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This paper main purpose is to analyze whether Latin America economies as a whole and on an individual basis have achieved price stability, or are moving towards this objective. After a revision of the literature on the quantitative definition of price stability, I adopt the one that has...
Persistent link: https://www.econbiz.de/10015254366
This work studies the significance of the social costs generated by the dynamic inconsistency of the decisions taken by the politicians in Puerto Rico. The dynamic inconsistency problem arises when the government makes sequential decisions that compromise its future actions. The same one affects...
Persistent link: https://www.econbiz.de/10015233727
In this paper I evaluate the theoretical consistency of Friedman.s Phillips curve. For this, I review his own exposition in the subject, making emphasis in his contributions to the short-run analysis of unemployment, wages and prices in front of the classical theory and Keynes.s .General...
Persistent link: https://www.econbiz.de/10005464636
The Fisher-Seater (1993) methodology is applied to Guatemala data (1950-2002) in order to test for long-run neutrality of money. Real GDP, consumption, investment and public expenditure, and the monetary base and M2a are found to be I(1). Given this order of integration, we applied the Fisher...
Persistent link: https://www.econbiz.de/10015233069
This paper proposes a closed-economy new keynesian model to evaluate the role of high growth rate of monetary aggregates on the inflation determination in Chile the last years. We estimate a rational expectations equations system derived by the model through Generalized Method of Moments (GMM)....
Persistent link: https://www.econbiz.de/10015267025
Inflation expectations play a key role for a central bank under an inflation targeting regime. This paper analyses the inflation expectations of economic agents answering the Survey of Macroeconomic Expectations run by the Central Bank of the Dominican Republic (BCRD). Data is dis-aggregated by...
Persistent link: https://www.econbiz.de/10015254283
Persistent link: https://www.econbiz.de/10012057264
This document studies the recent evolution of the break-even-inflation implicit in the yields of long-term financial instruments in Mexico. In particular, it analyzes the dynamics of its main components: the long-run inflation expectation and the inflationary risk premium, which are estimated by...
Persistent link: https://www.econbiz.de/10011788946
Persistent link: https://www.econbiz.de/10012609558
This paper analyzes the results of some price stabilization programs classified in the literature as Exchange Rate Based Stabilization (ERBS) and Money Based Stabilization (MBS) in connection to their temporary nature for this, a theoretical and analytical framework is developed that allows...
Persistent link: https://www.econbiz.de/10012609595