Monetary policy with declining deficits theory and application to recent argentine monetary policy / Rodolfo Manuelli and Juan I. Vizcaino. [recurso electrónico]
Tipo de material:
ArtículoDescripción: 1 recurso en línea (26 p.)Tema(s): Clasificación CDD: - 332.410982
| Tipo de ítem | Biblioteca actual | Signatura topográfica | Estado | Fecha de vencimiento | Código de barras | |
|---|---|---|---|---|---|---|
Analítica de revista
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Biblioteca Manuel Belgrano | Recurso en línea (Navegar estantería(Abre debajo)) | Disponible |
Bibliografía: p. 374-375.
The authors study the nature of the optimal monetary policy in a regime of fiscal dominance when
the monetary authority—which can print money or issue interest-earning debt—is required to finance
an exogenous sequence of transfers to the Treasury. They show that the degree of commitment on
the part of the monetary authority has a significant impact on the details of the optimal policy. They
apply this model to the recent experience of Argentina and find that the inflation rate experienced
by Argentina during the first year of the monetary program is close to the predictions of a weakly
time-consistent solution. Moreover, consistent with both versions of their model—full commitment
and weak time consistency—the Central Bank of Argentina has increased the ratio of interest-earning
debt relative to the monetary base.
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