MONETARY POLICY IN LATIN AMERICA: UNDERPINNINGS AND PROCEDURES *

Vittorio Fischer Corbo · Andrés Elberg · José Tessada

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Theory and Policy

Abstract

This paper studies the shift in the role of monetary policy in Latin America during the 1990s. As in most industrial economies, in Latin America there has been a refocusing of the objectives pursued by monetary policy towards the achievement of price stability. Several factors have contributed to explain this change of objectives: (1) The poor inflation record of the 1980s and the high political and economic costs it entailed; (2) The overwhelming analytical and empirical evidence which indicates that trying to achieve a permanent reduction of unemployment through monetary policy results, eventually, in an acceleration

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References

1992Measuring the Independence of Central Banks and Its Effect on Policy Outcomes 1999Monetary Theory and Policy 2000Open-Economy Inflation Targeting 1992Central Bank Strategy, Credibility, and Independence: Theory and Evidence 1995The Mirage of Fixed Exchange Rates 1998Central Banking in Theory and Practice 1995Modern central banking 1999The Science of Monetary Policy: A New Keynesian Perspective

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2001Monetary policy and the transmission mechanism in Mexico 2008Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Countries

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