IMF paper evaluates Latin American interest rates

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A working paper, published by the International Monetary Fund (IMF) on October 9, compares the actual interest rates in Latin American countries with their ‘neutral real interest rates' (NRIR) – the rate at which inflation is stable and the output gap is closed.

The authors, Nicolas Magud and Evridiki Tsounta, estimate the gap between the two rates, and evaluate each country's monetary policy stance accordingly. The interest rates are "appropriately neutral" in most countries, the authors say

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