Ensayos Económicos

2006 - 2023

Current editor(s): Germán Feldman

From Central Bank of Argentina, Economic Research Department
Contact information at EDIRC.
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Volume 1, issue 81, 2023

Empirical Regularities of Inflation in Latin America pp. 5-54

Javier García-Cicco, Lorena Garegnani, Maximiliano Gómez Aguirre, Ariel David Krysa and Luis Libonatti

Exports of Knowledge-Intensive Business Services: Domestic Market Hypotheses and Interactions with Industrial Capabilities pp. 55-80

Lorenzo Cassini

Forecasting Inflation in Argentina: A Probabilistic Approach pp. 81-110

Tomás Marinozzi

Consumer Loans Dynamics in 2020 in Argentina: An Approach Using Error Correction Models pp. 111-158

Maximiliano Gómez Aguirre and Ariel David Krysa

Volume 1, issue 80, 2022

Credit-constrained fluctuations and uncertainty in a network economy pp. 5-52

Deborah Noguera and Gabriel Montes-Rojas

Analysis of the incidence of public spending on employment and imports in Argentina during 2005-2015 pp. 53-75

Alcides Bazza, Gabriel Brondino and Hernan Roitbarg

The Argentine economy through the InputOutput matrix. Analysis of its productive integration between 2007-2017 pp. 76-99

Germán Pinazo, Mariano Arana and Gastón Bersano

Estimation and prediction of current account deficit adjustment dynamics pp. 100-139

Santiago Rossi and Fernando Toledo

Volume 1, issue 79, 2022

Dollar Liquidity, Money and Credit in a Small Open Dollarized Economy pp. 5-39

Joseph Bitar

Currency Substitution and the Hysteresis Effect: An Empirical Application for Argentina pp. 40-65

Patricio Temperley

Reassessing Sticky Price Models through the Lens of Scraped Price Data pp. 66-108

Tomás Carrera de Souza

In Defense of Public Debt pp. 111-118

Barry Eichengreen

A Green Purple Red New Deal: Rebuilding an Economy for All in the Aftermath of the Pandemic pp. 119-130

Ozlem Onaran

Neoliberalism: An Entrenched but Exhausted Growth Regime pp. 131-146

Mark Setterfield

Monetary Policy and Inequality pp. 148-158

Claudio Borio

International Monetary and Financial Hierarchies: Macroeconomic Implications for Emerging Market Economies pp. 159-167

Annina Kaltenbrunner

Challenges and Lessons from Central Banks in the Pandemic pp. 169-183

Alejandro Díaz de León Carrillo

Promoting growth with equality: challenges generated by the pandemic and policy responses in Bolivia pp. 184-198

Roger Edwin Rojas Ulo

The Challenges for Central Banking for the Next Years pp. 199-205

Julio Velarde

Volume 1, issue 78, 2021

Autonomous Demand Composition and Fiscal Policy in a Supermultiplier Simulation Model pp. 6-27

Fabio Freitas, Esther Dweck and Fernando Ligiéro

Evolution and Use of Structural Models in the Central Bank of Chile pp. 28-46

Benjamin Garcia and Mariana García-Schmidt

Flexible Inflation Targeting, Real Exchange Rate and Structural Change in a Kaldorian Model with Balance of Payments Constrained Growth pp. 47-82

José Luís Oreiro, Luciano Dias de Carvalho, Luciano Ferreira Gabriel and Evaldo Henrique da Silva

Relative Quantities and Prices in Small and Open Developing Economies pp. 83-112

Arslan Razmi

A Dynamic Stock-Flow Model for Argentina: an Application to the Post-Pandemic Economic Scenario pp. 113-142

Gabriel Michelena

Volume 1, issue 77, 2021

Dollarization dynamics and de-dollarization policies in Peru pp. 6-32

Adrián Armas Rivas and Zenon Quispe

Divisia Aggregates: A Literature Review and an Application to the Demand for Money in Paraguay pp. 33-49

