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El marco teórico de la política monetaria

Author

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  • Francisco Rosende R.

    (Pontificia Universidad Católica de Chile)

Abstract
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".

Suggested Citation

  • Francisco Rosende R., 2004. "El marco teórico de la política monetaria," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 19(2), pages 85-117, December.
    • Handle: RePEc:ila:anaeco:v:19:y:2004:i:2:p:85-117
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    References listed on IDEAS

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      [Monetary Policy and its impact over the Chilean stock market's real returns]      ," MPRA Paper 14392, University Library of Munich, Germany.

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    More about this item

    Keywords

    Monetary Policy; Monetary Aggregates; Interest Rates Rules;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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    1. Nueva economía keynesiana in Wikipedia Spanish

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