IMF paper offers Uruguay advice on money supply targeting
Move to new monetary policy target has proved ‘challenging’
Uruguay's attempt to bring inflation under control using money supply targets has proved "challenging" and could benefit from some refinement, according to a working paper published by the International Monetary Fund on July 23.
A model for monetary policy analysis in Uruguay, by Rafael Portillo and Yulia Ustyugova, notes that while the shift to targeting monetary aggregates succeeded in imposing tight monetary policy, inflation has failed to come down. Partly this is due to the depreciation of
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