Posibilidades de una política monetaria monetarista en una economía inflacionaria

Abstract

A monetarist monetary policy normally devised to obtain the stabilization of the level of nominal prices has to be adapted in an inflationary economy where prices are partially determined outsider the monetary sector and pushed by the inflationary revenue devoted to finance Government expenditures. In such a case only a passive monetarist policy is possible which mainly takes the prices level as given. This kind of policy was tried in Argentina specifically after the 1977 financial reform and until 1981. Nevertheless, it cannot be called monetarist since the interest rates were paramount for the decisions of the monetary authority and the Government deficit financed by means of the monetary base fluctuated erratically.