Taking all this into account, and having assessed the costs and benefits of using each instrument, we focused all our efforts in restoring money market equilibrium. This is no more than a professional response based on the risk management approach applied to the Argentine monetary policy. The Central Bank surgically and sequentially implemented a set of ten measures.
It is common in the economic literature to assume that one of the central bank’s roles is to moderate the volatility of the business cycle, since the widespread assumption is that this volatility is undesirable among consumers and firms.