This paper shows the equivalence between different approaches to the inflationary objective. Defining a range and the percentage of time expected to be within such range is the same as defining a target for inflation projection in a given horizon. Both forms are similar to defining a target in...

This paper presents evidence of an important decline during recent decades in the pass-through from the price of oil to the general price level. We find that this decline is a generalized fact for a large set of countries. After documenting correlations between the consumer price index and oil...

It was not until the recent global crisis that financial stability was recognized as a central objective of central banks among advanced economies. However, the concerns for financial stability in emerging markets economies are much more long dated, and come from repeated experiences dealing...

This book analyzes the political economy of exchange rate policy in Latin America. It brings together the work of economists and political scientists interested in the interaction of economic and political factors in the development of exchange rate policy.