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Integrated Annual Report 2021
The Central Bank faced multiple challenges in 2021, especially due to the consequences of the worst period of the pandemic, which continued to affect the normal functioning of the economy. The persistence of the health crisis substantially changed the ways in which people, institutions, and the financial ...
Financial stability, monetary policy, and Central Banking
The financial developments of the last decade have had a large impact on the range of risk diversification contracts available to investors. Based on these complex instruments, the investment possibility frontier was shifted outward and increasingly intricate networks were created. At the same time, ...
Changing inflation dynamics, evolving monetary policy
Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses ...
Memoria Anual Integrada 2021
El año 2021 abrió con múltiples desafíos para el Banco Central, especialmente por las consecuencias del periodo más duro de la pandemia, que continuó alterando el funcionamiento normal de la economía. La crisis sanitaria y su persistencia modificaron sustancialmente las formas de relacionamiento entre ...