This note presents the arguments for and against the move from a monetary policy interest rate indexed to past inflation to a rate set in pesos (nominal) that took place in August 2001. The debate within the Central Bank was long and at sometimes hot, and

This paper analyzes the determinants of the interest rate of short-term unsecured loan inter-bank market (call) in Argentina. The results show that the heterogeneous nature of the entities, in terms of size and origin of ownership, impacts on the interest rate agreed. Other additional aspects,...

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...

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 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...

After the bankruptcy of Lehman Brothers, in September 2008, there was huge stress in the financial markets. In the money markets, the Eurosystem had to adopt measures providing liquidity to banks in order to avoid the collapse of the interbank market. In this work we analyze the changes in the...

After the bankruptcy of Lehman Brothers, in September 2008, there was huge stress in the financial markets. In the money markets, the Eurosystem had to adopt measures providing liquidity to banks in order to avoid the collapse of the interbank market. In this work we analyze the changes in the...

Spanish Abstract: En este trabajo, analizamos la gestión de la política monetaria de los bancos centrales (BC) de América Latina que han establecido un esquema pleno de objetivos de inflación. A partir de la estimación de una regla óptima de política monetaria, utilizando el Método...

Spanish Abstract: Este documento analiza el impacto que tiene la política fiscal, a través de la fijación de impuestos, en la distribución del ingreso y cómo esta última afecta la transmisión de la política monetaria. Para entender este mecanismo, se propone un modelo neokeynesiano...