It was an academic journal published by CEMLA from 1978 to 2018. Its main objective was to disseminate original and high-level research on economic topics of interest to central banks in Latin America and the Caribbean. Since 2013, as part of its relaunch, the magazine had an external Editorial Committee, its contents are available in Spanish and English, the periodicity changed from quarterly to half-yearly. In the menu that indicates it one can find the volumes of Monetaria from 2000 to 2018 in Spanish and from 2013 to 2018 in English. Previous articles are available at <> or can be requested by sending an email to <>.


Editorial Board Members 

  • Guillermo Calvo (Argentina)
  • Marion Williams (Barbados)
  • Gustavo Loyola (Brasil) 
  • Andrés R. Bianchi Larre (Chile)
  • José Fernando De Gregorio R. (Chile)
  • Vittorio Corbo (Chile)
  • Miguel Urrutia Montoya (Colombia) 
  • Francisco de Paula Gutiérrez Gutiérrez (Costa Rica) 
  • Jordi Galí (España) 
  • Arnold C. Harberger (Estados Unidos) 
  • Carlos Végh (Estados Unidos) 
  • Enrique Mendoza (México) 
  • Guillermo Ortiz (México) 
  • Manuel Ramos-Francia (México) 
  • Miguel Mancera Aguayo (México) 
  • Richard Webb (Perú)  
  • Jorge Braga de Macedo (Portugal)

Editorial Committe Members 

  • Mauro Luis Alessandro, Banco Central de la República Argentina 
  • André Minella, Banco Central do Brasil  
  • Elías Albagli, Banco Central de Chile
  • Mauricio Villamizar Villegas, Banco de la República, Colombia
  • Daniel Isaac Chiquiar Cikurel, Banco de México 
  • Jorge Estrella Viladegut, Banco Central de Reserva del Perú 
  • José Contreras, Banco Central de Venezuela, President of the Editorial Committee

Non-permanent Members

  • Emanuel Kohlscheen, BIS
  • Enrique Alberola Ila, BIS 
  • Fausto Hernández Trillo, Centro de Investigación y Docencia Económicas (México) 
  • Isabel Horta Correia, Banco de Portugal

Technical Committee Members

  • Sergio Afonso Lago Alves, Banco Central do Brasil 
  • María José Roa, CEMLA
  • Martín Tobal, Banco de México
  • Marco Vega, Banco Central de Reserva del Perú
  • Carolina Pagliacci, Banco Central de Venezuela


Volume VI, 2018

Number 1, January-June 2017
  • Asymmetries of the Exchange Rate Pass-through to Domestic Prices in Costa Rica during the Exchange Rate Flexibility Period Carlos Brenes Soto and Manfred Esquivel Monge
  • Corporate Firms’ Financial Conditions and Investment in Latin America: Determinants and MeasurementÓscar Carvallo Valencia, Jonathan Barboza Pineda, and Ignacio Garrón Vedia
  • The Demand for Credit at the Individual Level: The Credit Registry (RCC) Meets the National Household Survey (ENAHO) Nikita Céspedes Reynaga
  • Inventory Adjustments to Demand Shocks under Flexible Specifications Carlos R. Barrera Chaupis


Volume V, 2017

Number 2, July-December 2017
  • A Systemic Measure of Liquidity Risk Carolina Pagliacci and Jennifer Peña
  • How Disruptive are Fintechs? Mario Bergara and Jorge Ponce
  • Variance Decomposition of Prices in an Emerging Economy Fernando Borraz and Joaquín Saldain
  • Patterns and Drivers of Corporate Bonds in Latin America Adrian Robles, Bennett Sutton, and Svetlana Vtyurina


Number 1, January-June 2017
  • Application of the Government of Jamaica Zero-coupon Curve to Modeling Yield Curve Risk Oma Coke
  • Inflation and Public Debt José Pablo Barquero Romero and Kerry Loaiza Marín
  • Anchoring of Inflation Expectations in Mexico Marco A. Acosta
  • Estimating and Forecasting Default Risk: Evidence from Jamaica Andrene Senior, and Sherene A. Bailey


Volume IV, 2016

Number 2, July-December 2016
  • The Interbank Market in Colombia and the Supply of Liquidity by the Banco de la República Pamela A. Cardozo Ortiz, Carlos A. Huertas Campos, Julián A. Parra Polanía and Lina V. Patiño Echeverri
  • Financial Development and the Volatility of Growth: Time Series Evidence for Mexico and United States Rodolfo Cermeño, María José Roa García and Claudio González-Vega
  • What Is the Role of Size in Latin American Bank's Perfomance in Response to External Shocks? Luis Arturo Bárcenas, Lorena Barreiro and Carolina Pagliacci
  • The Effects of US Unconventional Monetary Policies in Latin America Fructuoso Borrallo, Ignacio Hernando and Javier Vallés


