El marco teórico de la política monetaria

Francisco Rosende

Revista de Analisis Economico – Economic Analysis Review, 2004, vol. 19, issue 2, 85-117

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".

Keywords: Monetary Policy; Monetary Aggregates; Interest Rates Rules (search for similar items in EconPapers)
JEL-codes: E0 E5 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

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Working Paper: El Marco Teórico de la Política Monetaria (2004)
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