Remittances can have a contractive net impact on the recipient economy. In this case the effect of the sterilized intervention of the central bank in the foreign exchange market and/or the impact of stimulus policies on the autonomous demand prevent the contraction of GNP and foments the desired...

This article analyzes the effect of remittances on aggregate demand and equilibrium income within a Keynesian model. Our analysis demonstrates that the composition of aggregate demand varies because remittances produce an increase in consumption and a contraction in the external sector. The...

This article analyzes the effect of remittances on aggregate demand and equilibrium income within a Keynesian model. Our analysis demonstrates that the composition of aggregate demand varies because remittances produce an increase in consumption and a contraction in the external sector. The...

The paper analyses the dynamic behaviour of an economy when the central bank (CB) implements an inflation targeting regime. For this purpose, a simple macroeconomic model is constructed and subjected to formal dynamic analysis. A first result is that, under certain conditions, the emergence of...

In this article we will show that independence is not enough to impose a given inflation target when the Central Bank is following a Taylor rule, moreover in such a case, the fiscal authority will be able to set a different objective from the one sought by the monetary authority. On the other...

Resumen Hace más de 2 décadas en México se empezó a dar un cambio radical en el modelo económico. La economía mexicana, que se había caracterizado en la década de los 70 por un bajo grado de apertura, se convirtió entre los años 80 y 90 en una de las economías más abiertas de la...

In this work we construct a Kaleckian model for analyzing the impacts of remittances upon economies of receiving countries. The arrival of remittances has two harmful effects: contraction of income, and the so-called Dutch Disease (DD). We use our model to formulate an economic policy with two...

This paper features an analysis of the e_ectiveness of a range of portfolio diversification strategies as applied to a set of 17 years of monthly hedge fund index returns on a set of ten market indices representing 13 major hedge fund categories, as compiled by the EDHEC Risk Institute. The...

One of the fastest growing areas in empirical finance, and also one of the least rigorously analyzed, especially from a financial econometrics perspective, is the econometric analysis of financial derivatives, which are typically complicated and difficult to analyze. The purpose of this special...