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Monetary Policy and Macroeconomic Stabilization in Latin America
The paper reviews the recent conduct of monetary policy and central banks' interest rate setting behaviour in emerging market economies. Using a standard open economy reaction function, we test whether central banks in emerging economies react to changes in inflation, output gaps and the exchange rate in a consistent and predictable manner. In most emerging economies the interest rate responds strongly to the exchange rate; in some, the response is higher than that to changes in the inflationdoi:10.1007/3-540-28201-7_13 fatcat:za23doqminhpfnjt5lt6pgv6vu