides some...

This article analyses the development of the Colombian monetary and banking system between 1850 and 1880. The political debate and the power struggle at the national level determined the economic model of this period. Beyond its technical feasibility, the economic decisions were influenced by...

This article uses conventional models to evaluate whether the term structure of interest rates can predict economic activity in Mexico. A positive relationship between interest rate differentials and economic activity is detected, even after controlling for the monetary policy stance through...

During the last decade, a new consensus has emerged among economists with respect to the way in which monetary policy should be conducted. According to this view, monetary policy should be focused in order to achieve a given inflation target. However, the

One goal of this paper is to discussing the macroeconomic impact that an internacional commodity prices boom has in a small open economy under perfect capital mobility. A Mundell-Fleming model with some adaptations is used for the analysis of this real external shock. There are two effects: the...

This article shows, from an economic history perspective, the changes in the Colombian monetary policy brought about by “La Regeneración” (conservative regime) from 1880. The new political model replaced the decentralization policies, pursued by Radicals in the previous decades, with a very...

The purpose of this study is to examine the effectiveness of monetary policy actions in affecting the interest rate term structure. As a first approach, variations of the interest rate term structure in dates following a change in monetary policy stance are presented for the years 1998, 1999 and...