Uruguay: Two Years of Monetary Policy in Adverse Conditions Comments by Víctor Olivo The views expressed in this documents are those of the author and should not be interpreted as those of the Central Bank of Venezuela. Some similarities to the Venezuelan case.
Uruguay: Two Years of Monetary Policy in Adverse ConditionsComments by Víctor OlivoThe views expressed in this documents are those of the author and should not be interpreted as those of the Central Bank of Venezuela.
“A systematic approach to policy provides an explicit framework for decisionmaking within the bank, but that is also used to explain the bank´s decisions to the public” (Woodford, 2003, p. 14)
Bibliography and References
Ball, Laurence, 1997. Efficient rules for monetary policy. NBER Working Paper 5952
1998. Policy Rules for Open Economies. NBER Working Paper 6760.
Ball, Laurence, Niamh Sheridan, 2003. Does inflation targeting matter? NBER Working Paper 9577.
Bofinger, Peter. 2001. Monetary Policy: Goals, Institutions, Strategies, and Instruments. Oxford University Press.
Friedman, Milton, 1962. A Program for Monetary Stability.
Nelson, Edward, 2002. Direct effects of base money on aggregate demand: theory and evidence. Journal of Monetary Economics 49, 687-708.
McCallum, Bennett, 1999. Recent Developments in the Analysis of Monetary Policy. Federal Reserve of St. Louis Review, November / December, Vo. 81, No. 6.
McCallum Bennett, Edward Nelson, 1999. An optimizing IS-LM specification for monetary policy and business cycle analysis. NBER Working Paper 5875.
Meltzer, Allan, 2001. The transmission process. Published in The Monetary Transmission Process. Edited by the Deutsche Bundesbank.
Mishkin, Frederic, Miguel Savastano, 2001. Monetary Policy Strategies for Latin America. Journal of Development Economics Vol. 66, 415 – 444.
Olivo, Victor, 2003. Interest rate rules and inflation targeting do not work with systematic foreign exchange market intervention. Banco Central de Venezuela, Serie Documentos de Trabajo, 41, March 2003.
2004. Interest rate rules Vs Money Growth Rules: Some Theoretical Issues and an Empirical Application for Venezuela. Unpublished working paper.
Poole, William (1994). Monetary Aggregates Targeting in a Low – Inflation Economy. Published in Goals, Guidelines, and Constraints Facing Monetary Policymakers; edited by Jeffrey Fuhrer. Federal Reserve Bank of Boston.
von Hagen, Jurgen, Manfred Neumann (2002). Does Inflation Targeting Matter? Federal Reserve Bank of St. Louis Review, July / August, Vol. 84, No 4.
Walsh, Carl, 2003. Monetary Theory and Policy. Cambridge.
Woodford, Michael, 2003. Interest and Prices: Foundations of a Theory. Princeton University Press.