Luis Molinas Sosa

Dollarization, Financial Stability Risks and Monetary Policy Implementation: Exploring the Nexus pp. 50-71

Anna Burova, Irina Kozlovtseva, Natalia Makhankova and Alexander Morozov

Financial Dollarization in Argentina: A Historical Analysis of a Current Restriction pp. 72-101

Eduardo Ariel Corso

Volume 1, issue 76, 2021

A Primer on Monetary Policy and Income Distribution: A Heterodox Perspective pp. 5-25

Louis-Philippe Rochon and Mario Seccareccia

Google Correlate and Google Trends as Nowcasting Tools for Retail Sales pp. 26-45

María Florencia Camusso and Ramiro Emmanuel Jorge

Bankarization and the Determinants of Banking Services Availability in the Province of Córdoba: An Application of Spatial Data Models pp. 46-74

Fernando García and Alejandro D. Jacobo

Macroeconomic Factors for Inflation in Argentina 2013-2019 pp. 75-102

Alberto Manuel López Galván

Asymmetries in the Pass-Through of Exchange Rate to Prices: The Argentine Case 2004-2019 pp. 103-143

Matías Barberis

Volume 1, issue 75, 2020

The Return of the Interventionist Central Bank: The Pendulum of Monetary Regimes in Latin America pp. 5-29

Esteban Perez Caldentey and Matías Vernengo

Sailing in Rough Waters. Raúl Prebisch and the Economic Policy during the Great Depression pp. 30-49

Emiliano Libman

Network effects in interbank markets of Call and Repo in Argentina pp. 50-81

Pedro Elosegui and Gabriel Montes-Rojas

Modeling the determinants of commodity prices pp. 82-117

Magdalena Cornejo

Volume 1, issue 74, 2016

GDP Nowcasting: Assessing the Cyclical Conditions of the Argentine Economy pp. 7-26

Laura D'Amato, Lorena Garegnani and Emilio Blanco

Exports of Argentina and Brazil under the Generalized System of Preferences pp. 27-55

Facundo Albornoz, Irene Brambilla and Pablo Garriga

A Study of Excess Savings at the Firm Level in Developed Countries. Three Hypotheses about its Causes pp. 57-104

Rodrigo Pérez Artica, Lisana Martinez and Leandro Brufman

Panel times series. A review of methodological developments pp. 105-131

Tamara Burdisso and Máximo Sangiácomo

Volume 1, issue 73, 2015

Intercreditor and Debtor-creditor Equity Issues in Sovereign Debt Restructuring pp. 7-25

Skylar Brooks, Martin Guzman, Doménico Lombardi and Joseph Stiglitz

Emerging Market Economies and the Reform of the International Financial Architecture: The “Exorbitant Privilege” of the Dollar Is Only the Symptom of a Structural Problem pp. 27-55

Jan Kregel

Investment, Financing and Minsky’s Debt Paradox. A Microeconomic Analysis for Latin America pp. 57-90

Esteban Perez Caldentey and Alejandro González

Ambiguity, Ambiguity Aversion and Reserve of Value in Argentina pp. 91-115

Eduardo Corso

Prebisch Reciprocity Principle. An Application for the Common Automotive Policy between Argentina and Brazil pp. 117-147

Ana Inés Gárriz and Demian Panigo

Volume 1, issue 72, 2015

Re-imagining Central Banking pp. 7-26

Perry Mehrling

The Debate on Integrated Financial Supervision: What is New? pp. 27-58

Edgardo Demaestri and Gustavo Ferro

Inequality, Financial Deepening and Current Account Impact pp. 59-102

Jorge Carrera, Esteban Rodríguez and Mariano Sardi

Public Banks, Private Banks and Crisis: Banco de la Nación Argentina as Lender of Last Resort between the First World War and the Postwar Period pp. 103-138

