@techreport{NBERw9337, title = "IS-LM-BP in the Pampas", author = "Luis Felipe Cespedes and Roberto Chang and Andres Velasco", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "9337", year = "2002", month = "November", URL = "http://www.nber.org/papers/w9337", abstract = {Emerging markets (sometimes endowed with fertile pampas) have limited access to world capital markets and suffer from original sin: they cannot borrow in their own currency. Does this mean that monetary and exchange rate policy has non-standard effects in such countries? We develop a simple IS-LM-BP model with balance sheet effects to study that question. Our answer: it all depends.}, }