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Is an academic journal published by CEMLA since 1978. The journal has changed over time in order to further achieve its main objective: disseminate research papers on economic topics of interest to central banks, particularly those of Latin America and the Caribbean.

In 2010, CEMLA began a process of change aimed at strengthening the journal. Thus, in 2011 an Editorial Committee external to the Center was created, which is supported by an Editorial Board and a Technical Committee. The journal was not published in 2012 in order to implement the modifications. As a result, starting in 2013 the content will be selected by peer-review refereeing (double blind) and the journal will be released every six months, in two identical volumes, in Spanish and English; and authors can submit papers for review in Spanish, English or Portuguese.

The first issue of Monetaria, after the above mentioned changes, is volume XXXV in Spanish/volume I in English, number 1, January-June 2013; its content was provided by invited authors, who contributed with articles within the topic Lessons from the Financial Crisis for Latin America and the Caribbean.


Editorial Board Members

  • Andrés R. Bianchi Larre (Chile)
  • Jorge Braga de Macedo (Portugal)
  • Guillermo Calvo (Argentina)
  • Vittorio Corbo (Chile)
  • José Fernando De Gregorio R. (Chile)
  • Jordi Galí (Spain)
  • Francisco de Paula Gutiérrez Gutiérrez (Costa Rica)
  • Arnold C. Harberger (USA)
  • Gustavo Loyola (Brazil)
  • Miguel Mancera Aguayo (Mexico)
  • Enrique Mendoza (Mexico)
  • Guillermo Ortiz (Mexico)
  • Manuel Ramos-Francia (Mexico)
  • Miguel Urrutia Montoya (Colombia)
  • Carlos Végh (USA)
  • Richard Webb (Peru)
  • Marion Williams (Barbados)


Editorial Committe Members

Ex officio Members

  • Adrián Armas Rivas, Banco Central de Reserva del Perú, President of the Editorial Comitte
  • Jorge Carrera, Banco Central de la República Argentina
  • Jorge Portillo, Banco Central de Venezuela
  • Alberto Naudón D., Banco Central de Chile
  • Eduardo Lima, Banco Central do Brasil
  • Óscar Carvallo V., CEMLA
  • Jorge Hernán Toro Córdoba, Banco de la República, Colombia
  • Daniel Isaac Chiquiar Cikurel, Banco de México

Non-permanent Members

  • Enrique Alberola Ila, BIS
  • Fausto Hernández Trillo, Centro de Investigación y Docencia Económicas (México)
  • Isabel Horta Correia, Banco de Portugal
  • Emanuel Kohlscheen, BIS

Technical Committee Members

  • Sergio Afonso Lago Alves, Banco Central do Brasil
  • Carolina Pagliacci, Banco Central de Venezuela
  • Alberto Ortiz, CEMLA
  • María José Roa, CEMLA
  • Martín Tobal; Banco de México
  • Marco Vega, Banco Central de Reserva del Perú




Volume IV, 2016

Number 1, January-June 2016

  • Systemic Risk, Aggregate Demand, and Commodity Prices: An Application to Colombia
    Javier Guillermo Gómez-Pineda and Juan Manuel Julio-Román
  • Dutch Disease Exchange Rate Incidence over Profits of Traded and Nontraded Goods
    Eduardo Sarmiento G. and Martha López
  • Ecuatorian Financial System Exposures: A Network Theory Approach
    María Isabel Camacho Cárdenas, Ivonne Stefanía Cilio Mejía and Juan Pablo Erráez Tituana
  • Long-run Money Demand in Latin American Countries: A Nonstationary Panel Data Approach
    César Carrera


Volume III, 2015

Number 2, July-December 2015

  • Country Risk, Macroeconomic Fundamentals and Uncertainty in Latin American Economies
    Ali Acosta, Daniel Barráez, Danyira Pérez and Mariana Urbina
  • Fundamentals for the Price of Housing in Uruguay
    Jorge Ponce
  • Commodity Price Shocks and Inflation within an Optimal Monetary Policy Framwork:
    the case of Colombia
    Luis Eduardo Arango, Ximena Chavarro and Eliana González
  • Countercyclical Capital Buffer: The Case of Uruguay
    Cecilia Dassatti, Alejandro Pena, Jorge Ponce and Magdalena Tubio

