Central Bank Award Rodrigo Gómez

In order to honor the memory of Don Rodrigo Gómez (1897-1970), general director of Banco de México (1952-1970), the governors of the Latin American central banks established an annual Prize for the preparation of studies that are of interest to the central banks. This award has become a benchmark for regional research.

The deadline of the call for the 2019 edition of the Central Bank Award Rodrigo Gómez (hereinafter referred to as the Prize) was March 31, 2019. In this edition of the Prize, research papers were received mainly on monetary economics (inflation, central banking and monetary policy), banking, international economy, macrofinancial stability, finance and financial technology, among other topics. According to the Prize policies, the papers participants were distributed among the jury for the first round of evaluation. To date, the CEMLA has received the scores corresponding to the first round of evaluation of all the research papers, and the best evaluated papers will soon be sent to the jury for the second evaluation round.




In order to honor the memory of Rodrigo Gómez (1897-1970), Director General of Banco de México (1952-1970), the governors of the Latin American central banks established an annual prize to encourage research in areas of interest for central banks. The following are the rules governing the call for papers for the prize to be awarded in 2020. 

1. The author(s) of the papers submitted to the contest must be a natural person, national1 of a Latin American or Caribbean country. Should the paper be written by two or more authors, one of them may have a nationality of a different region. No staff member from CEMLA may participate. 

2. The topics of the papers must bear upon the functions and aspects of direct interest to regional central banks. Among other topics, papers on monetary policy, macroeconomic stability, financial stability, central bank operations, financial cooperation between Latin American and Caribbean countries or the repercussions of international financial events on the region may be submitted. 

3. No more than one paper per author will be accepted. If a paper is written by more than one author, each of them must approve the paper's submission for the Award. 

4. The papers that are submitted must be original and unedited, and in their final versions, written in the format of an academic article. In other words, they must not have been published neither as a book nor as part of a journal, book or compilation (technical reports, institutional memoirs, conference compendiums, for instance), in print or electronically. However, papers that have been circulated in printed or electronic form as working papers (even if they have been circulated at meetings, seminars, conferences or on websites) for expert consultation during their preparatory stages can be submitted to the Award. Author(s) of papers which have been available on websites will be requested to remove them from such sites. University degree theses as well as papers submitted to the annual meetings of the Central Bank Researchers Network of the American Continent may also be submitted to the Award, so long as they comply with the requirements in this call for papers. 

5. The papers may be submitted in Spanish, French, English, or Portuguese, accompanied if possible by an English or Spanish translation. The papers should not exceed 20,000 words or 50 pages (whichever comes first), including the cover, abstract, introduction, development, conclusions and appendices or annexes. 

6. No papers that have participated in previous editions of the Rodrigo Gómez Award may be submitted. Likewise, submitted papers may not compete for other awards or be under consideration by other publications until the authors have received a written notification with the results of each evaluation round indicating that their paper is free of such embargo.

7. The panel of judges shall comprise the governors of the central bank associate members of CEMLA's Board of Governors, or their representatives, as well as up to four additional representatives of associate members or collaborators, renowned researchers or both. In its capacity as permanent secretariat for the governor's meetings, CEMLA shall act as advisory body to the panel in such ways as the latter shall determine, and will see to the administrative aspects of the contest.

8. When remitting the papers to the members of the panel, CEMLA shall suppress the names of the authors and shall assign each paper submitted a pseudonym, which shall be the only means of identification available to the panel in communicating the corresponding evaluations.

9. The papers shall be evaluated by objective criteria and mechanisms defined by the Board of Governors, in two different evaluation rounds. Once the first evaluation round has concluded, CEMLA will inform the authors if their papers were selected as finalists, that is, if the paper will be evaluated in the second round. The Board of Governors shall grant the Award based on the second-round results during its meeting in the second semester; after that, CEMLA will notify the outcome to all participants as well as to others interested.

10. The prize for the winning paper(s) will consist of the amount of 10,000 United States dollars, a diploma and the publication, in both English and Spanish, of a book with the paper(s). In the case of a declared tie for the first place between two or more competing papers, the amount of the prize will be divided in equal parts among the papers, and for each of them, in equal parts among the authors. Honorary mentions can also be awarded to up to two other papers. The result shall not be subject to appeal and the panel may declare the prize vacant should it so deem appropriate.

11. The winner, or one member of the winning team, will be invited to present their paper at a special session of one of the two annual meetings of central bank governors of CEMLA, preferably during the meeting of the first semester. Travel expenses, accommodation, and travel insurance will be covered by CEMLA. The winning team must decide who will be the designated representative and inform CEMLA of its decision.

12. The author(s) of the winning paper(s) and of the honorary mentions implicitly grant CEMLA the non-exclusive right to translate, edit and publish the winning paper. The author or authors retain all copyrights of the original paper; thus, they may publish it in other media.

13. Participants must send their papers in a file in Word or PDF (in their most recent versions) together with a completed entry form (available at <http://www.cemla.org>) by email to the address: rodrigo_gomez@cemla.org, by March 31, 2020, at the latest.

Other aspects not foreseen in this call for papers will be resolved by the Board of Governors.


1 Argentina, Aruba, Bahamas, Barbados, Belize, Bolivia, Brazil, Eastern Caribbean (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines), Curaçao and Saint Martin, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Cayman Islands, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, Suriname, Trinidad and Tobago, Uruguay and Venezuela.


From their creation, in September of 1970 the award has been granted so far, to the following works:

Conditional Exchange Rate Pass-Through: A DSGE Model Approach
Mariano Joaquín Palleja  
Award 2018

The Federal Reserve's Interest Rate Normalization: Does It Matter Who Borrows from Abroad in EME?
Victoria Nuguer  
Award 2017

Not Just Another Mixed Frequency Paper
Angelo Marsiglia Fasolo y Sergio Afonso Lago Alves  
Award 2016

Comparing the Transmission of Monetary Policy Shocks in Latin America: A Hierarchical Panel VAR
Fernando J. Pérez Forero  
Award 2015

Award 2014
The contest was declared null and void because no contestant met the requirements.

