The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

This paper reviews the recent literature on monetary policy rules. In particular, we discuss the theoretical framework underlying different monetary policy strategies. Currently, many central banks are implementing a scheme of monetary policy where the main instrument and indicator of it, is a...

The profit-maximizing and oligopoly bank model developed by Bresnahan and Lau allows determining the degree of market power held by an average bank. The equilibrium price equation includes a mark up, which is not used in the case of perfect competition but which is partially used in the case of...

In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these...

El propósito del ensayo es sistematizar, en la tradición de Friedman y Schwartz (1963), el análisis de dos recientes coyunturas monetarias: la crisis de las hipotecas sub-prime (EEUU 2008-2011) y la corrida contra las Lebac (Argentina 2018-2019). Ambos casos son un buen ejemplo de la...

We construct inflation pressure indicators based on the long-run relationship that exists between monetary aggregates and prices, once it is adequately adjusted to account for the scale of transactions, as well as the opportunity cost of holding money. To that end, an extensive long-run...