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Optimal monetary policy rules when the current account matters
Policymarkers and the academic community have reached an increasing consensus during the last two decades: the primary objective of monetary policy should be to control inflation (see, for example, King, 1999). A less settled issue is the appropriate role of the central bank regarding other, secondary ...
Optimal monetary policy rules under inflation range targeting
Central banks resort to a variety of alternative arrangements in formulating, conducting, and communicating monetary policy. One increasingly popular type of arrangement is based on a target range for inflation. In this setup the conduct of monetary policy is oriented to keeping inflation withing ...
Exceso de optimismo, ciclos de auge y caída y política económica en economías pequeñas y abiertas
El artículo analiza los ciclos económicos en las economías emergentes generados por errores de percepción respecto de la productividad futura. Utilizando un modelo DSGE para economía pequeña y abierta, se demuestra que las noticias que no se materializan respecto de mejoras de productividad futuras ...