This paper analyzes from a long-term perspective, if the performance of the Mexican peso exchange, presents a recurring asymmetric behavior against the US dollar, and if that behavior has an influence on the potential use of financial derivatives by non-financial firms Mexican selected in the...

This paper analyzes from a long-term perspective, if the performance of the Mexican peso exchange, presents a recurring asymmetric behavior against the US dollar, and if that behavior has an influence on the potential use of financial derivatives by non-financial firms Mexican selected in the...

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 purpose of this paper is to contrast the Keynesian partial equilibrium framework of the Current Account with the modern intertemporal general equilibrium approach where the Current Account imbalances reflect, and act as a buffer, against both real and monetary shocks. The document will try...

The purpose of this paper is to contrast the Keynesian partial equilibrium framework of the Current Account with the modern intertemporal general equilibrium approach where the Current Account imbalances reflect, and act as a buffer, against both real and monetary shocks. The document will try...

Spanish Abstract: Teniendo como marco de referencia la “estrategia de inflación objetivo” es usual discutir lo que es m ́as conveniente para una sociedad en cuanto al grado de “dureza” o “agresividad” de una autoridad monetaria para defender su meta de inflación, y la credibilidad...

La "sabiduría convencional" afirma que los temas de crecimiento económico se entienden con modelos clásicos, y los de corto plazo (ciclos, etc.) con los keynesianos (o neo-keynesianos). Y, en efecto, la rigidez de precios (de productos o factores) es una característica de la explicación...

A partir del debate sobre la respuesta de política a fluctuaciones en los precios de losactivos, en el presente documento se estudia la importancia de estos precios en elcontexto de una economía emergente como la colombiana, caracterizada por ungrado variable de represión financiera y...

La "sabiduría convencional" afirma que los temas de crecimiento económico se entienden con modelos clásicos, y los de corto plazo (ciclos, etc.) con los keynesianos (o neo-keynesianos). Y, en efecto, la rigidez de precios (de productos o factores) es una característica de la explicación...

In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be lower than the inflation of the previous year. This article explores the impact of this decision on the effectiveness of monetary policy, and shows that the obligation to adjust the salary to past...