The existence of a stable money demand is a recurrent theme in the macroeconomic literature. However, no consensus has yet been reached on the implications of such existence on monetary policy. In the Peruvian case, research is still insufficient to permit a deeper discussion on monetary subjects. In this sense, the role played by a stable money demand on inflation, economic activity and the balance of payments, still requires clarification in Peru. Ibis paper presents several hypotheses, with their related empirical analysis for the January 1991 - July 1994 period, with the purpose of providing a more formal treatment of the demand for money, inflation and monetary policy in the recent experience of monetary aggregates control.
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Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.
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