Andrés Regalsky and Mariano Iglesias

The Debate on the Under-Consumption Crises in Classical Political Economy pp. 139-163

Manuel Calderón

Kicking the Board: Emerging Economies as an Engine of Global Economy and its Institutions pp. 185-214

Germán Reyes and Facundo Sirimarco

Volume 1, issue 71, 2014

The Compelling Case for Stronger and More Effective Leverage Regulation in Banking pp. 7-38

Anat Admati

An Analysis of Real Exchange Rate Misalignments under Regime Shifts in Argentina pp. 40-71

J. Daniel Aromi and Marcos Dal Bianco

The Reform of the Federal Reserve in 2008: Is the Money Supply Endogenous or Exogenous? pp. 73-94

Guillermo Gigliani

The Concept of Probability in the Work of Lord Keynes pp. 95-114

Alberto Landro

Volume 1, issue 70, 2014

Using Interest Rates as the Instrument of Monetary Policy: Beware Real effects, Positive Feedbacks, and Discontinuities pp. 7-22

Mark Setterfield

Intensity of Competition and Conduct Parameters in the Honduran Banking Sector pp. 23-46

German Coloma

The Fall of the Labor Income Share in Advanced Economies pp. 47-81

Angel Estrada and Eva Valdeolivas

Stock Market Indicators and Economic Activity. Some Evidence for Argentina pp. 83-108

Luis Lanteri

Volume 1, issue 69, 2013

Euro Crises and Euro Scams: Trade not Debt and Deficits Tell the Tale pp. 7-36

John Weeks

Structural Inflation Redux pp. 37-99

Leonardo Vera

Does Competition for Novice Borrowers Hurt Access to Finance? An Analysis in a Context of High Risk and Low Outreach pp. 101-149

Veronica Balzarotti and Alejandra Anastasi

Credit Allocation, Profitability and Stability pp. 151-186

Paulo L. dos Santos

Volume 1, issue 68, 2013

Inflation Targeting: A Critical Approach pp. 7-21

Philip Arestis Arestis

The Euro: Why it Went Wrong and How to Get On? pp. 23-42

Jesper Jespersen

Cross Fertilizations and Controversies in the Origins and Evolution of Portfolio Selection Models pp. 43-74

Eduardo Corso

Analysis of the Integration of Financial Regulation and Supervision to the Central Bank pp. 75-106

Edgardo Demaestri and Gustavo Ferro

Volume 1, issue 67, 2012

Microfinance and the Challenge of Financial Inclusion for Development pp. 7-34

Jayati Ghosh

Revisiting Bank Pricing Policies in Brazil: Evidence from Loan and Deposit Markets pp. 35-71

Leonardo Alencar

Accounting or Liquidity Buffers? The Risks of Overlooking Financial Aspects of Counter-Cyclical Rules pp. 73-120

Alejandra Anastasi and Veronica Balzarotti

Redefining Monetary Policy Limits: Towards an Expansion of its Role in Economic Development pp. 121-168

Mariano Beltrani and Juan Cuattromo

Volume 1, issue 65-66, 2012

Was Keynes’s Monetary Policy, à outrance in the Treatise, the Model for ZIRP and QE? pp. 7-22

Jan Kregel

Bills and Coins Daily Demand Forecast pp. 23-39

Diego Elías and Matías Vicens

Banking Credit, Policy Interest Rate and Reserve Requirements in Peru pp. 41-60

Oscar Dancourt

Economic Growth and Financial System pp. 61-74

Hector Gonzalez Padilla

A Proposal for a Growth and Fiscal Compact pp. 77-106

Mario Tonveronachi

Shifting Europe from Austerity to Growth: A Proposed Investment Programme for 2012-2015 pp. 107-127

Stephany Griffith-Jones, Matthias Kollatz-Ahnen, Lars Andersen and Signe Hansen

Recent Impact of the International Financial Crisis on the Implementation of Monetary Policy pp. 129-171

