Patterns of Monetary Policy in Latin America

Abstract

THIS STIJDY SEEKS to identify the objectives of monetary policy in five Latin American countries. The method employed here is based on the function approach first used by Reuber [6] for the case of Canada and by Dewald and Johnson [1] for the United States but differs from it in that alternative sets of internally consistent monetary policy objectives are defined a priori, namely, before estimates of the authorities' reaction patterns are obtained empirically.

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