And to be peoplefriendly it must comply with its key role, that is, create a long-term peso market that may assist, that may contribute to a fair growth process so that Argentina may become a fairer, more sympathetic country, in a word, a country worth living in. Thank you very much. BIS Review 62/2004  7
Furthermore, the New-Keynesian approach is a natural extension of the real business cycle framework to a world with nominal rigidities. As such, it focuses on short-term deviations of the relevant variables from trend. The empirical evidence for the correlation between money and inflation, however, is of a low-frequency nature. In other words, it is more relevant to the trend behaviour of inflation.