Number 1, January-June 2016
  • Systemic Risk, Aggregate Demand, and Commodity Prices: An Application to Colombia Javier Guillermo Gómez-Pineda and Juan Manuel Julio-Román
  • Dutch Disease Exchange Rate Incidence over Profits of Traded and Nontraded Goods Eduardo Sarmiento G. and Martha López
  • Ecuatorian Financial System Exposures: A Network Theory Approach María Isabel Camacho Cárdenas, Ivonne Stefanía Cilio Mejía and Juan Pablo Erráez Tituana
  • Long-run Money Demand in Latin American Countries: A Nonstationary Panel Data Approach César Carrera


Volume III, 2015

Number 2, July-December 2015
  • Country Risk, Macroeconomic Fundamentals and Uncertainty in Latin American Economies Ali Acosta, Daniel Barráez, Danyira Pérez and Mariana Urbina
  • Fundamentals for the Price of Housing in Uruguay Jorge Ponce
  • Commodity Price Shocks and Inflation within an Optimal Monetary Policy Framwork: the case of Colombia Luis Eduardo Arango, Ximena Chavarro and Eliana González
  • Countercyclical Capital Buffer: The Case of Uruguay Cecilia Dassatti, Alejandro Pena, Jorge Ponce and Magdalena Tubio


Number 1, January-June 2015

  • Marriage, Employment Participation and Home Production in Search Equilibrium Roberto Bonilla and Alberto Trejos
  • Inflation Dynamics and the Hybrid New Keynesian Phillips Curve: The Case of Chile Carlos A. Medel
  • Household Debt and Uncertainty: Private Consumption after the Great Recession Ángel Estrada, Daniel Garrote, Eva Valdeolivas and Javier Vallés
  • A Review of the Financial Regulatory Framework of Barbados Anthony Wood and Kimarie Clement


Volume II, 2014

Number 2, July-December 2014
  • Temporary Resource Booms and Manufacturing Output: A Global Perspective Cristina Fernández, Mejía Leonardo Villar Gómez
  • A Structural Analysis of Oil Price Shocks on the Jamaican Macroeconomy Kirsten Roach
  • Economic Growth and Convergence in Latin America, 1950-2010 Domingo Rodríguez Benavides, Ignacio Perrotini Hernández, Miguel Ángel Mendoza González
  • Policy Implications for the Application of Countercyclical Capital Buffers When the Government Borrowing Crowds Out Private Sector Credit: The Case of Jamaica R. Brian Langrin, Lavern McFarlane


Number 1, January-June 2014
  • Foreign Exchange Interventions and their Impact on Exchange Rate Levels Gustavo Adler and Camilo E. Tovar
  • Anchoring of InflationExpectations after Adverse Supply Shocks Ana María Aguilar, Gabriel Cuadra, Claudia Ramírez and Daniel Sámano
  • The Determinants of Banks' Liquidity Buffers in Central America Corinne Deléchat, Camila Henao, Priscilla Muthoora and Svetlana Vtyurina
  • Analysis of the Real Exchange Rate in the Dominican Republic: A Study Based on the International Monetary Fund's Assessment Methodologies Harold A. Vásquez-Ruiz and Rafael A. Rivas Cueto


Volume I, 2013

Number 2, July-December 2013
  • Output Gap and Neutral Interest Measures for Colombia Ándres González, Sergio Campos, Julián Pérez and Diego Rodríguez
  • Estimating the Exchange Rate Pass-through to Prices in Mexico Josué Cortés Espada
  • Credit Market Shock, Monetary Policy, and Economic Fluctuations Alberto Ortiz Bolaños
  • Assessing the Impact of Nonperforming Loans on Economic Growth in The Bahamas Alwyn Jordan and Carisma Tucker


Number 1, January-June 2013


  • Optimal Holdings of International Reserves: Self-insurance against Sudden Stops Guillermo Calvo, Alejandro Izquierdo and Rudy Loo-Kung
  • The International Crisis and Latin America Vittorio Corbo and Klaus Schmidt-Hebbel
  • Fiscal Moral Hazard Due to Monetary Integration Allan Hernández Alberto Trejos
  • Heading into Trouble: A Comparison of the Latin American Crises and the Euro Area's Current Crisis Manuel Ramos -Francia, Ana María Aguilar-Argaez, Santiago García-Verdú and Gabriel Cuadra-García


  • Latin America During the Crisis: The Role of Fundamentals João Pedro Bumachar Resende and Ilan Goldfajn
  • Things We Learn from Crises Eduardo Levy Yeyati