This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. In particular, we study how the asymmetric nature of the deposit and lending facilities could be used as a powerful policy tool for the simultaneous control of...

This paper analyzes the propagation of monetary policy shocks through the creation of credit in an economy. Models of the monetary transmission mechanism typically feature responses which last for a few quarters contrary to what the empirical evidence suggests. To propagate the impact of...

Algunos trabajos han mostrado que la efectividad de la política monetaria depende, en gran medida, de las expectativas que el Mercado tiene de las futuras acciones de política. Este documento propone un marco econométrico que determina el efecto del ciclo económico sobre estas futuras...