This article analyzes whether market-based financial stability indicators (FSIs) should be included in monetary policy models and, if so, how. 1 Since the economy and interest rates affect financial sector credit risk, and the financial sector affects the economy, this article builds a model of financial sector vulnerability and integrates it into a macroeconomic framework, typically used for monetary policy analysis. More specifically, should the central bank explicitly include the financial stability indicator in its monetary policy (interest rate) reaction function? This is the most important question to be answered in this article. The alternative would be to react only indirectly to financial risk by reacting to inflation and gross domestic product (GDP) gaps, since they already include the effect that financial factors have on the economy. 2 We thank Rodrigo Alfaro, Nicolas Magud, Jorge Chan-Lau, as well as the conference participants for useful comments and suggestions.
Seguimiento da£prazón de Ballenas Vía Satélite, (SCVS) liderado «-Mr ej^doctor |or^e F^fllbls^Pombo, ingeniero electrónico y dedicado [emitirnos años al estadio de estas,^iició una maravillosa aventur¿ cienW¿á*en compañía deja Armada Nacional con los submarinosÍ\RC "Tayfona" y ARC 'Píjgo". Esta investigación ha venido tomando gran importancia a medida que se desarrollan los eventos. E!Doctor Reynols realizó un seminariotaller sobre investigación de ballenas en la base naval ARC "Málaga" en septiembre de I **93. Comekonsecuencifr de esto, el señor Vice-almi^ntejosé Ignacio Rc^p^aiwajal, Comandan^ de la Fuerza Naval del Pacífico, ofrecíla po^bidS^de realizar estudios con^k juntos con el grupo Seguirfftenfo dé Corazqg dé Ballenas Viz Satélite, (SCVS) y la O rnada Naobnal sobre ballenas. w Indujo al'as, fnv£stigaciones le^ompatibdjda^l de los tzquiposMtáíados abordo délos submarines. f»los equipos de tóío ■y^.gi^bá'GÍón del gru^o ctenjífico, y £or ende a que los 'k--¡nos Oceánicos de la.Manna Celombianar'Sne-araji por * • yen la'Nstdfcía.a reajiSr^nvestigaciofles científicas^ incivil sobré* ef?eO¿ de.la actividad cardiaca de la^. ballena. Paréete^ osibíe que umg^ipo mtUtidifti^marTgjde . iéntíffcos. entre Id * ales'se. contaba^on'bfÓlTJgowñarinos^* 2' is k zo s , ingenieros electrónicos, médicos»cardtólogosringenieF®s^j.'*
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