Incluye bibliografía ; La «Gran Recesión» vino precedida por una dilatada fase de alto crecimiento junto con inflación baja y estable, llamada la «Gran Moderación». Durante ese período, las estimaciones del crecimiento potencial eran elevadas y las brechas de producción se mantenían...

within VAR, structural VAR, and the Factor-Augmented VAR framework. We document a well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various sensitivity tests, we find that contractionary monetary...

En este documento se analizan las revisiones en tiempo real de las estimaciones de la brecha de producción (output gap) publicadas por la Comisión Europea para 15 países durante el período 2002-2014. De acuerdo con nuestro análisis, las revisiones en tiempo real de las brechas de...

Al igual que la mayoría de los datos macroeconómicos, las cifras de déficit público están sujetas a revisiones. Sin embargo, en el caso de Europa, estas podrían ser especialmente preocupantes dado el papel que desempeñan los datos fiscales en el funcionamiento de las reglas de...

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern...

There is a general recognition that there are deficiencies in the Mundell-Fleming model. Nonetheless, Rose [2000] has stated that Mundell was the first to exposit the Policy Trilemma, which identifies an intrinsic incompatibility among: high capital mobility, fixed exchange rates, and monetary...

This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends on adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

This paper reviews the design and performance of monetary policy in South Africa (SA) during 1994-2004. Quantitative indexes of transparency reveal a strong rise in the transparency and accountability of monetary policy between 1994 and 2004. Inflation and interest rate expectations data and...

A recent paper by Kraay (2003) documents the lack of any systematic associationbetween monetary policy and the outcome of a speculative attack. This paper extendsKraay’s work by introducing an improved measure of monetary policy and an additionalcountry-specific fundamental, short-term...