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  • 1
    Publication Date: 2019-03-22
    Description: In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these central banks have taken into account the economic growth, in addition to price stability. However, only Chile has taken into account the evolution of the exchange rate. Furthermore, Chile, Brazil and Peru have followed an asymmetric behavior, while Colombia and Mexico have adopted a linear monetary policy rule.
    Keywords: E52 ; E43 ; E51 ; E58 ; ddc:330 ; Central Bank ; inflation ; monetary rules ; asymmetries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
    Type: doc-type:article
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  • 2
    Publication Date: 2018-07-03
    Description: This paper focuses on the problems posed by the uniform price and market cream skimming in a context in which the incumbent is restricted asymmetric prices and products and analyzes the risks of a graveyard spiral process. We point that the price elasticity of demand, the brand loyalty and the adoption of policies promoting competition in the long term versus short-term approach can mitigate the financial problems of the universal service obligations (USO). Also, with the same objective we examined the role of a hypothetical relaxation of the universal postal service standards in the current context of rapid replacement of traditional mail by modern telecommunications.
    Keywords: D42 ; L96 ; K20 ; K21 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 3
    Publication Date: 2018-07-03
    Description: After the bankruptcy of Lehman Brothers, in September 2008, there was huge stress in the financial markets. In the money markets, the Eurosystem had to adopt measures providing liquidity to banks in order to avoid the collapse of the interbank market. In this work we analyze the changes in the ways of injecting liquidity in the system, within a context of serious economic and financial crisis. With decreasing interest rates, there had been a radical transformation between October 2008 and mid 2009. The longer-term refinancing operations reached the first position, removing the main refinancing operations, while was enlarged the list of securities as collateral, and an increasing number of banks resorted to liquidity auctions. If the ECB decides to limit longer-term financing auctions, adapting them to its usual monetary policy procedure, it will be of great interest the analysis of the current debt of the banks with respect to the ECB.
    Keywords: E43 ; E52 ; E58 ; ddc:330 ; Eurosistema ; operaciones de mercado abierto ; tipos de interés ; inflación ; Eurosystem ; open market operations ; interest rates ; inflation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
    Type: doc-type:workingPaper
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