Loan Pricing Following a Macroprudential Within-sector Capital Measure
Bruno Silva Martins y Ricardo Schechtman  
Award 2013

Latin American Growth Partners
Diego Winkelried Quezada y Miguel Ángel Saldarriaga 
Award 2012

In the quest for macroprudential policy tools
Daniel Sámano Peñaloza
Award 2011

The terms of trade as drivers of economic fluctuations in developing economies: an empirical study
Paul Castillo y Jorge Salas
Award 2010

Effects of monetary policy on corporations in Brazil: an empirical analysis of the balance sheet channel
Fernando Nascimento de Oliveira 
Award 2009

Funding risk, liquidity risk and the solvency ratio in a liquidity spiral model
Daniel Esteban Osorio Rodríguez 
Award 2008

A study on administered prices and optimal monetary policy: the Brazilian case 
Paulo Springer de Freitas y Mirta Noemi Sataka Bugarin
Award 2007

Why dollarization is so persistent?
Paul Castillo y Diego Winkelried
Award 2006

Disinflation costs under inflation targeting in a small open economy: the Colombian case
Franz Hamann, Juan Manuel Julio, Paulina Restrepo y Álvaro Riascos
Award 2005

The Dragging Effect of World Inflation in Small Open Economies
Marco Vega y Diego Winkelried
Award 2004

Ensayos de banca: Consideraciones teóricas y evidencia del caso mexicano
Alfredo A. Hernández Arroyo
Award 2003

Política Monetaria y Mecanismos de Transmisión
Verónica Mies, Felipe Morandé y Matías Tapia
Award 2003

Monetary policy rules as a nominal anchor: evidence from the mexican economy
Alberto Torres García
Award 2002

Corporate finance, financial development, and growth
Ricardo N. Bebczuk
Award 2000

Efecto de la inflación en la desigualdad económica
Lorenza Martínez Trigueros
Award 1999

Política monetaria óptima bajo tipo de cambio fijo: una evaluación empírica del caso mexicano
Raúl Ramos Tercero
Award 1991

Políticas de estabilización en América Latina: algunas lecciones para Colombia
Sergio Clavijo
Award 1990

Políticas de otimizacao de crescimento economico e da dívida externa: a caso do Brasil
Reynaldo de Souza Motta
Award 1983

Programación monetaria: aspectos teóricos y el caso brasileño
Edilson Almeida Pedrosa
Award 1981

Acumulación del capital y crecimiento económico: perspectivas financieras en México
Guillermo Ortíz Martínez
Award 1978

On the state's strategy for financial development: the problem of noninflationary financing in Mexico
Julio Alfredo Genel
Award 1977

Money, prices and the balance of payments: the case of Mexico
Mario I. Bléjer
Award 1976

Análisis del mercado de eurodólares: origen, desarrollo y consecuencias
Luis Rául Seyffert
Award 1973

Economía monetaria
Aldo A. Arnaudo
Award 1972

Don Rodrigo Gómez (1897-1970)

He was a promoter of institutions. This was the first factor for explaining how he came up with founding CEMLA in 1952, then occupying a highly influential post at Banco de México. From this founding temple emerged other institutions that he helped establish. Such was the case for example of the Inter-American Development Bank which opened its doors in 1960, and many other bodies created at Banco de México aimed at fostering the country's economic progress. Through very skillful use of the public trust fund figure, during the time of Rodrigo Gómez, the Instituted Trust Funds Related to Agriculture were set up in 1954 and the Fund for Fostering Manufactured Goods Exports was created in 1960. These were followed some years later by other similar instruments for promoting social interest housing, industrial equipment and for developing areas of tourism. 

Another typical characteristic of Rodrigo Gómez was his vocation for Latin America. In honor of this characteristic, since 1958 he was assigned by the Mexican government to participate in sponsoring the Economic Commission for Latin America in work that would culminate in the creation of the Latin American Free Trade Association, LAFTA. In the specific area of central banking, the parallel idea was to create a multilateral payments system in the region. Since the corresponding work began, the Mexican representative stood out because of his intellectual capacity as well as his great dedication to encouraging economic integration among Latin American nations. He devoted himself to this ideal with great commitment, promoting it at many forums and negotiating platforms. 

The other factor explaining why Rodrigo Gómez encouraged the establishment of CEMLA was the interest he always showed in developing human resources at central banks. Being aware of the fact that the soul of these institutions mainly consists of the people who work at them and who give them their political and social dimensions, Rodrigo Gómez always paid great attention to the creation of professional teams at Banco de México. His children, as Rodrigo Gómez affectionately referred to young professionals with the highest potential, received the opportunity to study at the best universities in the country as well as abroad. Subsequently, under his careful guidance they excelled themselves in the performance of their growing responsibilities. 

CEMLA was a kind of legacy from Banco de México and Rodrigo Gómez, on an individual level, for the benefit of the central banks of Latin American countries.  It was a task that needed to be carried out with utmost diligence, improving CEMLA in order for it to become stronger and be as useful as possible. That wise and pragmatic Nuevoleonese instigator used to say that once the cart gets moving the pumpkins fall into place (things have a way of working themselves out). This commitment explains all the support CEMLA received from Banco de México, above all during its initial phase. The latter list importantly includes the help it received for obtaining its first premises and later in order for it to have its own head offices.  It is also worth mentioning the budgetary support and the willingness to allow technicians from Banco de México to collaborate in teaching and research work.