Santiago (Chile), 13.05.2013 CICLO ECONOMICO (TM) LLC. Argentina's data. As of 03.05.13, total means of payments (M2 in domestic currency), reached an average balance of U$D 91.426 billion during the 5th month of the year, exhibiting a 0,91% growth (U$D 821) and recording a -1,94 % year to date (y.t.d.)decrease. M3*, the broadest aggregate in all currencies, reach U$D 159.710 billions and rose 1 % (U$D 1.581) over the month and 0,5% annual.
Santiago (Chile). CICLO ECONOMICO (tm) LLC. 13.05.2013. Argentina's data. As of May 3rd, Total Deposits rose -0,63 % over the month, reached an amounting to U$D 131.082 billion. The Private Sector reach U$D 87.929billion (0,49 % m.o.m).The field nominated in pesos reach U$D 122.426 billion (-0,68% m.o.m.), and in Foreign Currency reach an U$D 8.656 billion (0,1 % m.o.m.). At the current month, Total Loans to the Private Sector climbed 0,11 % m.o.m (U$D 77.908 billion), while the Public Sector received net inflow of funds, reached an amount of 7.456 billion (0,77 % m.o.m).
Santiago (Chile). CICLO ECONOMICO ™ LLC. As of 13.5.13. Argentina's data. Last Tuesday, the CB tendered Bills (LEBAC's) and Notes (NOBAC's) with the following results:1) For the Bills issued accepted U$D 439 Millions with a Term to Maturity of 263 days, and the Nominal Annual Rate in domestic currency (N.A.R.) payed by the CB was 16,24 % The nominal stock reached U$D 17.061 exhibiting a growth of 55,18 % (U$D 6.067 Millions), over the year. 2) For the Notes issued, the tender has been declared desert. The nominal stock reached U$D 1.830 exhibiting a fall of -37,91 % (U$D -1.117 Millions), over the year, and; 3) The Stock of Repos fall U$D-2.169 Millions, up to U$D 2.494 Millions. Thus, the Nominal Stock of CB Monetary Liabilities reach a value of U$D 21.385 Millions.
Santiago (Chile). CICLO ECONOMICO ™ LLC. As of 13.5.13. Argentina's data. Next Monday, the CB will invite to tender Bill and Notes, it will do it facing the following expiration values: 1) For Bill issues, the expiration amount is U$D 579 Millions, and; 2) The value of Notes that will expire reached an amount of U$D256 Millions.
West Point (Virginia). CICLO EOCNOMICO ™ LLC.
19.08.12. The Monetary Information provided with date: August 10th shows that the excesses continues, arriving the target (M2 in local currency restricted) to the upper level by the private sector behaviour. Is possible that the CB's Manager, must go to the Senate and expose into the "Financial & Budget Commission", why the monetary program persists in this path. This is the third time under the current CB administration, that the MP show deviations that we consider significants. The last two deviations were in: 1) Between October - November '10, and; b) Last days of September - Early December '11.
11.08.12. [With data from August 3rd]. With early month data of August, It is The Private Sector that's explaining why the CB can't adjust the Monetary Aggregate used like target (M2 restricted) to the expected level of September 2012.
28.07.12. [With data from July 20th]. The Public Sector is generating the "over the limit" value of the Target, the excess reach an amout of U$D 303 Millions. The private sector shows that the middle year seasonal effect has end at the Third Week of July.
21.07.12. [With data from July 12th] This is the first time since that these Monetary Program is applied from 2008, that we reach and "over the limit" situation at the middle of the year.
17.07.12. [With data from July 10th] The target value of the Monetary Program (A restricted measure of M2 in pesos), increase their value and its over the upper range after the target's accomplishment of the second quarter. Valuing in both currencies (pesos and us dollars), the M2 value show the seasonal effect of the winter holidays combined with the increase in the exchange rate risk premium.
Santiago (Chile). CICLO ECONOMICO (tm) LLC. 04.06.2012. Revista de Gestión Pública es una publicación académica, bianual y arbitrada, que promueve el debate sobre Administración Pública y políticas públicas, a través de la publicación de artículos de carácter científico, que abordan los principales temas de interés para la marcha de las administraciones públicas latinoamericanas.
Revista de Gestión Pública incluye trabajos que utilizan diferentes enfoques teóricos, abordan distintas temáticas, y se centran en una amplia gama de territorios, períodos de tiempo, así como niveles y sectores administrativos. De igual forma, la revista promueve el trabajo de carácter comparativo y el diálogo multidisciplinario para entender la gestión estatal, en su más amplio sentido
FEDERAL RESERVE BANK
OF SAN FRANCISCO
By Leila Bengali, Mary Daly, and Rob Valletta (*)
The most recent U.S. recession and recovery have been accompanied by a sharp decline in the labor force participation rate. The largest declines have occurred in states with the largest job losses. This suggests that some of the recent drop in the national labor force participation rate could be cyclical. Past recoveries show evidence of a similar cyclical relationship between changes in employment and participation, which could portend a moderation or reversal of the participation decline as the current recovery continues.
(*) Leila Bengali is a research associate in the Economic Research Department of the Federal Reserve Bank of San Francisco.
(*) Mary Daly is a group vice president and associate director of research in the Economic Research Department of the Federal Reserve Bank of San Francisco.
(*) Rob Valletta is a research advisor in the Economic Research Department of the Federal Reserve Bank of San Francisco.
CICLO ECONOMICO (TM) LLC has been authorized to distribute and reprint from the Federal Reserve Bank of San Francisco, the Economic Letter [ May, 13, 2013, nº14]. The opinions expressed in this Article do not necessarily reflect the views of the management of the Federal Reserve of San Francisco, or of the Board of Governors of the Federal Reserve System or of CICLO ECONOMICO (TM).