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Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development

  • Martín Guzman

    ()

    (Brown University, UNLP)

  • Pablo Gluzmann

    ()

    (CONICET, CEDLAS-UNLP)

This paper provides an explanation of how the implementation of particular types of monetary policy and financial regulation affects economic development through its effects on macroeconomic stability. Firstly, we focus on the problems associated to the definition of reaction functions for the execution of monetary policy. Secondly, we analyze the problems involved in the design and implementation of macro-prudential regulatory policies, emphasizing how the ability of the regulator to interpret financial risks is a determinant of financial stability. Our analysis is not restricted to the case of Argentina. Instead, its applicability extends to all those economies in which the instrument of monetary policy is the interest rate and to those that are experiencing intense transformations in the configuration of their financial system.

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Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

Volume (Year): 1 (2012)
Issue (Month): 65-66 (September)
Pages: 173-205

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Handle: RePEc:bcr:ensayo:v:1:y:2012:i:65-66:p:173-205
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  11. Aghion, Philippe & Hemous, David & Kharroubi, Enisse, 2009. "Credit Constraints, Cyclical Fiscal Policy and Industry Growth," CEPR Discussion Papers 7359, C.E.P.R. Discussion Papers.
  12. Frank Smets, 2002. "Output gap uncertainty: Does it matter for the Taylor rule?," Empirical Economics, Springer, vol. 27(1), pages 113-129.
  13. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
  14. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
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  16. Peersman, Gert & Smets, Frank, 1999. "The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?," International Finance, Wiley Blackwell, vol. 2(1), pages 85-116, April.
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