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El Marco Teórico de la Política Monetaria

Listed author(s):
  • Francisco Rosende

    ()

    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

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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File URL: http://www.economia.uc.cl/docs/dt_273.pdf
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Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 273.

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Date of creation: 2004
Publication status: Published as "El Marco Teórico de la Política Monetaria", Revista de Análisis Económico, Vol.19, No 2, pp. 85-117, diciembre 2004.
Handle: RePEc:ioe:doctra:273
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