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El control de los agregados monetarios: lecciones y experiencias del caso venezolano reciente

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  • Vera, Leonardo V.

Abstract

This work examines the difficulties and formidable challenges faced by monetary authorities to control the behavior of monetary aggregates in an open economy dependent of an exportable natural resource such as Venezuela. The work not only introduces analytical arguments but also provides some empirical evidence that shows the several sources of endogeneity in the monetary base, the multiplier and other wider monetary aggregates in Venezuela. Though the Central Bank currently does not announce a clear strategy and target for the practice of monetary policy, we argue that the monetary authority has recently moved towards a strategy of targeting short-term interest rates. Presumably, the use of the repo rate as a monetary policy instrument is tied to a final target of economic activity.

Suggested Citation

  • Vera, Leonardo V., 2009. "El control de los agregados monetarios: lecciones y experiencias del caso venezolano reciente," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 36, pages 1-41, April.
    • Handle: RePEc:euc:ancoec:v:36:y:2009:p:141-181
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    File URL: http://www.eco.unicamp.br/docdownload/publicacoes/instituto/revistas/economia-e-sociedade/V18-F1-S36/05%20EconomiaSociedade%20Artigo5.pdf
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    More about this item

    Keywords

    Monetary policy; Venezuela; Monetary base; Endogenous money.;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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