Sofía Corallo, Carlos Suárez Dóriga and Matías Vicens

Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development pp. 173-205

Martin Guzman and Pablo Gluzmann

Volume 1, issue 64, 2011

Using the Flow of High Frequency Information for Short Term Forecasting of Economic Activity in Argentina pp. 7-33

Laura D’Amato, Maria Garegnani and Emilio Blanco

Russian Fiscal Framework Past, Present and Future.Do we Need a Change? pp. 35-81

Sergey Vlasov

On the “Science” of Monetary Policy: Methodological Notes pp. 83-115

Horacio Aguirre

History of Creation of the Central Bank of Argentina pp. 117-139

Patricio Catriel Liddle and Juan José Pita

Volume 1, issue 63, 2011

The World in Balance Sheet Recession pp. 7-39

Richard Koo

Uncertainty and Portfolio Dollarization. The Argentine Case in the Last Half Century pp. 41-95

Tamara Burdisso and Eduardo Corso

Expectations, Inter-Sectorial Relationships and the Business Cycle pp. 97-147

Francisco Sáez, Fernando Alvarez-Parra, Jesús Morales and Giovanni Guedez

External Vulnerability and Development Prebisch’s Contributions to Economic Thought pp. 149-194

Martín Fiszbein

Volume 1, issue 61-62, 2011

How Well Has Latin America Fared During the Global Financial Crisis? pp. 7-33

Jose Antonio Ocampo

Financial Reforms and Financial Instability pp. 35-73

Pablo Gluzmann and Martin Guzman

International Reserve Diversification pp. 75-102

Ousmène Mandeng

A Cointegration Analysis on the Principle of Effective Demand in Argentina (1980-2007) pp. 103-137

Florencia Medici

The Euro Zone Debt Crisis and the Situation of the European Banks pp. 141-188

José Manuel Duarte Inchausti

Monetary Policy of Main Central Banks During the 2007-2011 Crisis pp. 189-249

Nerina Reyna, Carlos F. Suárez Dóriga and Matías Vicens

The Central Bank: An Indispensable Institution for Development pp. 253-274

Federico Tassara and Pablo Borio

Raúl Prebisch, Between Theory and Practice pp. 275-303

Guillermo E. Nakhlé

Volume 1, issue 60, 2010

Pricing the Currency Premium Under Flexible Exchange Rates: Evidence from South Africa pp. 7-52

Martin Grandes, Marcel Peter and Nicolas Pinaud

Revaluing the Impact of Financial Development on Economic Growth and its Sources pp. 53-104

Marcelo Dabós and Tomás Williams

Gross Substitutability of Financial Assets: Effects on Monetary Policy pp. 105-136

Andrés Schneider

Bankarization and Determinants of Availability of Banking Services in Argentina pp. 137-209

Alejandra Anastasi, Emilio Blanco, Pedro Elosegui and Máximo Sangiácomo

Volume 1, issue 59, 2010

Seasonal Adjustment in Times of Strong Economic Changes pp. 7-23

Jens Mehrhoff

Dynamic Stochastic General Equilibrium Models (DSGE): An Introduction pp. 25-79

Guillermo Escudé

Effects of Productive Heterogeneity and Different Exchange Rate Schemes on the Employment Cycle in Argentina pp. 81-130

Demian Panigo, Pablo Chena and Ana Gárriz

Use of Collateral in the Argentine Banking System pp. 131-166

Ricardo Bebczuk and Máximo Sangiácomo

Volume 1, issue 57-58, 2010

Peripheral Fluctuations: Notes on the Macroeconomic Analysis of Raúl Prebisch pp. 7-32

Daniel Heymann

Uncertainty and Economic Policy: Big Problems and Small Models pp. 33-57

Ruben Mercado

Imperfectly Substitutable Financial Instruments in an Economic Development Model pp. 59-93

