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El marco teórico de la política monetaria

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Author Info
Francisco Rosende R. (Pontificia Universidad Católica de Chile)
Abstract

This paper reviews the recent literature on monetary policy rules. In particular, we discuss the theoretical framework underlying different monetary policy strategies. Currently, many central banks are implementing a scheme of monetary policy where the main instrument and indicator of it, is a short-run interest rate. In this scheme monetary aggregates have no place. Since this point of view, the well known Monetary Theory of Nominal Income (MTNI) seems to be obsolete. In this paper we analyze how far of this approach -the MTNI- has moved the practice of monetay policy. In particular, we discuss the theoretical framework of the so called "new keynesian synthesis".

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Publisher Info
Article provided by Ilades-Georgetown University, Economics Department in its journal Revista de Analisis Economico.

Volume (Year): 19 (2004)
Issue (Month): 2 (December)
Pages: 85-117
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Handle: RePEc:ila:anaeco:v:19:y:2004:i:2:p:85-117

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Related research
Keywords: Monetary Policy; Monetary Aggregates; Interest Rates Rules;

Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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