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Redefining Monetary Policy Limits: Towards an Expansion of its Role in Economic Development

Author

Listed:
  • Mariano Beltrani

    (University of Buenos Aires)

  • Juan Cuattromo

    (University of Buenos Aires)

Abstract

The current paradigm concedes a passive role to monetary policy on economic development. In fact, the almost exclusive objectives of moderating economic cyclical fluctuations and achieving price stability (in the short-, medium- and longterm) are considered the (only) means by which the central bank can facilitate the expansion of productive capacity. Contrary to this view, as a result of a critical and comprehensive review of the literature, the present work concludes that monetary policy can play an active role in real economy expansion, extending its powers to guide a financial intermediation process directed to economic, productive and social development.

Suggested Citation

  • Mariano Beltrani & Juan Cuattromo, 2012. "Redefining Monetary Policy Limits: Towards an Expansion of its Role in Economic Development," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(67), pages 121-168, December.
    • Handle: RePEc:bcr:ensayo:v:1:y:2012:i:67:p:121-168
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/67_Beltrani.pdf
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    More about this item

    Keywords

    central banks; crisis; economic development; financial system; macroprudential policy; monetary policy; social development;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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