Monetary Policy in a Changing Economic Environment: The Latin American Experience
نویسنده
چکیده
Although there is a substantial body of literature on macroeconomic policies in Latin America, the role of fiscal and monetary policies as tools to stabilize the business cycle has not received much attention. This is understandable in light of the fact that during the last thirty years, both fiscal and monetary policies were responsible, to a large degree, for the regions history of macroeconomic and financial instability. Rather than being tools for the stabilization of the business cycle, they were typically managed in a way that amplified the effects of shocks on output and interest rates.
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