Monetary policy and financial institutions

I served on the board of the Central Bank of Argentina and as Second Vice President from 2015 to 2018. Through the Monetary Policy Committee, I helped design and implement the inflation targeting framework: an announced objective for price growth, supported by policy instruments and decisions.

As a board member, I also shared responsibility for the central bank’s prudential oversight, including regulation of financial institutions. Princeton’s 2019 institutional biography records that responsibility alongside my membership of the Monetary Policy Committee.

In my Shot Financiero conversation, I discuss the work behind an effective policy rate: the instruments and transmission mechanism that let a central bank decision affect financial markets.

That was the practical dimension of my role in designing and implementing inflation targeting. The announced target had to become an operating framework of instruments, committee decisions and communication.

My 2016 IAEF address also discussed modernization of the financial system, including digital account opening, electronic cheque deposits and mobile payments. Those examples make institutional change tangible in everyday banking.

Regulation and monetary instruments affect financial institutions, businesses and households. That experience connected economic analysis with institutional decisions and practical mechanisms for implementation.