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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in January 2013* The opinions here expressed are the authors' own and may not coincide with those of the Economic Commission for Latin America and the Caribbean (ECLAC). An earlier version of this paper was presented at the ECLAC workshop "Policies for Sustained Growth with Equality," Santiago, Chile, October 29-30, 2012. We wish to thank the participants for the useful comments received during the presentation and discussion of the paper, and, in particular, Cecilia Vera for very valuable suggestions for improving the paper's arguments and coherence. We are also grateful to John Rand and Finn Tarp (University of Copenhagen) for sharing the computer codes for the Bry-Boschan algorithm procedure in Mat Lab.The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Moreover, the evidence also shows that the effects of the contraction in public investment surpass those of the expansion, leading to a declining trend over the entire cycle. In this sense, we suggest that policy analysis needs to increase its focus on the expansionary phase of the cycle. Improving our knowledge of the differences in the expansionary dynamics of countries and regions can further our understanding of the differences in their rates of growth and levels of development.We also suggest that, while the management of the cycle affects the short-run fluctuations of economic activity and therefore volatility, it is not trend neutral. Hence, the effects of aggregate demand management policies may be more persistent over time, and less transitory, than currently thought.

Resumen La obra crítica de Jaime Mejía Duque (1933-2009) no se ha sometido a una lectura que reconstruya sus posiciones teóricas y permita una evaluación de la validez e interés de sus aportes al campo de la crítica literaria colombiana y latinoamericana. El propósito de este trabajo es reconstruir una de las tres coordenadas principales de su obra crítica. La he denominado "sicología de la creación poética: ontogénesis del talento literario". Las otras dos coordenadas corresponden a su filosofía de la historia y a su interpretación de los distintos realismos. Aunque se mencionan algunos puntos relativos a ellas, no son desarrolladas en este trabajo. Palabras clave: crítica literaria, sicología de la creación, ontogénesis del talento, colonialismo, Jaime Mejía Duque. Abstract The critical work of Jaime Mejía Duque (1933-2009) has never been read in a comprenhensive way which could explain the interest and validity of its critical positions or evaluate its relevance in the latinoamerican and colombian field of the litteracy criticism. The goal of this paper is explain one of his three critical coordinates which I have called "sicology of the poetic creation: ontogeny of the literarian talent". The remaining coordinates are related to his philosophy of the history and the diferent kinds of realisms he was interested in. Althoug those have not been developped I have mentioned some points related to them. Key words: literacy criticism, sicology of the poetic creation, talent ontogeny, colonialism, Jaime Mejía Duque. Résumé L'oeuvre critique de Jaime Mejía Duque (1993-2009) n'a été étudiée et reconstruit dans ses niveaux théoriques et, pour tant, aujourd'hui on ne sait rien de sa validité et intérêt dans la critique litteraire latinoamériquenne et colombienne. Le but de cet travail c'est reconstruir une des trois coordonées de son oeuvre que j'ai désigné "sicologie de la création poétique: ontogenie du talent litteraire". Les autre deux coordonées c'est sont: sa philosophie de l'histoire et ses interpretation des réalismes. Bien que ils ont été considerées je n'ai pas les developpé dans cet travail. Mots clés: critique litteraire, sicologie de la création poétique, ontogenie du talent, colonialisme, Jaime Mejía Duque.

The justification for inflation targeting rests on three core propositions. The first is called 'lean against the wind', which refers to fact that the monetary authority contracts (expands) aggregate demand below capacity when the actual rate of inflation is above (below) target. The second is 'the divine coincidence', which means that stabilizing the rate of inflation around its target is tantamount to stabilizing output around its full employment level. The third proposition is that of stability. This means that the inflation target is part of an equilibrium configuration which generates convergence following any small disturbance to its initial conditions. These propositions are derived from a closed economy setting which is not representative of the countries that actually have adopted inflation targeting frameworks. Currently there are 27 countries, 9 of which are classified as industrialized and 18 as developing countries that have explicitly implemented a fully fledged inflation targeting regime (FFIT). These countries are open economies and are concerned by the evolution of the external sector and the exchange rate as proven by their interventions in the foreign exchange markets. We show that these three core propositions and the practice of inflation targeting are inoperative in an open economy context.

Las economías de América Latina y el Caribe han venido rezagándose en la economía mundial, lo que constituye un reflejo de problemas estructurales que comprometen su capacidad de crecimiento y de absorción de la tecnología. La pandemia de enfermedad por coronavirus (COVID-19) no solo ha visibilizado esos problemas estructurales, sino que los ha exacerbado, y ha reforzado las tendencias negativas en el crecimiento, el empleo y la distribución de los ingresos. El artículo analiza dichas tendencias y plantea que la crisis hace necesaria una respuesta inmediata, que debe, al mismo tiempo, apuntar a superar las restricciones de largo plazo. Se argumenta que son necesarias políticas fiscales muy fuertes para sostener la demanda agregada, y que dichas políticas deben contar con un componente importante de inversión destinado a la creación de capacidades tecnológicas, una mayor diversificación y mayores encadenamientos de la matriz productiva. Palabras claveCOVID-19, virus, epidemias, aspectos económicos, crisis económica, crecimiento económico, empleo, distribución del ingreso, inversiones, política monetaria, política fiscal, América Latina y el Caribe Clasificación JEL O33, O40, O41