If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form, axiomatic framework. Financial stability objectives are shown to make a monetary authority more aggressive. By that we mean that in reaction to negative...

Banking interest rates are closely related to monetary policy transmission than overnight interest rates. Since overnight interest rates are used as policy instrument since September 2007 by Uruguayan Central Bank, it is important to quantify the extent to which overnight interest rates are...

During the Great Crisis, most governments in industrial countries supported their domestic financial sector under stress and responded to strong declines in output growth with fiscal stimulus packages. Starting in 2010, attention focused on the sustainability of the resulting debt burdens. We...

The paper summarizes the similarities and differences among Asian and Latin American countries, compares their macroeconomic performances before and after the crisis, and discusses crisis prevention and management. Lessons are drawn from both Asian-type and Latin-American-type currency crises.

This paper reviews some basic facts regarding Brazilian immigration and emigration, as well as looking at some policy and legal issues affecting migration management in Brazil. Based on this context, it addresses the issues required for the seminar.

This paper is a general assessment of monetary policy in major OECD countries during the 1990s. Within a simple policy framework that combines money growth, nominal income, and an open economy IS-LM type Mundell-Fleming model, the paper discusses the major strands in the conduct of monetary...

This paper quantitatively evaluates the relative importance of the efficiency and stabilization effects of monetary policy. While maximum efficiency in the spirit of Friedman advocates long-run deflation so that the nominal interest rate is zero, business cycle consideration requires positive...

We provide new insights on the formation of inflation expectations - in particular at a time of great financial and economic turmoil - by evaluating results from a survey conducted from July 2009 through July 2010. Participants in this survey answered a weekly questionnaire about their short-,...

A large theoretical literature assumes that experts di ffer in terms of preferences and the distribution of their private signals, but the empirical literature to date has not separately identi ed them. This paper proposes a novel way of doing so by relating the probability a member chooses a...

This paper reviews the major dynamics surrounding the collapse of the Argentinean monetary regime, and suggests that the failure of Argentina's exchange rate arrangement provides important lessons for potential pegged regimes in Asia.