Number 1, January-June 2015

  • Marriage, Employment Participation and Home Production in Search Equilibrium
    Roberto Bonilla and Alberto Trejos
  • Inflation Dynamics and the Hybrid New Keynesian Phillips Curve: The Case of Chile
    Carlos A. Medel
  • Household Debt and Uncertainty: Private Consumption after the Great Recession
    Ángel Estrada, Daniel Garrote, Eva Valdeolivas and Javier Vallés
  • A Review of the Financial Regulatory Framework of Barbados
    Anthony Wood and Kimarie Clement


Volume II, 2014

Number 2, July-December 2014

  • Temporary Resource Booms and Manufacturing Output: A Global Perspective
    Cristina Fernández, Mejía Leonardo Villar Gómez
  • A Structural Analysis of Oil Price Shocks on the Jamaican Macroeconomy
    Kirsten Roach
  • Economic Growth and Convergence in Latin America, 1950-2010
    Domingo Rodríguez Benavides, Ignacio Perrotini Hernández, Miguel Ángel Mendoza González
  • Policy Implications for the Application of Countercyclical Capital Buffers When the Government Borrowing Crowds Out Private Sector Credit: The Case of Jamaica
    R. Brian Langrin, Lavern McFarlane

Number 1, January-June 2014

  • Foreign Exchange Interventions and their Impact on Exchange Rate Levels
    Gustavo Adler and Camilo E. Tovar
  • Anchoring of InflationExpectations after Adverse Supply Shocks
    Ana María Aguilar, Gabriel Cuadra, Claudia Ramírez and Daniel Sámano
  • The Determinants of Banks' Liquidity Buffers in Central America
    Corinne Deléchat, Camila Henao, Priscilla Muthoora and Svetlana Vtyurina
  • Analysis of the Real Exchange Rate in the Dominican Republic: A Study Based on the International Monetary Fund's Assessment Methodologies
    Harold A. Vásquez-Ruiz and Rafael A. Rivas Cueto


Volume I, 2013

Number 2, July-December 2013

  • Output Gap and Neutral Interest Measures for Colombia
    Ándres González, Sergio Campos, Julián Pérez and Diego Rodríguez
  • Estimating the Exchange Rate Pass-through to Prices in Mexico
    Josué Cortés Espada
  • Credit Market Shock, Monetary Policy, and Economic Fluctuations
    Alberto Ortiz Bolaños
  • Assessing the Impact of Nonperforming Loans on Economic Growth in The Bahamas
    Alwyn Jordan and Carisma Tucker


Number 1, January-June 2013


  • Optimal Holdings of International Reserves: Self-insurance against Sudden Stops
    Guillermo Calvo, Alejandro Izquierdo and Rudy Loo-Kung
  • The International Crisis and Latin America
    Vittorio Corbo and Klaus Schmidt-Hebbel
  • Fiscal Moral Hazard Due to Monetary Integration
    Allan Hernández Alberto Trejos
  • Heading into Trouble: A Comparison of the Latin American Crises and the Euro
    Area’s Current Crisis
    Manuel Ramos -Francia, Ana María Aguilar-Argaez, Santiago García-Verdú and Gabriel Cuadra-García


  • Latin America During the Crisis: The Role of Fundamentals
    João Pedro Bumachar Resende and Ilan Goldfajn
  • Things We Learn from Crises
    Eduardo Levy Yeyati





Submission process for

CEMLA receives articles or essays (papers in general) for peer-review refereeing on a continuous basis. Any person may submit original papers to be published in Monetaria provided the author or owner of its rights authorizes CEMLA to submit the article for peer-review refereeing and grants the Center translating, editing and publishing rights if accepted for publication.

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