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The Monetary Dimension of Ahora 12

Author

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  • Clara Hayes

    (Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política (IIEP), Centro de Estudios sobre Población, Empleo y Desarrollo (CEPED), Buenos Aires, Argentina)

  • Ezequiel Monteforte

    (Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política (IIEP), Centro de Estudios sobre Población, Empleo y Desarrollo (CEPED), Buenos Aires, Argentina)

Abstract

This paper analyzes the Ahora 12 program as an unconventional monetary policy aimed at financing consumption in Argentina. In the absence of specific academic literature, the article systematizes normative and accounting information, constructs novel time series, and quantifies its macroeconomic dimension through participation indicators. For the 2014–2025 period, it examines the program's incidence on credit to the non-financial private sector and on the circulating component of the monetary base through the reduction of reserve requirements. The program reached 0.9% of GDP, 19% of credit to households, 40% of credit card consumption, and 9% of currency in circulation.

Suggested Citation

  • Clara Hayes & Ezequiel Monteforte, 2026. "The Monetary Dimension of Ahora 12," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET), vol. 32(20), pages 1-32, June.
    • Handle: RePEc:ake:repba1:2026-32
    DOI: https://doi.org/10.56503/repba.Nro.20(2026)/3647
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    References listed on IDEAS

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    1. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
    2. Leonardo Gasparini & Iván Albina & Luis Laguinge, 2024. "Incidencia Distributiva de las Transferencias de Ingresos: Nuevas Estimaciones para Argentina," CEDLAS, Working Papers 0326, CEDLAS, Universidad Nacional de La Plata.
    3. Claudio Borio & Anna Zabai, 2018. "Unconventional monetary policies: a re-appraisal," Chapters, in: Peter Conti-Brown & Rosa M. Lastra (ed.), Research Handbook on Central Banking, chapter 20, pages 398-444, Edward Elgar Publishing.
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    More about this item

    Keywords

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    JEL classification:

    • 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
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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