Abstract In this paper, we evaluate and quantify the role of the discretion of the monetary policy in an open small and open economy (the case of Bolivia). The results suggest that conventional instruments of the Central Bank respond in different ways: interest rates present a sensitive/elastic response to output gap (actual economic cycle) [1.8]; an inelastic mechanism to inflation [0.5]. On the other hand, open market operations in the Central Bank responds elastically to inflation [1.2] and insensible to the output gap. These results are robust to alternative specification utilizing the Generalized Method of moments (GMM), for the quarterly period from 2000(T1)-2015(T4).

中文翻译：

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货币政策的自由裁量权：以玻利维亚为例

摘要 在本文中，我们评估和量化了货币政策自由裁量权在开放的小型开放经济体（玻利维亚的案例）中的作用。结果表明，中央银行的常规工具以不同的方式做出反应：利率对产出缺口（实际经济周期）表现出敏感/弹性反应[1.8]；通货膨胀的非弹性机制[0.5]。另一方面，中央银行的公开市场操作对通货膨胀[1.2]有弹性反应，对产出缺口不敏感。这些结果对于使用广义矩法 (GMM) 的替代规范在 2000(T1)-2015(T4) 的季度期间是稳健的。