Agustín Filippo

Call Money Interest Rate Determinants in Argentina pp. 95-126

Alejandra Anastasi, Pedro Elosegui and Máximo Sangiácomo

Restructuring the Financial System: A Synthetic Presentation of an Alternative Approach to Financial Regulation pp. 127-143

Mario Tonveronachi and Elisabetta Montanaro

Seasonal Adjustment and Local Calendar Effects in an Argentina´s Monetary Aggregate pp. 145-186

Tamara Burdisso, Emilio Blanco and Mariano Sardi

A Second Stage of the Crisis Characterized by Uncertainty pp. 189-227

Jorge Carrera and Federico Grillo

Volume 1, issue 56, 2009

Productive, Geographical and Clientele Diversification of Banks, and its Effect on the Loan Portfolio Performance in Argentina pp. 7-39

Alejandra Anastasi, Ricardo Bebczuk, Pedro Elosegui and Máximo Sangiácomo

The Mystery of Human Capital as Engine of Growth, or Why the US Became the Economic Superpower in the 20th Century pp. 41-93

Isaac Ehrlich

Credit Scoring Models: Missing Information and the Use of Data from a Credit Register pp. 95-156

Veronica Balzarotti and Fernando Castelpoggi

Stylized Facts for the Argentine Economy pp. 157-210

Soledad Feal-Zubimendi, Mara Rojas and Mariana Inés Zilio

Volume 1, issue 55, 2009

On the Generality of the New Keynesian Phillips Curves pp. 7-32

Maritta Paloviita

Short-Run Dynamics of Inflation: Estimating a Hybrid New-Keynesian Phillips Curve for Argentina (1993-2007) pp. 33-56

Laura D’Amato and Maria Garegnani

Quotas and Voting Shares in the IMF: Theory and Evidence pp. 57-91

Martin Gonzalez-Eiras

An Assessment of the Competition in the Banking Industry: Empirical Evidence from Argentina with Data at Bank Level pp. 93-112

Hector Gonzalez Padilla

Volume 1, issue 53-54, 2009

The Blind Men and the Elephant pp. 25-57

Barry Eichengreen

No Ordinary Recession pp. 59-65

Axel Leijonhufvud

Notes on Varieties of Crises pp. 67-71

Daniel Heymann

Economic Policy out of the Corridor. Reflections on the Global Crisis and the Latin American Experience pp. 73-105

José María Fanelli

The North from the South pp. 107-115

Javier Finkman

The Center and the Periphery: The Transmission of the Crisis to Latin American Economies pp. 117-166

Sebastián Katz

The New Global Equilibrium pp. 167-185

Christian Broda, Piero Ghezzi and Eduardo Levy-Yeyati

Crisis and Global Demand: From the Short-Term to the Medium-Term pp. 187-189

Francesco Giavazzi

Economic Policy Implications of the Current Financial Instability pp. 191-215

Jose Antonio Ocampo

The G20, the Crisis and the Redesign of the International Financial Architecture pp. 217-244

Jorge Carrera

Volume 1, issue 52, 2008

From “Financieristic” to Real Macroeconomics pp. 7-37

Ricardo Ffrench-Davis

Imports – Exports Correlation: A New Enigma? pp. 39-56

Ricardo Bebczuk

Argentina’s Soybean Acreage Response to Changes in Price Incentives pp. 57-86

Luis Lanteri

Regime and Underlying Inflation Dynamics: ¿Generalized Comovement or Relative Price Adjustment? pp. 87-120

Tomás Castagnino and Laura D’Amato

Volume 1, issue 51, 2008

Aggregate Indicators of Economic Activity for the Argentine Case: The Principal Components Methodology pp. 7-41

Pedro Elosegui, Maria Garegnani, Luis Lanteri and Emilio Blanco

Commodity Prices in Argentina: What Moves the Wind? pp. 43-81

Diego Bastourre, Jorge Carrera and Javier Ibarlucia

The Determinants of Non-Performing Loan Portfolio in the Argentine Banking System pp. 83-121

