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Central Banking in Latin America

Central Banking in Latin America »

Source: Central Banking in Latin America : From the Gold Standard to the Golden Years

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

ISBN: 9781484303184

Keywords: banks, bank, capital, Monetary Policy (Targets, Instruments, and Effects),

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods...

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Central Banking in Latin America
			: From the Gold Standard to the Golden Years

Central Banking in Latin America : From the Gold Standard to the Golden Years »

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

DOI: http://dx.doi.org/10.5089/9781484303184.001

ISBN: 9781484303184

Keywords: banks, bank, capital, Monetary Policy (Targets, Instruments, and Effects),

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods...

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

DOI: http://dx.doi.org/10.5089/9781484306390.001

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Monetary Policy in Emerging Markets
			: Taming the Cycle

Monetary Policy in Emerging Markets : Taming the Cycle »

Volume/Issue: 2013/96

Series: IMF Working Papers

Author(s): Donal McGettigan , Kenji Moriyama , Jean Noah Ndela Ntsama , Francois Painchaud , Haonan Qu , and Chad Steinberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2013

DOI: http://dx.doi.org/10.5089/9781484381847.001

ISBN: 9781484381847

Keywords: Countercyclical Policy, inflation, real interest rates, real interest rate, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark differen...

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs »

Volume/Issue: 2014/128

Series: IMF Working Papers

Author(s): Francesco Furlanetto , Paolo Gelain , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781498305327.001

ISBN: 9781498305327

Keywords: Business cycles, Economic growth, Econometric models, Potential output, Macroprudential Policy, Monetary policy, Financial Frictions, Optimal Monetary Policy, Output Gap, inflation

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial...

Output Gap Uncertainty and Real-Time Monetary Policy

Output Gap Uncertainty and Real-Time Monetary Policy »

Volume/Issue: 2015/14

Series: IMF Working Papers

Author(s): Francesco Grigoli , Alexander Herman , Andrew Swiston , and Gabriel Di Bella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498393454.001

ISBN: 9781498393454

Keywords: Output gap, policy rule, data revisions, real-time, uncertainty, inflation target, business cycle, output, future, Monetary Policy (Targets

Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetar...

Resilience in Latin America
			: Lessons from Macroeconomic Management and Financial Policies

Resilience in Latin America : Lessons from Macroeconomic Management and Financial Policies »

Volume/Issue: 2013/259

Series: IMF Working Papers

Author(s): Jose De Gregorio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2013

DOI: http://dx.doi.org/10.5089/9781475550214.001

ISBN: 9781475550214

Keywords: macroeconomic management, financial policies, resilience, financial system, financial stability, international reserves, Monetary Policy (Targets, Instruments, and Effects), General

This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, ex...

What Measure of Inflation Should a Developing Country Central Bank Target?

What Measure of Inflation Should a Developing Country Central Bank Target? »

Volume/Issue: 2015/205

Series: IMF Working Papers

Author(s): Rahul Anand , Eswar Prasad , and Boyang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513572574.001

ISBN: 9781513572574

Keywords: monetary policy framework, core inflation, headline inflation, financial frictions, inflation, economies, welfare, Monetary Policy (Targets, Instruments, and Effects),

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of d...