RESUMENDesde la firma de la Constitución de 1991, el Banco de la República colombiano se constituye como persona jurídica de derecho público que debe velar por el mantenimiento de la capacidad adquisitiva de la monedai. Esto implica, que la política monetaria operará bajo el criterio de...

RÉSUMÉDepuis la signature de la Constitution de 1991, la Banque centrale colombienne a été constitue en personne juridique de droit public, qui doit assurer le maintien du pouvoir d´achat de l´argenti. Cela implique que la politique monétaire marchera sous le critère de ranges dans les...

This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to...

We update the wavelet-based analysis of the relationship between money growth and inflation in the euro area in Mandler and Scharnagl (2014). The relationship between headline M3 growth and inflation at low frequencies has weakened over the 1990s. However, we find evidence of stable comovement...

This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and...

We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the United States economy and the long-run...

The paper extends the efficiency wages Phillips curve from a closed economy context to an open economy one with both commodity trade and capital mobility. Opening the trade account does not alter the slope of the Phillips curve, but it makes its position a function of the change of foreign and...

We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money...