... which the policy rate adjusts to inflation and output and RR adjust to the quantity of loans, the later can achieve financial stability goals, while the former achieves the output inflation trade-off. ... conditional one. The panel VARs’ analysis is able to isolate the effects of RRs and other macroprudential instruments from other shocks and take advantage of both the cross-country and time–series ... Bogotá-Colombia. Bustamante, Christina, 2011, “Politica Monetaria Contraciclica y Encaje Bancario,” Borradores de Econom a, No. 646. Banco de la República. Bogotá-Colombia. Carvalho, Fabia and Cynthia Azevedo,...