TY  - JOUR
AU  - Cespedes,Luis Felipe
AU  - Chang,Roberto
AU  - Velasco,Andres
TI  - IS-LM-BP in the Pampas
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9337
PY  - 2002
Y2  - November 2002
UR  - http://www.nber.org/papers/w9337
L1  - http://www.nber.org/papers/w9337.pdf
N1  - Author contact info:
Luis Cespedes
Central Bank of Chile
Chief of Economic Research
E-Mail: lfcespedes@uai.cl

Roberto Chang
Rutgers University
Department of Economics
75 Hamilton Street
New Brunswick, NJ  08901
Tel: 732/932-7269
Fax: 732/932-7416
E-Mail: chang@econ.rutgers.edu

Andres Velasco
Marne 2962
Las Condes.
Santiago
CHILE
Tel: 56983616001
E-Mail: avbranes@gmail.com
AB  - 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.
ER  -