Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
A more balanced economic policy mix
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A more balanced economic policy mix
First week
January 2018
The last week of 2017 surprised us with a press conference by the full economic team. Although there were announcements regarding fiscal targets and the financial program for the following years, the hottest topic was related to changes in the monetary policy. In particular, the 2019 5% inflation target was deferred for one year to 2020. In line with this, the 2018 inflation target was modified to 15% and the bands were discarded.
These changes in inflation targets were the result of a debate in the profession and within the government. Due to the way they were laid out, they were unattainable, but changing them could cause an inflationary bias.
The announcement regarding the revision of targets had a strong (but temporary) impact on the exchange market: it led to a significant decrease in the interest rates of the Lebacs in the long end of the yield curve, and it will probably cause an increase in the inflation expectations survey carried out by the Central Bank (in the Market Expectations Survey).
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