Ricardo Bebczuk and Máximo Sangiácomo

Recent Developments in Monetary Policy Analysis for Emerging Countries pp. 123-142

Javier García-Cicco

Volume 1, issue 50, 2008

Evolution in the Market Power of Financial Intermediation Services in Argentina: A Structural Empirical Analysis (2005:q1 - 2007:q1) pp. 7-60

Karina Otero

Anatomy of Credit Scoring Models pp. 61-96

Matias Gutierrez Girault

Business Cycle Accounting for Argentina Utilizing Capital Utilization pp. 97-125

Tiago Cavalcanti, Pedro Elosegui, George McCandless and Emilio Blanco

Inflation Persistence and Changes in the Monetary Regime: The Argentine Case pp. 127-167

Laura D´Amato, Maria Garegnani and Juan M. Sotes

Volume 1, issue 49, 2007

Efficiency of Lending Sectoral Allocation in Argentina pp. 13-32

Ricardo Bebczuk and Máximo Sangiácomo

Risky Banking and Credit Rationing pp. 33-64

Pedro Elosegui and Anne P. Villamil

Alternative Monetary Regimes in a DSGE Model of a Small Open Economy with Two Sectors and Sticky Prices and Wages pp. 65-138

Guillermo Escudé

Loans Size and Portfolio Loss Predictability in Argentina pp. 139-155

Ricardo Bebczuk

Volume 1, issue 48, 2007

Macroeconomic Shocks and Financial Vulnerability pp. 13-71

Jorge Carrera and Luis Lanteri

The Asymmetrical Impact of Restrictions to Financing in Argentina. Comparison by Sector, Size and Origin of Ownership (1995-2003) pp. 73-107

Pedro Elosegui, Paula Español, Demian Panigo and Emilio Blanco

Monetary Space in Latin America: A Criterion to Regime Selection pp. 111-144

Eduardo Corso

Industrial Diversification, Financial Development and Productive Investments pp. 145-177

Alfredo Schclarek

Volume 1, issue 47, 2007

A Subtle and not Always Understood Link over 50 Years: A Note on Investment Rate and Economic Growth pp. 7-62

Sebastián Katz, Luis Lanteri and Sebastián Vargas

Corporate Self-Financing and Economic Growth pp. 63-91

Ricardo Bebczuk and Maria Garegnani

Good Practices to Manage Operational Risk in Financial Institutions pp. 93-125

Miguel Delfiner, Ana Mangialavori and Cristina Pailhé

How to Approach the Next Steps of the Argentine Economy and the Economic Policy? pp. 127-143

Eduardo L. Curia

Volume 1, issue 46, 2007

Real Interest Rate Risk in the Argentine Banking System. A Measuring Model pp. 7-61

Veronica Balzarotti

Liquidity Risk Management in Financial Institutions: International Best Practices and Experiences pp. 63-101

Miguel Delfiner, Claudia Lippi and Cristina Pailhé

The Feldstein-Horioka Paradox: A New Perspective from the Institutional Sector Level pp. 103-136

Ricardo Bebczuk and Klaus Schmidt-Hebbel

Exchange Rate and Monetary Policy After the Convertibility Regime Collapse pp. 137-166

Roberto Frenkel and Martin Rapetti

Volume 1, issue 45, 2006

Towards an Estimation of Money Demand with Forecasting Purposes: Argentina, 1993-2005 pp. 7-44

Horacio Aguirre, Tamara Burdisso and Federico Grillo

Alternative Estimates of Output Gap for the Argentine Economy pp. 45-77

Pedro Elosegui, Maria Garegnani, Luis Lanteri, Francisco Lepone and Juan Sotes-Paladino

A Note on Regressions with Integrated Variables pp. 79-94

Hildegart Ahumada

A Bayesian Method of Forecast Averaging: An Application to the Expectations Survey of BCRA pp. 95-119

Pedro Elosegui, Francisco Lepone and George McCandless